New York Falls To #3 Financial centre, Beaten By Australia

2009 was a horrible year for the U.S. financial system. The World Economic Forum’s (WEF) latest rankings slammed American finance, dropping it to the #3 slot. London took #1, which some may have expected.

Yet the real stunner was Australia. It jumped from #11 to #2, blowing past the U.S.

Singapore jumped from #10 to #4 as well. The way things are going, it wouldn’t be surprising if Singapore overtook the U.S. next year.

Australia Beats US

Shocked? Actually, their arguments against the U.S. financial system make a lot of sense. Many smaller countries have far more stable systems.

Read the full WEF release here.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.