London sits just behind New York in the latest Global Financial Centres Index, losing by a single point. The GFCI relies heavily on perception‑based surveys, which critics say capture “vibes” more than hard activity. To counter that, London‑based think‑tank New Financial released a five‑year data‑driven assessment that ranks countries by actual domestic and cross‑border finance flows. The result matters for investors tracking capital flows.

When the study scores domestic finance, the United States dominates, pushing the UK to fourth place. The index averages 30 metrics, each on a 0‑100 scale, with the US scoring 100 on pension assets after holding about $46tn in the 2023‑25 period. Britain’s roughly $3tn of pension assets earns a mere six points, dragging its domestic rank down. This gap underscores America’s scale edge.

For internationally portable services, London climbs to second behind the United States, leading in currency trading, derivatives, and cross‑border bond issuance. While the US still outstrips rivals in asset‑management volumes, the UK’s infrastructure and talent pool keep it the preferred hub for FX desks and global banks. Consequently, London remains a magnet for global finance talent. The findings underline London’s continued clout in niche finance markets.