New York has once again taken the top spot in the list of the world’s largest financial centers, according to a survey by Z/Yen Group Ltd. financial advisory company, which calculates the Global Financial Centers Index (GFCI).
New York has been in the lead since the fall of 2018. Compared to the previous version of the ranking, published in September last year, New York’s score increased to 764 from 763, and London’s, which ranks second, to 747 from 744.
The top three leaders are still Singapore with 742 points, followed by Hong Kong in fourth place and San Francisco in fifth. Shanghai moved up to sixth place, Geneva to seventh, while Los Angeles slipped two positions to eighth. Chicago retained its ninth place, while Seoul moved up to tenth, displacing Washington.
The most significant rise in the ranking was demonstrated by São Paulo (up 21 places) and Wellington (up 15), while Miami (down 14 places) and Helsinki (down 12 places) showed the sharpest drops.
Among the financial centers of Eastern Europe and Central Asia, Astana is in the lead (66th place).
The World Financial Centers Index was first published in 2007 and is updated every six months (the current edition is the 35th). The latest ranking was based on a survey of nearly 8.5 thousand respondents.
During his visit to the United States, President of Ukraine Volodymyr Zelenskyy was awarded the Atlantic Council Global Citizen Awards, which recognizes outstanding people who contribute to improving the world.
According to the President’s press service, the Atlantic Council’s highest honor was awarded to the head of the Ukrainian state in May of this year in Kyiv. The official award ceremony took place in New York, where he dedicated the award to the Ukrainian people and partners.
“To be honest, this is not my award. I dedicate this award to all Ukrainians in uniform. I dedicate this award to all our children who were killed by Russian terrorists. We will never forget this. I dedicate this award to all the fathers and mothers who raised such brave Ukrainian soldiers, as well as to all the teachers and doctors who did not leave Ukraine when the full-scale war began,” Zelensky said at the ceremony.
“And, of course, I dedicate this award to all of Ukraine’s partners: The United States, the EU, all the brave countries that stood by us and supported us. Thank you very much! I dedicate this award to all the people in the world who are fighting for freedom and democracy, just like us, Ukrainians. Glory to Ukraine!” – the President added.
This year’s Global Citizen Awards 2023 was also attended by: German Chancellor Olaf Scholz, who received the award for his significant contribution to peace in Europe and countering the threat to global democracy posed by Russia; Japanese Prime Minister Fumio Kishida, who was recognized for his leadership in the G7 in strengthening the Global South and promoting international cooperation U.S. Secretary of the Treasury Janet Yellen, who was honored for her 40-year career as an economist and political leadership in ensuring a sustainable and inclusive economy in the United States and the world; U.S. Secretary of the Treasury Janet Yellen, who was honored for her 40-year career as an economist and political leadership in ensuring a sustainable and inclusive economy in the United States and the world.
The event was attended by about 700 people, including current and former heads of state and government, UN ambassadors, representatives of the US administration, global business leaders, media and opinion leaders. The ceremony was covered by leading US media.
Companies are increasingly refusing to list in London in favor of the New York Stock Exchange, and this trend may continue, Bloomberg writes with reference to the opinion of analysts.
“If London fails to regain its status as a leading financial center, the trend away from London, mainly to New York, is likely to continue,” says Freshfields Bruckhaus Deringer LLP partner Oliver Lazenby.
Just this week, two major companies, construction materials manufacturer CRH Plc and IT firm Arm Ltd. opted to list in New York.
Meanwhile, bookmaker Flutter Entertainment Plc and biopharmaceutical Indivior Plc are planning secondary listings in the U.S.
Even some companies in the FTSE 100 Index are considering moving their listings to New York, said sources who wished to remain anonymous.
According to Citigroup’s Paddy Evans, U.S. exchanges attract companies with access to a larger capital market, higher valuations and less control over top executive compensation.
The capitalization of the British stock market now stands at about $3 trillion, compared with a peak of $4.3 trillion in 2007. Meanwhile, the combined market value of U.S.-listed companies has more than doubled over the same period, to $43 trillion, according to Bloomberg estimates.
New York again took first place in the list of the world’s largest financial centers, according to a review by the financial consulting company Z/Yen Group Ltd., which calculates the Global Financial Centers Index (GFCI).
