Global Financial Centres Index

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The Global Financial Centres Index (GFCI) is a ranking of the competitiveness of financial centres based on over 29,000 financial centre assessments from an online questionnaire together with over 100 indices from organisations such as the World Bank, the Organisation for Economic Co-operation and Development (OECD), and the Economist Intelligence Unit. The first index was published in March 2007. It has been jointly published twice per year by Z/Yen Group in London and the China Development Institute in Shenzhen since 2015,[1][2] and is widely quoted as a top source for ranking financial centres.[3][4][5][6]

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GFCI 34 (September 2023)[edit]

The latest thirty-fourth edition of the Global Financial Centres Index (GFCI 34) was published on 28 September 2023.[7] GFCI 34 provides evaluations of future competitiveness and rankings for 121 financial centres around the world. Rankings are based on around 10,000 qualitative surveys from respondents working in financial services and related industries combined with 153 quantitative factors, with measures from the World Bank, The Economist Intelligence Unit, the OECD and United Nations.[8][2] The 2023 report ranks New York at the top position followed by London and Singapore.[9] Only the top 20 are shown in the following table:

Rank Centre Rating Change in rank Change in rating
1 United States New York City 763 Steady Increase 3
2 United Kingdom London 744 Steady Increase 13
3 Singapore Singapore 742 Steady Increase 19
4 Hong Kong Hong Kong 741 Steady Increase 19
5 United States San Francisco 735 Steady Increase 14
6 United States Los Angeles 734 Steady Increase 15
7 China Shanghai 733 Steady Increase 16
8 United States Washington, D.C. 732 Increase 3 Increase 19
9 United States Chicago 731 Decrease 1 Increase 15
10 Switzerland Geneva 730 Increase 13 Increase 29
11 South Korea Seoul 729 Decrease 1 Increase 15
12 China Shenzhen 728 Steady Increase 16
13 China Beijing 727 Steady Increase 16
14 Germany Frankfurt 726 Increase 3 Increase 19
15 France Paris 725 Decrease 1 Increase 15
16 Luxembourg Luxembourg 724 Increase 3 Increase 19
17 United States Boston 723 Decrease 8 Increase 8
18 Switzerland Zürich 722 Increase 2 Increase 18
19 Netherlands Amsterdam 721 Decrease 3 Increase 13
20 Japan Tokyo 720 Increase 1 Increase 17

Financial centre profiles[edit]

The latest report ranked 120 international financial centres into the following matrix:[7]

Level Broad and deep
Global leaders
Relatively broad
Global diversified
Relatively deep
Global specialists
Emerging
Global contenders
Global

Singapore Singapore
United Kingdom London
United States New York City
Germany Frankfurt
China Shanghai
Japan Tokyo
Canada Toronto
Netherlands Amsterdam
Switzerland Zürich
Australia Sydney*

France Paris
South Korea Seoul
United States Washington, D.C.
United States Chicago
United States Los Angeles
United States San Francisco

China Beijing
Hong Kong Hong Kong
United Arab Emirates Dubai*
Luxembourg Luxembourg
China Shenzhen
United Arab Emirates Abu Dhabi
Morocco Casablanca*

Russia Moscow

Level Broad and deep
Established international
Relatively broad
International diversified
Relatively deep
International specialists
Emerging
International contenders
International

Germany Berlin
Thailand Bangkok*
Spain Madrid
Malaysia Kuala Lumpur*
South Korea Busan
United States Boston*
Germany Stuttgart
United Kingdom Edinburgh
Australia Melbourne
United States MiamiΔ
Germany Hamburg*
Republic of Ireland Dublin
Switzerland Geneva
Belgium Brussels
Japan Osaka*
Canada Montreal
Canada Vancouver
Sweden Stockholm
Italy Milan
Italy Rome

Mexico Mexico City
Greece Athens*

China Guangzhou
India Mumbai*
India New Delhi*
China Chengdu
Saudi Arabia Riyadh*
China Dalian*
Cayman Islands Cayman Islands*
India GIFT City
China Qingdao
Rwanda Kigali
Taiwan Taipei
Kazakhstan Astana*
Jersey Jersey*
Israel Tel Aviv*
Guernsey Guernsey*
Liechtenstein Liechtenstein*

Russia Saint Petersburg*
Turkey Istanbul
Brazil São Paulo
South Africa Cape Town
Panama Panama
Bermuda Bermuda*
Kenya Nairobi
British Virgin Islands British Virgin Islands
Bahrain Bahrain
South Africa Johannesburg
Mauritius Mauritius
Hungary Budapest*
Nigeria Lagos*
Qatar Doha

Level Broad and deep
Established players
Relatively broad
Local diversified
Relatively deep
Local specialists
Emerging
Evolving centres
Local

Poland Warsaw
United States Atlanta*
Germany Munich
Norway Oslo
United Kingdom Glasgow
Czech Republic Prague
Denmark Copenhagen
United States Minneapolis–Saint Paul
Portugal Lisbon
Canada Calgary
United States San Diego
Finland Helsinki
New Zealand Wellington

Chile Santiago
Austria Vienna*

China Hangzhou*
Kuwait Kuwait City*
China Tianjin*
China Nanjing*
Malta Malta
Iran Tehran
Gibraltar Gibraltar
Monaco Monaco
Switzerland Lugano
Isle of Man Isle of Man*
Iceland Reykjavik

Argentina Buenos Aires
Azerbaijan Baku
Vietnam Ho Chi Minh City
Colombia Bogotá
Trinidad and Tobago Trinidad and Tobago
Kazakhstan Almaty*
Philippines Manila*
Slovakia Bratislava*
Indonesia Jakarta
Brazil Rio de Janeiro
Lithuania Vilnius*
Cyprus Cyprus*
The Bahamas The Bahamas
China Wuhan
Bulgaria Sofia*
Latvia Riga
China Xi'an*

(*) Centres that have moved between categories between GFCI 33 and GFCI 34.
(Δ) Centres that have appeared in GFCI 34 but not in GFCI 33.

