This volatility appeared to benefit the top 10 centres, which all increased their ratings, while the majority of remaining hubs in the top 50 saw their rating fall. The GFCI’s authors said the drop could indicate “a more general lack of confidence in finance during a time of continuing uncertainty around international trade, the impact of the Covid-19 pandemic on individual economies, and geopolitical and local unrest”.
The top 20 global financial centres ranked in the 28th’s Global Financial Centres Index (image: GFCI) The average rating for financial centres ranked in the index slipped over six per cent compared to the previous edition, which was published in March. “Uncertainty about trade, political stability, and the economic impact of the Covid-19 pandemic has injected more volatility into the index results,” said Z/Yen executive chairman Michael Mainelli. While their actual order of importance may differ both on the ranking format and the year, the following cities rank as global financial centers: New York. The latest edition of index, which is compiled by consultancy firm Z/Yen and the China Development Institute, indicated that high levels of volatility remain as investors tackle the fallout from the Covid-19 crisis. The top spot on this UHNWI list for the most important global city has always been fought over between London and New York, but the UK capital has now beaten Americas Big Apple in the rankings.
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