New York tops Z/Yen financial centre survey, London ranks second

Z/Yen financial centre survey: New York maintains its stronghold as the world's premier financial hub, extending its dominance for the sixth consecutive year, according to the latest Z/Yen rankings of global financial centres released on Thursday. London, holding steady in second place since being overtaken by New York, maintains its position ahead of Singapore.

The rankings reflect a consistent pattern, with Hong Kong securing fourth place and San Francisco closely trailing, driven by its role in financing the technology sector.

Michael Mainelli, serving as the ceremonial Lord Mayor of the City of London financial district while on sabbatical from his role as chairman of Z/Yen, highlighted the stability in the rankings, noting that leading financial centres have either improved their positions or maintained them in the Global Financial Centres Index 35.

New York's ascendancy over London in 2018, following the Brexit vote, initially raised concerns about London's ability to retain its global competitiveness. Despite subsequent financial reforms in the UK spurred by Brexit, such as those attracting companies like chip designer Arm to list in New York, London has remained resilient.

The survey evaluates 121 financial centres based on a combination of 48,365 assessments, including input from 8,494 financial professionals, as well as quantitative data from organisations like the World Bank, OECD, and the UN.

Underlining the importance of ongoing professional development to boost the talent pool in the financial sector, Z/Yen underscores the significance of this strategy for ensuring future strength.

In the world of fintech, New York continues to lead, followed by London and San Francisco. Shenzhen retains its position in fourth place, while Washington DC moves up to fifth, surpassing Singapore. Seoul's entry into the top 10 fintech centres replaces Beijing, which has slipped to 11th position.

(With Reuters inputs)