stockmarketwalk Singapore overtook Hong Kong in the ranking of the world financial centers, making it the number one financial center in Asia and the third place globally. Additionally New York and London are at the top of the list.
Hong Kong dropped to fourth place due to strict covid restrictions and talent exodus. According to Bloomberg, Hong Kong is struggling to restore its previous position. The attempt doesn’t appear easy since China rolled-out its zero-covid policy when the rest of the world became more open.
In November, the summit of global bankers will be held in the city. The aim is to restore the confidence in the city. The world’s 20 leading companies have promised to represent themselves with senior managers. However, the uncertainty surrounding the quarantine rules may also affect participation.
Singapore expects more than 4 million visitors by 2022. Large-scale events such as the Milken Institute Asia Summit, the Forbes Global CEO Conference and the Singapore Grand Prix will help the city raise its profile.
Russian financial centers slipped in the ranking as a consequence of the war in Ukraine. Russian cities in the list: Moscow falling 22 places to 73, and St Petersburg dropping 17 places to 114.
China’s major cities of Shanghai, Beijing and Shenzhen retained their place among the GFCI’s top 10 world financial centers despite the strict Covid restrictions.
Finally, here is the list about top 20 financial centers in the ranking:
- New York, USA
- London, UK
- Singapore
- Hongkong
- San Francisco, USA
- Shanghai, China
- Los Angeles, USA
- Peking, China
- Shenzhen, China
- Paris, France
- Seoul, South-Korea
- Chicago, USA
- Sydney, Australia
- Boston, USA
- Washington DC, USA
- Tokyo, Japan
- Dubai, United Arab Emirates
- Frankfurt, Germany
- Amsterdam, Netherlands
- Geneva, Switzerland
Image: Unsplash
