FT reports that, out of 59 cities, London has yet again topped the list of the world’s financial centres but the gap between it and other rivals has been cut. The top seven world’s financial centres are as follows. Note that as this bi-annual survey was taken in July it does not reflect the effects of the financial crises of the last month.
- New York
- Hong Kong
According to the study London lost points for the following.
The study authors suggest that London’s reputation is continuing to suffer from the government’s handling of the Northern Rock bank crisis and concerns that the regulatory environment is unpredictable and unstable. London also slipped behind New York among government and regulatory respondents for the first time since the survey was taken.
Regarding which cities are likely to be the most significant in the future the following was said.
The survey also asks separate questions about which cities are the most likely to become significant in the future. Here Dubai, which came in 22nd on the main survey, was the big winner, with Singapore, Shanghai and several other Gulf state cities doing well.
It’s reassuring to know that I’m in the right place for now!
Update: FT reports US ‘will lose financial superpower status’.