Hong Kong to Surpass New York As Major Creator of Jobs In Financial Services
Hong Kong’s ranking in terms of leading financial cities is on pace to rise over the next four years, reported Hong Kong Business this week.
By 2016, Hong Kong is expected to replace New York as the leading financial center in terms of financial employment opportunities. Compared to New York’s future expectations of 252,500 jobs, it is estimated that Hong Kong will top that with 262,000 financial services jobs, whereas London is expected to fall to third place with 239,000 four years from now.
For years, Hong Kong and other Asian markets have enjoyed increasing financial attention, which has in turn allowed them to enhance their adaptability in the business environment. This has allowed cities such as Hong Kong and Singapore to take on financial responsibilities previously rewarded to western cities such as London or New York.
Centre for Economics and Business Research, a London-based firm predicting market and business outlooks, says: “the main reason for the shift to the east is the more dynamic growth of the Asian economies, which has created a booming demand for financial services.” It also adds that while London still holds the lead in international employment, Hong Kong will provide the most financial service jobs by 2016.
