LONDON, UK: This week, the Global Financial Centers index showed that New York remains the world's leading financial center, with London still second but gaining some ground.
However, both are facing tougher competition from Singapore and Hong Kong.
After taking over from London in September 2018, New York remains well in the lead with 763 points based on surveys of 147 factors covering 121 centers provided by third parties, including the World Bank, OECD, and the United Nations.
But London has since closed the gap with 744 points, and Singapore is only 2 points behind at 742 and is itself only a point ahead of Hong Kong in fourth place, highlighting an intense battle for the second position.
The index is compiled every six months by London-based think tank Z/Yen and the China Development Institute.
"U.S. centers performed well, with five U.S. centers in the top 10, reflecting the strength of the U.S. economy," the survey said, adding that New York retained its lead in separate fintech rankings, followed by London, which overtook San Francisco.