Wall Street continues to head a ranking of global financial centres, while London slipped in the wake of Brexit and Vancouver soared.
The top end of the Global Financial Centres Index remained relatively stable, according to London-based thinktan, Z/Yen Group, which compiles the annual competitiveness ranking along with the China Development Institute.
New York continued to lead the index, followed by London, which saw its score drop and remained only one point ahead of third-place Shanghai.
Hong Kong moved up to fourth place, with Singapore rounding out the top five. Tokyo dropped three places and was seventh.
The top-rated Canadian city was Vancouver, which climbed 13 places in the rankings to 11th. Montreal slipped one place to 27th, and Toronto rose two spots to 29th.
The average rating for the centres in the index declined by 3.5 points from the previous ranking, remaining below the levels recorded in 2019.
“The fact that overall ratings have not recovered to the levels that we saw in 2019 reflects the continuing uncertainty around international trade, the impact of the Covid-19 pandemic, and geopolitical and local unrest,” Z/Yen Group said in a release.
The rankings are based on a combination of data from a variety of objective sources and an ongoing industry survey.