Europe Economy

New York, London Tied as Top Financial Center

London and New York share the top place in a ranking of financial centers around the world published Friday, followed by Hong Kong and Singapore.

Sharon Lorimer

The Global Financial Centers report, published by the City of London's local authority, tracks the competitiveness of financial centers based on surveys of finance professionals and competitiveness indicators.

London fell 15 points to score 775, compared with a similar survey published in September last year, while New York, which in the last study was No. 2, rose 1 point.

London was overtaken by New York in three categories: people, business environment and infrastructure, the survey shows.

Hong Kong gained 10 points, while Singapore gained 14, but the two Asian financial centers maintained their rankings at No. 3 and No. 4. The difference between the top two cities and Hong Kong narrowed to 36 points from a previous 45.

"Although London and New York have always led the pack, this research is a wake-up call for decision-makers that our standing as a world-leading global financial center should not be taken for granted," Stuart Fraser, policy chairman at the City of London Corporation, said in a statement.

Tokyo advanced two places to be ranked No. 5, while Chicago also rose to No. 6 from No. 8.

Zurich fell one place to No. 7.