Wall Street wins

29.03.23 | New York comes out on top in this year’s Global Financial Centers Index that ranks the competitiveness of financial centers based on about 30,000 assessments together with about 100 indices from organization such as the World Bank and OECD. Interestingly, the competitiveness of most financial centers decreased compared to 2018. London can’t keep up with New York anymore, while Paris has increased its competitiveness. This likely has to do with the UK leaving the European Union, forcing many financial institutions to move parts of their operations to the continent. It’s quite surprising that Asian financial centers such as Hong Kong have also received a lower score. Is this a precursor to a deglobalizing world?

Source: Z/Yen Group Limited, 2023.