Hong Kong has lost out to Singapore in a global ranking list of world financial centres where New York and London maintained their first and second positions.
Singapore leapt three places to third in the twice-a-year Global Financial Centres Index (GFCI) which assesses 119 cities around the world, published on 22 September.
Paris returned to the top ten in the index, replacing Tokyo which fell to 16th place, perhaps reflecting a comparatively slow consumer recovery following the Covid-19 pandemic.
Overall, the average rating of centres in the index improved 4.83% from GFCI 31, regaining the average ratings last recorded in GFCI 27 in March 2020. This suggests that there is confidence in financial centres themselves, even against a background of the Russian war in Ukraine, economic and energy instability, and inflationary pressures.
Among the top 40 centres, three centres rose 10 or more rank places and one fell more than 10 places. All but one centre in the top 40 increased their rating in the index, and only 11 of the total 119 centres fell in the ratings.
As anticipated in the last edition of the index, the performance of Russian financial centres has fallen sharply, with Moscow falling 22 rank places to 73rd and St Petersburg falling 17 places to 114th position.
Chinese, US, and German centres performed well in the Fintech ratings, with Atlanta, Chengdu, Berlin, Stuttgart, San Diego, Tianjin, Dalian, Nanjing, Hangzhou, and Wuhan improving more than 10 rank places. Outside of these countries. Helsinki, Oslo, and Lugano also gained more than 10 rank places.
Professor Michael Mainelli, Chairman of Z/Yen, said: "New York has held the top position among global financial centres for four years. London's second position looks secure but needs a significant global change to once again challenge for the top place.
"Overall, we see the return of confidence in the role of financial centres that we highlighted in GFCI 31, despite the continuing effects of the Covid-19 pandemic and the conflict in Ukraine."
