New York to the top again in a big ranking
New York holds the position as the world’s largest financial center. This is according to the 32nd edition of the Z/Yen Group survey on the competitiveness of financial centers, which is carried out in collaboration with the China Development Institute (CDI).
The American metropolis has held the top spot since September 2018.
At the same time, London remains in second place, while Singapore has moved up from sixth place to third place, thereby pushing Hong Kong off the podium. Hong Kong has been ranked as the world’s fourth leading financial center, according to the 32nd edition of the Global Financial Centers Index (GFCI).
– New York has held the top position among global financial centers for four years. London’s second place looks secure, comments Michael Mainelli, professor and head of Z/Yen. However, he believes that London needs a significant global change to be able to challenge at the very top.
Top 20 increases all
Paris is now in the top ten again, in tenth place, after being number 11 in the previous edition of the index, which came on 24 March this year. Tokyo, for its part, has fallen from ninth place to 16th place, which may reflect a relatively slow recovery after the corona pandemic.
Despite the lower ranking, the Japanese capital’s rating goes up 5 points. All in all, all of the first 20 financial centers can enjoy a higher rating in the Z/Yen index.
Among the top 40, it is just one of several experienced rating declines. It’s Madrid, in 40th place.
Oslo increases by a whopping 32 points, which gives an increase from 39th to 35th place. Copenhagen climbs from 35th to 30th place, while Stockholm drops two places to 28th place. Helsinki has climbed from 49th to 44th place, and Reykjavik rises from 109th to 94th place.
Kjell Inge Røkke’s new home, Swiss Lugano, has reached number 58, after a climb of 14 places from March.
Russian cities are falling sharply
Overall, the average rating for all cities in the ranking is up 4.83 percent from the 31st edition of the index, and the average is thus up to the level of the 27th edition from March 2020. This despite Russia’s war in Ukraine, the instability in the economy and energy markets as well as inflationary pressure.
However, when it comes to the Russian elements in the ranking, which count a total of 119 cities, things are going downhill now – an expected development, according to Z/Yen.
Moscow is pushed down a whopping 22 places, to 73rd place. And St. Petersburg is down 17 places, to number 114.
The financial center ranking now includes 119 financial cities around the world – while nine new cities are being assessed. It is based, among other things, on a survey carried out among more than 11,000 people who work in the financial industry.
The first edition came out in March 2007. The ranking is updated twice a year, in March and in September.