The world’s largest financial centers: New York has overtaken London in the ranking

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New York shared the first place in the ranking of the world’s leading financial centers with the City of London.

It is reported Bloomberg with reference to a report published by the Corporation of the City of London (City of London Corp).

The study, which compares the competitiveness of financial centers across 95 indicators, found that other hubs such as Frankfurt and Paris were also increasing their attractiveness at a faster rate than London, whose score rose by just one point.

“Our competitive advantage is under threat,” said City of London Corporation chairman Chris Hayward. “A long-term plan is needed to stimulate growth in the financial and professional services sector.”

Thus, fewer and fewer companies are choosing to list in London, while existing firms are leaving its stock exchange despite changes in the rules.

The City of London Corporation has called on the government to investigate how to persuade high-growth industries to “start, stay and scale in Britain”. Another priority is to ensure that Britain continues to attract foreign talent, with foreign workers currently making up 40% of the City’s workforce.

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