Skip to content
Subscriber Only

New York Strips London of Mantle as World’s Top Financial Center

New York replaced London as the world’s leading financial center for the first time, after the City was rocked by a series of scandals and questions over the U.K.’s place in the European Union.

New York holds the top spot in the latest Global Financial Centres Index with a “shaky, statistically insignificant” two-point lead, according to Michael Mainelli, chairman of Z/Yen Group Ltd., which compiles the index. Competition is heating up, with Hong Kong and Singapore, the two leading Asian centers, narrowing the gap between themselves and the top two to fewer than 30 points on a scale of 1,000, the index shows.