is london or new york the financial capital of the world
Financial centre The Global Financial Centres Index is compiled semi-annually by the London-based British think-tank Z/Yen in conjunction with the Shenzen-based think-tank China Development Institute.[67] London has been the top-ranked centre from the index's inception in 2007, except from March 2014 to September 2015, when New York City led.[67]:7
Economy of the United Kingdom The service sector dominates the UK economy, contributing around 80% of GDP;[32] the financial services industry is particularly important, and London is the world's largest financial centre.[33] Britain's aerospace industry is the second-largest national aerospace industry.[34] Its pharmaceutical industry, the tenth-largest in the world,[35] plays an important role in the economy. Of the world's 500 largest companies, 26 are headquartered in the UK.[36] The economy is boosted by North Sea oil and gas production; its reserves were estimated at 2.8Â billion barrels in 2016,[37] although it has been a net importer of oil since 2005.[38] There are significant regional variations in prosperity, with South East England and North East Scotland being the richest areas per capita. The size of London's economy makes it one of the largest cities by GDP in Europe.[39]