Financial Capital

Beginning around 1900, according to the New York Times, New York City became the financial centre of the world, since it was centrally located between the European nations and the thriving economies of their Asian colonies.

After World War II, New York City became the Financial Capital of the world, since the US produced almost 1/3 of the world's GDP, and almost all of the financial instruments based on that 1/3 were traded in New York City; in addition, the New York City markets expanded to include the trading of a significant proportion of the financial instruments based on the other 2/3 of the world's economic production.

Now, however, in a fit of angst, the New York Times listed several new competitors to New York City that might knock it out of first place. They didn't explain how they arrived at the order of these new competitors, but the first one they listed was Dubai.