New York has pulled down London to become the world’s most attractive financial destination amid Brexit uncertainties, according to a survey released on Wednesday (12).
The twenty-fourth Global Financial Centres Index (GFCI 24) released jointly by the Z/Yen Partners and the China Development Institute (CDI) rates 100 financial centres of the globe.
Not for the first time, New York took first place in the index, just two points ahead of London. However, both centres fell slightly in the ratings.
Hong Kong is now only three points behind London. Shanghai overtook Tokyo to move into fifth place in the index gaining 25 points in the ratings. Beijing, Zurich, and Frankfurt moved into the top ten centres, replacing Toronto, Boston, and San Francisco, the index said.
In Western Europe, Zurich, Frankfurt, Amsterdam, Vienna, and Milan moved up the rankings significantly. These centres may be the main beneficiaries of the uncertainty caused by Brexit.
Surprisingly, despite some evident success in attracting new business, Dublin, Munich, Hamburg, Copenhagen, and Stockholm fell in the rankings, reflecting respondents’ views of their future prospects.
The leading Asia/Pacific centres performed well, closing the gap on London and New York at the top of the rankings. Centres in the Asia Pacific region generally rose in the ratings, continuing the trend which has been apparent over several years. There were steady increases for Shanghai, Sydney, Beijing, and Guangzhou. GIFT City (Gujarat) and Hangzhou entered the index for the first time.
North American centres fell back in the rankings and ratings overall. However, Los Angeles and Washington DC gained places in the index, with Washington DC reversing the fall it experienced in GFCI 23.
