London is number one: Capital wins back its crown from New York to be named top global financial centre

Take a look at the global rankings

Griffin City of London financial district

A griffin marks the boundary of The City of London financial district

We knew it all along, but now it has been confirmed: London is the best place on earth for big business.

The capital has wrestled back its crown as the world’s leading financial centre from New York, which held the title for the last two years.

The rankings, known as the Global Financial Centres Index (GFCI), look at 98 financial centres across the world.

Cities are rated on several factors including business environment, infrastructure, quality of personnel and financial sector development. London nailed all the key areas.

In addition, the authors noted that the City had benefitted from greater political certainty after the Conservatives’ success at the general election in May.

However, they also warned that attempts to impede migration to Britain, and the threat to the UK’s EU membership could undermine London’s ability to compete in the global arena.

Here are the rankings:

Global rankings:

1. London, up from 2nd

2. New York, down from 1st

3. Hong Kong, unchanged

4. Singapore, unchanged

5. Tokyo, unchanged

 

European rankings:

1. London - Global position: 1

2. Zurich - Global position: 2

3. Geneva - Global position: 13

4. Frankfurt - Global position: 14

5. Luxembourg - Global position: 19

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