London, dethroned by New York in 2013 and 2014, is back at the top of a ranking of the world’s financial centres.
The GFCI report rated London the best financial centre overall in terms of business environment, financial sector development, infrastructure, human capital, and reputation.
The study canvassed opinions from more than 3,000 finance professionals. For instance, the questionnaire asked people to indicate which “factors of competitiveness” they consider most important at the moment. The number of mentions each issue received was factored into the score for each city. The table below compiles the main issues and number of mentions it received.
The final score was pretty close, but the deciding factor may have been Conservative Prime Minister David Cameron’s unexpectedly strong election showing in 2015, boosting the City’s standing.
“London climbed 12 points in the ratings to lead New York by eight points,” the report said. “The GFCI is on a scale of 1,000 points and we believe that a lead of fewer than 20 points indicates relative parity. London and New York are often as much complementary as competitive. It is noticeable that assessments for London have been higher since the general election in May 2015.”
“Now that the Scottish referendum and the general election are out of the way some of the uncertainty over London’s short-term future has been resolved,” a London-based investment banker cited by the report noted. “The referendum on the UK’s EU membership is now a major focus.”
There were a few moves in the top 20, most notably Sydney, Dubai, and Osaka zooming up the table by six, seven and, 11 places, respectively.
Here’s what the top 10 looks like:
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