London Loses its place as the Most attractive Financial centre in the World. London is losing its leading position as the most attractive financial centre in the world to New York, research agency Z / Yen reported Wednesday in its annual Global Financial Centers Index (GFCI).
According to the report, Brexit is the biggest reason for the devaluation. The English capital is now in second place, followed by Hong Kong and Singapore.
Because Britain leaves the European Union (EU) in 2019, many financial institutions shift their offices in London for another European city.
Amsterdam, Frankfurt, Vienna and Milan thus rise in the rankings.
Incidentally, London scores only two points less than New York and follows Hong Kong with just three points difference.
Criteria such as foundation assess financial centres, the extent to which the centre experiences from trade wars or protectionism and the reputation that the centre has.
Polarization gives space to new superpowers
Z / Yen also notes that the global financial markets have been “multi-polarized” since the 2008 disaster and the 2016 Brexit decision.
As a result, the traditional financial centres in the United States and the United Kingdom are delivering and making room for emerging superpowers such as Germany, Canada and China.
For the GFCI of this year, researchers put one hundred centres side by side.
Newcomers to this list were Cape Town, Gujarat, Hangzhou and Sofia. 110 cities were considered for the final ranking.