Los Angeles tops Shanghai as one of the biggest financial centers in the world

(Credit: Spencer Platt—Getty Images)

Los Angeles is already the center of the entertainment world. Now it’s taking on a bigger role in the financial universe.

The California city has moved up to number six on the Global Financial Centres Index (GFCI), a list of the world’s top financial centers, topping Shanghai for the first time and moving the Chinese city down a notch.

The list, assembled by think tanks Z/Yen Partners and the China Development Institute, looks at 120 financial centers around the world, ranking them based on an online questionnaire from thousands of professionals in the industry.

New York, not surprisingly, once again topped the list (as it has been since 2018) and London took the number two spot. Singapore once again ranked third, topping Hong Kong.

There was, however, a fair bit of upheaval in the most recent rankings. Chicago, Boston, and Seoul entered the top 10, replacing Paris, Shenzhen, and Beijing. And, while they failed to make the top 10, Atlanta and San Diego both rose more than 10 places in the rankings.

“While there is considerable variation across centres, the index suggests that confidence in financial centres and the world economy remains high, with a recognition that inflation levels are falling and economic growth generally secure, even with the instability caused by the continuing war in Ukraine,” Dhanesswurnath Thakoor, CEO of FSC Mauritius, wrote in the report’s foreward.

Here’s how the Top 10 shook out, along with their ranking in last year’s list.

1. New York, US   (1)
2. London   (2)
3. Singapore   (3)
4. Hong Kong   (4)
5. San Francisco   (5)
6. Los Angeles   (7)
7. Shanghai   (6)
8. Chicago   (12)
9. Boston   (14)
10. Seoul   (11)