Sep 23, 2022 03:59 PM

FINANCE

Singapore Overtakes Hong Kong as Asia’s Top Financial Hub

Paddlers row past the central business district at Marina Bay in Singapore on Oct. 3. Photo: Bloomberg

Paddlers row past the central business district at Marina Bay in Singapore on Oct. 3. Photo: Bloomberg

(Bloomberg) — Singapore has overtaken Hong Kong to become Asia’s top financial center — and the third in the world — according to a new report that puts New York and London in the first and second spots.

Hong Kong slipped to fourth place, battered by strict Covid restrictions and an exodus of talent, while San Francisco moved up two spots to round out the Global Financial Centres Index’s top five.

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