An Asian city will eventually overtake London and New York as the world\u2019s leading financial centre, with Hong Kong well placed to compete for the top spot given its legal predictability and low tax burden, according to the creator of a closely watched ranking of financial hubs.<\/p>\n
\u201cIt\u2019s going to happen because it\u2019s so tight,\u201d said Michael Mainelli, chairman of London-based think tank Z\/Yen Group, in an interview with the South China Morning Post on Tuesday, referring to the narrowing gap between Hong Kong and the traditional leaders.<\/p>\n
In the March edition of the Global Financial Centres Index (GFCI) \u2013 compiled twice a year by Z\/Yen and Shenzhen\u2019s China Development Institute \u2013 Hong Kong placed third, trailing London by a single point and New York by two. The next edition is set for release later this month.<\/p>\n
Mainelli attributed the tightening race to a broader structural shift towards Asia, which now accounts for roughly 40 per cent of global finance.<\/p>\n
\u201cAt some point, there will be an event,\u201d he said, meaning a change at the top of the rankings.<\/p>\n
Recent macroeconomic volatility, including geopolitical tensions in the Middle East, had weighed on the ratings of some major hubs, but Hong Kong\u2019s underlying framework was unusually resilient, Mainelli said.<\/p>\n","protected":false},"excerpt":{"rendered":"An Asian city will eventually overtake London and New York as the world\u2019s leading financial centre, with Hong…\n","protected":false},"author":2,"featured_media":1185193,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3090],"tags":[521,51,321185,1700,321183,151510,3749,257,321186,839,4447,20791,10741,10743,2143,47141,20792,16,15,49,321184],"class_list":["post-1185192","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-asia","tag-business","tag-china-development-institute","tag-economy","tag-gfci","tag-global-financial-centres-index","tag-hong-kong","tag-london","tag-mainelli","tag-middle-east","tag-new-york","tag-one-country","tag-shanghai","tag-shenzhen","tag-singapore","tag-south-china-morning-post","tag-two-systems","tag-uk","tag-united-kingdom","tag-united-states","tag-z-yen-group"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/117210313349407481","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1185192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=1185192"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1185192\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/1185193"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=1185192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=1185192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=1185192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}