New York caught up to London as the top global financial center, according to a ranking by the City of London Corp. released Thursday.
While London's financial center was the clear winner the previous three years, New York gained equal status in 2023, and other regions grew faster, according to the report, Our Global Offer to Business: London and the UK's Competitive Strengths in Support of Growth.
The ranking benchmarks the performance of the world's leading financial centers across 95 metrics, such as innovation, reach of financial activity, resilience and business infrastructure, talent and skills, and regulation.
London's overall competitiveness score was 60, up from 59 in 2022, while New York added two points to equal London. Singapore placed third at 51, followed by Frankfurt at 46, Paris at 43 and Tokyo at 35.
Chris Hayward, policy chairman at the City of London Corp., said in a statement that while the U.K. remains one of the most open global financial centers with better access to international markets, "our competitive advantage is at risk."
The report also noted that fewer international companies are listing in London, despite changes to listing rules, and that while U.K. green bonds issuance grows, it still lags the U.S., France and Germany.
