The annual Global Financial Centers Index (GFCI), published today, shows London barely holding on to second place with New York cementing its place at the number one spot.
New York extended its lead as the world's top financial center by 17 points over London, which lost 14 points. Hong Kong, despite recent turmoil, rose to 3rd place.
The GFCI index rates 114 financial centers around the world, based on various assessments and data from finance sector professionals. The survey was launched in London by Z/Yen Group in partnership with the China Development Institute.
Notable on this year's list is the predominance of Asian cities, which make up six of the top 10 entries."
Michael Mainelli, executive chairman of Z/Yen, told Reuters: "Competition at the top of the GFCI is intense. London remains second, but the signs for the future are worrying with Asian and other European centers showing strongly."
"Policy uncertainty, Brexit, trade wars and geopolitical unrest are causing more volatility in financial center performance."
Here are the top ten IFCs for 2019:
- New York
- Hong Kong
Notable in general on this year's list is the predominance of Asian cities, which make up six of the top 10 entries. For the Middle East, Dubai rises 4 places to take the 8th spot. Dubai is joined in the top 10 by Shenzhen and Sydney. Frankfurt, Toronto and Zurich dropped out of the top 10.
Paris was one of this year's biggest climbers, rising 10 places to 17th.
Fintechs (and China) rising
For the first time, a fintech index was published alongside the GFCI. The list is dominated by Chinese centres taking five of the top seven places in the index, led by Beijing and Shanghai. New York, London, Singapore, San Francisco, and Chicago also feature in the top ten for fintech.
To see the full report, click here.