In a new survey by London-based consultancy Z/Yen, New York has overtaken London as the world’s leading global financial center, according to the Global Financial Centres Index. This is compiled by more than 3,200 financial services professionals.?
This comes as London sat at the top for seven years. It fell with a 784 score vs. New York’s 786 score. This came as its “own goals had tarnished its reputation.”?
Mark Yeandle, report author and associate director of Z/Yen, in a statement, “London sees the largest fall in the top 50 centres.?This seems to be based on a number of factors including … uncertainty over Europe, the perception that London might be becoming less welcoming to foreigners and perceived levels of market manipulation.”
Rounding the rest of the top 3 was Hong Kong, followed by Singapore as No. 4. This represents zero change from the previous year while the gap between the rest of the pack, which includes?Zurich, Tokyo and Seoul, has narrowed.?
From the Middle East, including Qatar, Dubai and Riyadh, they are on the rise and sit in spots 26, 29 and 31 respectively, while 23 of 27 European centers have dropped in rank.?
As for London’s tumble from the top Chris Cummings, chief executive of TheCityUK, a?British financial and professional services lobby group said, this should be seen as a “wake-up call” and that,?”London is Europe’s financial center and is hugely important to the continent’s ability tofinance?growth and create jobs by attracting global investors.”