Over New York, London and Hong Kong? Time to move on

THE financial capitals of the world have lost their lustre. The bright lights of New York City seem to have dimmed. London has far too many issues to contend with, from inflation, messy politics and homes not built for the heat to a dysfunctional international airport. Hong Kong is a dark shadow of what it once was: A former British colony filled with tycoons and billionaires whose fast, wheeling-dealing, free spirit has faded.

Other close contenders like Tokyo, Singapore and Shanghai don’t hold the same allure as they once did. So what’s left?

Financial centres have typically been places with well-formed regulatory oversight and deep capital markets. Naturally, an ecosystem of workers is created around this, drawing in professionals like bankers, lawyers, accountants and headhunters. Factors like tax rates and the ability to draw capital — equity and debt — that facilitate business and bolster a city’s competitiveness help, too. There are various ways to measure that: The size and depth of capital markets, along with detailed, weighted indices that take into account everything from tax rates to office occupancy and legal jurisdiction.