Global Financial Centres Index: Hong Kong nips at ankles of London, New York

Hong Kong came third in this year's Global Financial Centres Index, confirming what we already know -- Hong Kongers kick butt when it comes to making more money with money.

The index published by Z/Yen group ranks 75 of the world's major cities, based on a survey of industry professionals as well as objective factors.

London remains at the top of the list with 772 points out of 1,000 and is followed closely by New York with 770 points. Usually these top two cities are far ahead of the rest of the list, but this year Hong Kong is closing the gap by lagging just 10 points behind.

"Hong Kong is steaming ahead," says Mark Yeandle, Associate Director of Z/Yen group.

Next on the list is Singapore, 32 points behind Hong Kong and Yeandle predicts it will soon join the top ranks. The top four centers account for 70 per cent of all equity trading.

In fact, four Asian cities fill spots in the Top 10 of the Global Financial Centres Index, including Tokyo and Shanghai. Stuart Fraser, Policy Committee Chairman of the City of London says to the Financial Times: "The level of ambition demonstrated by financial centres in Asia . . . makes it all the more important that London continues to work to retain its international competitiveness."

Read more about the Global Financial Centres Index at news.hereisthecity.com.