Hong Kong to beat New York as the world’s top financial center by 2016

Some 262,000 financial services jobs await.

The London-based Center for Economics and Business Research said that Hong Kong should have some 262,000 financial services jobs by 2016 from the 207,000 jobs today. This will make Hong Kong the main international financial center in the world in terms of employment, CEBR said.

That number will allow Hong Kong to outdo New York which is expected to have to 252,500 jobs in 2016 against the current 254,100 jobs. There could be 239,000 financial services jobs in London four years from now.

CEBR, however, believes London holds the lead in international employment as many of the New York jobs service the domestic US economy.

Another growth story in this area is Singapore, where financial services job growth is project to rise from 156,400 today to 192,100 by 2016.

CEBR said Hong Kong coming leadership is because many of the Asian markets have gained critical mass, enabling them to take on functions and services previously carried out only in the West.

It said “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.”

CEBR also noted that onerous regulation and taxation in the UK have also contributed. New York has declined by less than London because of the greater strength of the US economy over the European economy, which has caused financial transactions in the US to weaken by less than in Europe.