Los Angeles overtakes Shanghai in world financial centers ranking

The home of Hollywood has overtaken China’s commercial capital in a fresh ranking of the world’s top financial centers.

Los Angeles took sixth spot on the Global Financial Centres Index (GFCI), pushing Shanghai into seventh place. Meanwhile, Chicago and Boston broke into the top 10, edging out Beijing and Shenzhen.

There was no change at the top of the list. Finance powerhouses New York and London remained in the top two spots, while Singapore clung on to the third place that it snatched from Covid-battered Hong Kong last year.

Other findings in the report were:

  • Seoul moved into the top 10, while Paris dropped out
  • San Diego climbed the most spots, up 20 places to no. 39
  • The British Virgin Islands dropped the furthest, falling 16 spots to no. 107
  • Dubai was the highest-ranked Middle Eastern city at no. 22
  • In Australia, Sydney took 15th place, with Melbourne at no. 28

The index, compiled by think tanks Z/Yen Partners and the China Development Institute, ranks 120 financial centers and uses data collected from thousands of financial services professionals responding to an online questionnaire.

Here are the top 20 financial centers, along with their previous rankings:

  1. New York, US   (1)
  2. London   (2)
  3. Singapore   (3)
  4. Hong Kong   (4)
  5. San Francisco   (5)
  6. Los Angeles   (7)
  7. Shanghai   (6)
  8. Chicago   (12)
  9. Boston   (14)
  10. Seoul   (11)
  11. Washington DC   (15)
  12. Shenzhen   (9)
  13. Beijing   (8)
  14. Paris   (10)
  15. Sydney   (13)
  16. Amsterdam    (19)
  17. Frankfurt   (18)
  18. Munich   (24)
  19. Luxembourg   (21)
  20. Zurich   (22)