Singapore has overtaken Hong Kong in the Global Financial Centres Index (GFCI). The number three ranking is now taken by Singapore while Hong Kong is now fourth in a listing of more than 100 leading places. The spot occupied by Singapore makes it the leader in the region. The rankings revealed that New York remains far and away the most favoured financial centre, with London remaining second. Paris returned to the top 10 to replace Tokyo, but Moscow sank 22 places to 73rd as Western countries severed ties with the Russian capital after the invasion of Ukraine. New York, San Francisco, and Los Angeles topped GFCI's separate fintech sector ratings, with London fourth and Shanghai fifth. The ratings for the index improved 4.83% from the previous list and regained averages last recorded in March 2020.
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