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London holds up as financial capital of world | 27 March 2013

London has maintained its position as the financial capital of the world. The Global Financial Centers Index (GFCI) was released showing London has stayed at the top.

According to londonlovesbusiness.com, New York came in second place, with the two cities, commonly referred to as Ny-Lon, having dominated the financial sector for hundreds of years.

With London holding onto the coveted first position as a financial center, firms within the finance sector may be encouraged to hire commercial space in the capital. Being at the center of the action may be very good news for companies looking to expand.

Hong Kong and Singapore took the third and fourth spots respectively, while Zurich nabbed the final position in the top five. Singapore saw the biggest rise up the scale, gaining 34 points, compared to New York’s more modest 22 points.

The GFCI is based on current rankings of cities and also takes into account a survey of over 2,000 professionals in the finance sector to assess the economic environment, competitiveness, talent and various other factors, as cited in theatlanticcities.com.

Richard Florida, writing for The Atlantic Cities about the financial crash in 2009 said: “As Asia has risen, Tokyo, Hong Kong, and Singapore have become major financial centers – yet in size and scope, they still trail New York and London by large margins.”

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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