Shanghai close to overtaking London as world’s second finance centre 

New York stays top of global table but the UK capital’s runner-up spot is under serious threat from China’s leading centre, Singapore and Hong Kong 

by Sean OMeara
Shanghai close to overtaking London as world’s second finance centre 
Asian financial centres, such as Shanghai, make up six of the Global Financial Centres Index top 10, with three from Europe.

New York has retained its position as the world’s top financial centre while London looks to be losing its grip on the second place it has held for some time – with several Asian centres just behind the UK capital.

The latest Global Financial Centres Index (GFCI) shows London clinging on to second place with Shanghai just a point behind on its rating scale.

The index, compiled by the Z/Yen Group, a London-based think tank, and the China Development Institute, looks at 143 yardsticks provided by outside parties such as the World Bank, The Economist Intelligence Unit, the OECD and United Nations.

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Based on 65,507 assessments of financial centres provided by 10,774 respondents to the GFCI online questionnaire, New York held on to the top stop with 764 points, while London dropped 23 points to 743, just one point ahead of Shanghai.

The next five spots were filled by Asian financial centres, with two European centres making up the rear in the top 10.

"A four point rise would place Singapore second only to New York. It’s tight at the top, and no time for complacency," said Michael Mainelli, executive chairman of Z/Yen.

Asian financial centres make up six of the top 10, with three from Europe, including Frankfurt and Zurich.

Frankfurt replaced San Francisco in the top 10, "perhaps benefiting from the exit of the UK from the European Union," GFCI said.

  • Reporting by Reuters

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