The Strategist

London loses its lead in global financial centers rankings

03/31/2023 - 03:22

According to a yearly survey by the City of London Corp., London has lost its single advantage in the ranking of the world's financial centers.

The City of London report, called "Our Global Offer to Business: London and the UK’s Competitive Strengths in Support of Growth, benchmarks the performance of the world’s leading financial centres across 95 metrics," lists the world’s top financial centers based on 95 factors. 

London itself remained in first place, improving its overall competitiveness rating from 59 to 60. However, the research emphasizes that other financial centers are rising to the top of the rankings more quickly than London does, "despite these high scores, this is the first time London has not emerged as a clear leader."

The two cities that tied for first position last year are New York and London. As more US companies go public, the American city’s competitiveness score has increased from 58 to 60, according to the report. 

As for other cities, Singapore (51 points) kept third position, ahead of Frankfurt (46), Paris (43), Hong Kong (37) and Tokyo (35). Frankfurt, Paris, and Tokyo all experienced faster increases in their scores. Over the course of the year, Hong Kong's rating dropped one point.