NEW YORK—New York again heads the rankings of the world’s leading global financial centers.
The Global Financial Centres Index 28 (GFCI), launched by Z/Yen Group in partnership with the China Development Institute, shows London improved its performance in second position, closing the gap on New York. London is now only four points behind the leader.
GFCI 28 again shows a relatively high level of volatility, with 23 centers rising 10 or more places in the rankings and 20 falling 10 or more places, reported Insurance Journal in its analysis.
Shanghai moved up one place to third and Tokyo dropped one place to fourth.
Within the top 30 centers, Luxembourg, Boston, Seoul, and Madrid rose by more than five places. Shenzhen and Zurich entered the top 10, replacing Los Angeles and Geneva.
Overall, the average rating of centers in the index dropped over 41 points (6.25%) from GFCI 27, which the authors said may indicate a more general lack of confidence in finance during a time of continuing uncertainty around international trade, the impact of the COVID-19 pandemic on individual economies, and geopolitical and local unrest.
The top 20 centers are shown in the table below.