The world’s largest economies took the biggest hit in the World Economic Forum‘s second annual Financial Development Report. Global financial centers still lead in the report’s Index, but the effects of financial instability have pulled down their scores compared to last year.
The United Kingdom, buoyed by the relative strength of its banking and non-banking financial activities, claimed the Index’s top spot from the US, which slipped to third position behind Australia largely due to poorer financial stability scores and a weakened banking sector.
Singapore made huge gains over the past year, enabling it to jump to the fourth, up from its 10th place ranking in 2008. Here is a list of top twenty world’s leading financial centers: