The “experts” have been warning us for decades of the rise of the Asian powers, foreseeing a (usually) dramatic downfall of the west in the form of stagnating populations, depressed economies, and political decay. In reality, there’s evidence to believe that many Asian nations are experiencing a surge in growth and prosperity, though not with the kind of headline-grabbing dramatics that some had foreseen. Instead it is the story of third and second world nations joining the ranks of the develop, industrialized, and modern first world. Along that path, there have been a number of landmarks as nations like China and India have emerged as growing “superpowers”. Most recent on that list may be The World Economic Forum’s recent announcement that Hong Kong, the semi-autonomous Chinese territory, is now considered the financial hub of the world.

The Forum, which is based in Geneva, is four years old and has consistently ranked either the US (New York) or the UK (London) at the top of their financial center index. The global financial development survey that the Forum conducts looks at a market’s financial and institutional, financial stability, and the development of its various markets such as stocks and currency. The index was created with a mind toward looking at long-term financial system development and looking for problem areas and potential solutions. The survey ranks 60 different markets on its index.

Possible reasons for the rise of Hong Kong are its healthy financial markets and solid stability, despite the economic slowdown. Much of the city’s stability is due to a still-strong non-banking financial service industry, as well as initial public offerings and insurance, according to Aljazeera. The US and the UK, however, are still recovering from the economic downturn, and both markets are experiencing massive instability as a result of further Eurozone concerns. Hong Kong, on the other hand, has remained well-positioned despite the uncertainty.

Hong Kong’s ascendance to the top of the Economic Forum’s index is actually more of a formality, as it has been known for some time that Hong Kong, and several other Asian markets are incredibly healthy and are growing vigorously. This is partly due to the vibrant corporate atmosphere and a government that heavily subsidized further economic development. At the same time, the U.S. is embroiled in political infighting over just how much to subsidize further economic development.

Also of note, Japan moved up to 8^th place, while China, counted separately from Hong Kong, came in at just 18^th.