New York takes London’s crown as top financial center: survey

Reuters ^ | Sat Mar 15, 2014 1:43pm EDT | Paul Sandle

[Olog-hai]

New York has knocked London from its position as the world’s leading global financial center after seven years, according to the Global Financial Centers Index compiled by London-based consultancy Z/Yen.

London slipped from the top of the global rankings, scoring 784 against 786 for New York, because a series of own goals had tarnished its reputation, the report said. […]

Hong Kong and Singapore took third and fourth spots respectively, the same as a year ago, the survey showed.

But the gap between the “Big Four” and the chasing pack, led by Zürich, Tokyo and Seoul, was narrowing, it said. …

[BfloGuy]

London's given up a lot if this is true [and I suspect the numbers are largely made-up].

London has served as the world's financial clearinghouse since before the turn of the last century. The World trusted the Brits.

New York's importance was based primarily on the dynamism of the domestic American economy and the dollar's status as the global reserve currency.

Maybe it just boils down to inflation. Ours is higher than theirs making New York's numbers larger. At any rate, nothing really to worry about.