London is the new, top, financial center



London moved ahead of New York as the world’s top financial center, according to an index published by Z/Yen Group. Hong Kong, Singapore, Tokyo among top 5 in global survey.

The U.K. capital edged New York by eight points, the group’s Global Financial Centre Index shows. Hong Kong was third, followed by Singapore and Tokyo. Zurich was ranked seventh, the only other European city to make the top 10.

London and New York are often as much complementary as competitive, but that assessments for London have been higher since the general election in May 2015.

“London really does stand above the rest," Chris Cummings, chief executive officer of TheCityUK financial industry group, said in a separate statement. “This doesn’t mean we can afford to take our eye off the ball.”

The research group studies 98 financial centers and provides profiles, ratings and rankings for each using factors such as human capital, infrastructure and reputation as well as responses to an online survey from financial-services executives. The index, created in 2005, is updated in September and March.

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