New York overtook London in the rankings four years ago and has not given up the lead since. Compared to the previous version of the rankings released in March, New York has gained 1 point to lead with 760, while London has added five points to 731.
Singapore closes the top three, moving Hong Kong to fourth place and approaching London by five points. San Francisco is fifth, Shanghai is sixth, Los Angeles is seventh, Beijing is eighth, and Shenzhen is ninth. Closes the top ten Paris.
Sydney soared 10 places at once and took 13th place, Berlin won back 16 positions and is now in 26th place.
The sharpest drop in the index was demonstrated by Jakarta, which rolled back 26 positions at once, to 95th place. Among the leaders, Tokyo disappointed, dropping seven lines to 16th place.
Moscow moved from 51st position to 73rd, St. Petersburg lost 17 places and dropped to 114th line due to the sanctions imposed against Russia. Moscow has given way ahead to such financial centers of Eastern Europe and Central Asia as Prague, Warsaw and Nur-Sultan.
In response to the question of which financial centers will increase their influence in the next two or three years, the respondents mentioned Seoul, Singapore and Gujrat most often.
The World Financial Centers Index was first published in 2007 and is updated every six months (the current issue is the 32nd in a row). The latest rating was compiled on the basis of a survey of more than 11.9 thousand respondents.
More wealthy people live in New York than in any other city in the world, according to a report by the consulting company Henley & Partners.
There are 345.6 thousand millionaires and 15.47 thousand multimillionaires in New York, that is, residents with a fortune of more than $10 million. There are also 737 people whose wealth exceeds $100 million and 59 billionaires.
About 4% of New Yorkers’ 8.38 million own investment assets (property, cash or stock) worth more than $1 million, according to the study, according to CNBC. The total personal wealth of New Yorkers exceeds $3 trillion.
Tokyo ranked second in the ranking of cities with the largest number of wealthy residents (304.9 thousand, including 12 billionaires), in third place is the San Francisco Bay Area, which includes Silicon Valley (276.4 thousand, 62 billionaires).
London is on the fourth line (272.4 thousand), Singapore is on the fifth (249.8 thousand) and China’s Beijing (131.5 thousand) and Shanghai (130.1 thousand) close the top 10.
In addition, the leaders of the ranking include Los Angeles, Chicago and Houston, occupying positions from six to eight. Thus, half of the ten richest cities in the world are located in the United States.
Meanwhile, the fastest growing cities in terms of the number of millionaires are outside this country. The leader is Riyadh (Saudi Arabia), Sharjah and Dubai (UAE), Lusaka (Zambia) and Luanda (Angola). In the first half of 2022, their wealthy population increased by 20%. Henley & Partners attribute this to the active development of the oil and gas industry and the growth of stock markets in these countries.
At the same time, the number of rich residents in seven of the ten cities with the largest number of them has decreased. The increase was noted only in Singapore, San Francisco and Houston. At the same time, in New York in 2022, their number decreased by 12%, in Los Angeles – by 6%, in Chicago – by 4%, in London – by 9%. One of the reasons for this is the general decrease in wealth in the world, the report says.
President of Ukraine Volodymyr Zelensky arrived in New York to participate in the 76th session of the UN General Assembly, press secretary of the head of state Serhiy Nykyforov said.
“The presidential plane landed in New York,” Nykyforov told Interfax-Ukraine.
According to him, the speech of the President of Ukraine is expected on Wednesday, September 22, at about 16.40 (local time).
As part of the visit, the president’s speech at the UN General Assembly, a number of bilateral and multilateral meetings of the head of state and Foreign Minister Dmytro Kuleba are planned.
“The President of Ukraine will meet with the UN Secretary General, NATO Secretary General, and the leaders of several major states, will hold a separate meeting with foreign investors. It will be a very eventful visit, which is scheduled literally by the minute,” the Ukrainian Foreign Minister said.
According to him, “Zelensky is consolidating international support for Ukraine in order to counter Russia’s aggression, raise investment and fight COVID-19 pandemic.”
On Tuesday, September 21, Zelensky is scheduled to meet with the presidents of Poland, Moldova and Georgia.
