The Business Times
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Why Mamdani’s New York has to fight to retain its crown

With Singapore, London and Dubai doing more to attract talent, the world’s premier financial hub is finding out its title is contestable

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    • What New York needs from Mayor Zohran Mamdani is not a retreat from progressive ambition, but the recognition that the city needs to compete for its tax base in a global market.
    • What New York needs from Mayor Zohran Mamdani is not a retreat from progressive ambition, but the recognition that the city needs to compete for its tax base in a global market. PHOTO: REUTERS

    Leon Hadar

    Published Mon, Jun 1, 2026 · 05:00 PM

    NEW York is still the world’s premier financial centre. It is also, for the first time in a long while, a centre that has to act as if the title is contestable – because it is.

    The most recent Global Financial Centres Index, published in March, kept New York in first place. But just a single rating point separates it from London. Hong Kong sits one behind London. Singapore is one behind Hong Kong. 

    Four cities, separated by what amounts to a rounding error.

    New YorkZohran MamdaniWealth taxSingaporeDubaiLondon

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