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Tuesday, May 21, 2024

Big Apple Still Leads the World as Financial Capital

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By Hellen Zaboulani

The Big Apple still leads the world, as the financial capital, according to a recent survey. On Thursday, Z/Yen, a London-based think tank and venture firm, released the 26th edition of its semiannual Global Financial Centers Index. As reported by Crain’s NY, the index, conducted with the China Development Institute (CDI), named New York City as the world’s strongest financial market. The grading is based on five factors including: Business Environment, Human Capital, Infrastructure, Financial Sector, Development, and Reputation.

Despite the difficulties and layoffs announced on Wall Street this year, it is reassuring to know that it still fares better than anywhere else on earth as a financial haven, earning a score of 790. Wall Street’s appeal is especially strong in comparison to London, thanks to the troubled Brexit, or the UK’s looming decision to leave the European Union, based on a referendum in 2016. NYC widened its lead over London by 17 points compared to the last index, from this past spring. New York, Hong Kong and Singapore were named the benefactors to the United Kingdom’s financial woes. “London is in a ‘slipping second’ position globally and a ‘slipping first’ in Europe amidst high volatility emanating from policy uncertainties, Brexit, trade wars and geopolitical unrest,” said Michael Mainelli, executive chairman of Z/Yen, in a press release.

As per the report, London is still clinging on to second place, but Hong Kong, in third place, is gaining ground. London was bestowed a score of 773, with Hong Kong close by with a score of 771. Singapore, and Shanghai were right at their tails with scores of 762 and 761 respectively. Other capitals to make it to the top 10 list include: Tokyo, Beijing, Dubai, Shenzhen and Sydney. Seven of the top ten spots, for financial capitals named in the index, are now held by Asia/Pacific locations.

As reported by CNBC News, a new separate index was included for the first time, measuring the top locations for FinTech firms. Chinese centers took five of the top seven places in that index. Leaders included Beijing and Shanghai. New York, London, Singapore, San Francisco, and Chicago were also named in the top ten for FinTech.

Both of the surveys reached results based on an online questionnaire during the 24 months ending in June 2019, collecting feedback from 3,360 responders.

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