Toronto is no longer one of the world's top 10 financial centres

Contenders' gains have pushed Toronto, Zurich, and Frankfurt out of the top rankings

Toronto is no longer one of the world's top 10 financial centres
Steve Randall

New York has increased its dominance in the world of global finance, extending its lead in the Global Finance Centres Index 26 (GFIC26).

Meanwhile, Toronto – which is being urged to push ahead as a global FinTech centre -  is one of three centres to be pushed out of the top 10 in the rankings compiled by Z/Yen Group in association with the China Development Institute in London and Shenzhen.

Despite Brexit concerns, London has maintained second place, but New York is now 17 points ahead while Paris and some other centres are threatening London’s position; Shanghai could take second billing in 2020.

"Competition at the top of the GFCI is intensifying. London is in a ‘slipping second’ position globally and a ‘slipping first’ in Europe amidst high volatility emanating from policy uncertainties, Brexit, trade wars, and geopolitical unrest. Asian centres and a resurging Paris are fighting for that second-place spot,” said Professor Michael Mainelli, Executive Chairman of Z/Yen.

Canadian cities performed better in GFIC25 but dropped back this time with Toronto now 11th (down from 7th) and Montreal 20th (down from 18th). US cities have improved their rankings with San Francisco, Los Angeles, and Boston all moving up.

Shenzhen, Dubai, and Sydney are new entries in the GFIC26 top 10.

Performance across the index showed slightly reduced confidence, with the overall ratings falling around 2.5% from GFCI 25. Thirty-one of the 104 centres fell in the ratings, including the top five centres.

FinTech leaders
Meanwhile, the new FinTech index, published for the first time alongside the GFCI, is dominated by Chinese centres taking five of the top seven places in the index, led by Beijing and Shanghai. New York, London, Singapore, San Francisco, and Chicago also feature in the top ten for FinTech.