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New York retains first place and London second in Z/Yen financial centers survey

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LONDON: New York remains unquestionably the world’s leading financial center, consolidating its position over the past six years after overtaking London, which has since moved into second place, ahead of Singapore, according to the latest Z/Yen ranking of global financial centers published on Thursday .

Hong Kong remains in fourth place, followed closely by San Francisco, helped by its significant role in technology financing.

“Major financial centers improved or maintained their rankings in the 35 Global Financial Centers Index, with a high degree of stability in the rankings,” said Michael Mainelli, ceremonial lord mayor of the City of London financial district. , on sabbatical after serving as president of Z/Yen.

New York overtook London in 2018, after Britain voted to leave the European Union two years earlier, raising questions about London’s ability to remain globally competitive .

Brexit has triggered a slew of British financial reforms that have yet to stem a flow of British companies like chip designer Arm seeking to list in New York.

The survey evaluates 121 financial centers by combining 48,365 assessments, including 8,494 from financial professionals, as well as quantitative data from the World Bank, OECD, UN and others.

“Continuous professional development has been identified as the most important strategy to ensure future talent strength in the financial sector,” said Z/Yen.

In fintech, New York maintains its leading position, followed by London, then San Francisco. Shenzhen remains in fourth place and Washington DC moved to fifth place, overtaking Singapore, the statement added.

Seoul joined the top 10 fintech hubs, replacing Beijing which slipped to 11th position.

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