London has replaced New York as the world’s leading financial centre, according to the latest Global Financial Centres Index (GFCI).
The ranking first appeared in 2007, and the index is updated every March and September; this is the 18th edition.
London’s rise to the top is on the back of an increase of 12 ranking points since March 2015, with New York moving in the other direction to second. Hong Kong completes the top three, 33 points behind.
The ranking is compiled by assessing measures across five broad competitiveness areas – business environment, financial-sector development, infrastructure, human capital and reputational and general factors. These are then used in collaboration with an ongoing online questionnaire, which is completed by international financial-services professionals. Responses from the previous 24 months are included for analysis.
Representatives from Europe, North America and Asia all appear on the list, with Toronto beating San Francisco and Washington DC to be the secondly most highly ranked North American centre.
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Author: Joe Myers is a Digital Content Producer at Formative Content.
Image: The Canary Wharf financial district is seen in east London, November 12, 2014. REUTERS/Suzanne Plunkett