In the latest ranking of the Global Financial Centres Index, the third place is now taken by Singapore. Whereas the past second-runner up, Hong Kong is now ranked fourth.
The Global Financial Centres Index is listing of more than 100 leading places.
With this ranking, Singapore is the leader in financial in the Asian region. Meanwhile, it is noteworthy that Shanghai, Beijing and Shenzhen also feature in the world’s top 10.
For the record, the list is compiled by Z/Yen, a City of London think tank, and the China Development Institute. They rate 119 centers using 66,121 assessments from 11,038 financial professionals and quantitative data.
This fact that Hong Kong is overtaken by Singapore could be attributed by travel restrictions imposed on the city-state. The curb has affected their abilities to conduct normal levels of business.
Whilst the first place goes to New York and London, second. New York remains as the most favored financial center as the rankings revealed.
A little surprise is that Paris returned to the top 10 to replace Tokyo.
“London’s second position looks secure but needs a significant global change to once again challenge for the top place,” Michael Mainelli, chairman of Z/Yen was quoted as saying.
