New York extended its lead over London to head Z/Yen Group's rankings of global financial centers on Thursday,. Z/Yen also said that New York came top in the fintech rankings, followed by Beijing, Shanghai, London, and Singapore.
Financial centers in eastern Europe and central Asia showed strong improvement. Geneva, Los Angeles, and San Francisco entered the top 10, easing out Dubai, Shenzhen, and Sydney, the Z/Yen consultancy said. Hong Kong, which has faced domestic political turbulence, fell from third to sixth place. "Uncertainty about trade, the economic impact of the Covid-19 pandemic has led to much more volatility in the index results than is normal," Michael Mainelli, Z/Yen Group's executive chairman, said in a statement.