{
  "id": 7650166,
  "title": "European financial centres lose global standing amid ‘relentless pivot to Asia’",
  "url": "https://urgent.news/2026/09/15/european-financial-centres-lose-global-standing-amid-relentless-pivot",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-15T23:01:00.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/european-financial-centres-lose-global-standing-amid-relentless-pivot-to-asia/"
  },
  "original_language": "en",
  "account": "European financial hubs have slipped in global rankings as Asian cities rapidly rise, according to the latest Z/Yen 40th Global Financial Centres Index (GFCI 40). The continent saw several key cities fall out of the top 20, with only four European centers making the list, compared to seven the previous year. Paris, Amsterdam, and Frankfurt were displaced by Asian contenders. While London maintained its European lead, ranking second globally after New York, it trailed behind by nearly 30 points. Six Asia Pacific centers were among the world's top ten, including Seoul, which saw its main stock exchange, the Kospi, hit record highs thanks to the AI boom. China's influence was evident as Hong Kong, Shenzhen, Shanghai, and Beijing all featured in the top ten for human capital, expertise, capital markets, innovation, and regulatory regimes. The region also experienced the largest increase in average ratings, up 1.4 percent. Meanwhile, London's decline deepened as it dropped four places out of reach of New York, leaving the Big Apple to reclaim the top spot. Over the past two decades, the GFCI has documented the relentless shift of financial power to Asia, driven by major cities becoming anchor points for prominent asset and wealth managers, and emerging markets pulling global capital away from traditional players. Professor Michael Mainelli, Z/Yen chairman, noted that Asia's growing strength and technological prowess pose a formidable challenge to established financial centers. London's struggles were further highlighted in the fintech rankings, where the city fell from fifth to sixth place as Shanghai claimed its position. Hong Kong retained its fintech leadership, while New York pushed Shenzhen into third place. The UK's public markets face intense scrutiny due to a series of delistings, with firms like Wise and Klarna opting for New York listings instead. Airtel Africa's upcoming fintech IPO in London could provide a glimmer of hope for the city's financial resurgence. However, UK respondents remain concerned about London's decreasing competitiveness compared to New York, Hong Kong, and Singapore.",
  "summary": "European financial centres suffered a decline in global rankings as the continent continued to lose ground to fast-growing Asian cities. Centres across Europe saw their prominence erode, with several key cities tumbling in the latest rankings from Z/Yen’s 40th Global Financial Centres Index (GFCI 40). European cities fell out of top 20, after only four [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}