Top 15 centres by area of competitiveness[edit]

This is run for five separate areas of competitiveness to assess how financial centres perform in each of the areas.[7]

Level Business environment Human capital Infrastructure Financial sector development Reputational and general
1 United States New York City United States New York City United States New York City United States New York City United States New York City
2 Singapore Singapore United Kingdom London Singapore Singapore Singapore Singapore United Kingdom London
3 United Kingdom London Singapore Singapore United Kingdom London United Kingdom London Singapore Singapore
4 Hong Kong Hong Kong Hong Kong Hong Kong United States Washington, D.C. Hong Kong Hong Kong Hong Kong Hong Kong
5 China Beijing United States San Francisco Luxembourg Luxembourg China Shenzhen United States San Francisco
6 China Shanghai United States Washington, D.C. China Shenzhen China Shanghai United States Washington, D.C.
7 United States Washington, D.C. China Shanghai Hong Kong Hong Kong Germany Frankfurt China Shanghai
8 Netherlands Amsterdam South Korea Seoul South Korea Seoul China Beijing South Korea Seoul
9 United States San Francisco China Beijing China Beijing United States Los Angeles China Beijing
10 United States Los Angeles United States Los Angeles China Shanghai Luxembourg Luxembourg United States Los Angeles
11 Switzerland Zürich United States Chicago Germany Frankfurt United States Washington, D.C. United States Chicago
12 Luxembourg Luxembourg Switzerland Zürich United States San Francisco United States San Francisco Switzerland Zürich
13 Germany Frankfurt Japan Tokyo Netherlands Amsterdam United States Boston Japan Tokyo
14 France Paris United States Boston Australia Sydney South Korea Seoul United States Boston
15 United States Chicago Switzerland Geneva United States Los Angeles United States Chicago Switzerland Geneva

Key areas[edit]

The business environment factors aggregate and value the regulation, tax rates, levels of corruption, economic freedom and how difficult in general it is to do business. To measure regulation an online questionnaire has been used.

The human capital factors summarize the availability of a skilled workforce, the flexibility of the labour market, the quality of the business education and the skill-set of the workforce, and quality of life.

The infrastructure factors account for the price and availability of office space at the location, as well as public transport.

The financial sector development factors assess the volume and value of trading in capital markets and other financial markets, the cluster effect of the number of different financial service companies at the location, and employment and economic output indicators.

Reputational and general considers more subjective aspects such as innovation, brand appeal, cultural diversity and competitive positioning.

Top 15 centres by industry sector[edit]

The index provides sub-rankings in the main areas of financial services – banking, investment management, insurance, professional services, government and regulation, finance, fintech, and trading.[7]

Level Banking Investment management Insurance Professional services Government and regulatory Finance Fintech Trading
1 United States New York City United States New York City United States New York City United States New York City United States New York City United States New York City United States New York City United States New York City
2 China Shenzhen United Kingdom London United Kingdom London Singapore Singapore United Kingdom London United Kingdom London United Kingdom London Singapore Singapore
3 China Shanghai Singapore Singapore China Shenzhen United Kingdom London United States Washington, D.C. China Shanghai Singapore Singapore United States Los Angeles
4 China Beijing China Shanghai Singapore Singapore Hong Kong Hong Kong Singapore Singapore China Shenzhen Hong Kong Hong Kong United Kingdom London
5 United Kingdom London China Beijing China Shanghai South Korea Seoul South Korea Seoul China Beijing Switzerland Zürich China Beijing
6 Singapore Singapore China Shenzhen China Beijing United States Washington, D.C. Japan Tokyo Hong Kong Hong Kong United States San Francisco South Korea Seoul
7 Luxembourg Luxembourg Hong Kong Hong Kong United States Los Angeles United States San Francisco United States San Francisco United States San Francisco Germany Frankfurt United States Washington, D.C.
8 Hong Kong Hong Kong Switzerland Geneva Hong Kong Hong Kong United States Los Angeles China Shanghai Singapore Singapore Netherlands Amsterdam United States San Francisco
9 United States Los Angeles United States San Francisco United States Boston Luxembourg Luxembourg Germany Frankfurt United States Washington, D.C. United States Chicago China Shanghai
10 United States Washington, D.C. United States Los Angeles United States San Francisco China Shanghai United States Los Angeles Luxembourg Luxembourg Denmark Copenhagen Hong Kong Hong Kong
11 United States San Francisco United States Chicago Switzerland Geneva Switzerland Geneva Hong Kong Hong Kong Germany Frankfurt United Arab Emirates Dubai China Shenzhen
12 Switzerland Geneva Switzerland Zürich Australia Sydney United States Chicago Luxembourg Luxembourg United States Los Angeles United States Washington, D.C. Japan Tokyo
13 United States Chicago United Arab Emirates Dubai South Korea Seoul Germany Frankfurt United States Chicago United States Chicago Switzerland Geneva United States Chicago
14 United States Boston Luxembourg Luxembourg United States Washington, D.C. United States Boston Switzerland Zürich Netherlands Amsterdam Germany Berlin United States Boston
15 France Paris United States Boston United States Miami United Arab Emirates Dubai United States Boston Germany Berlin China Shanghai United States Miami

References[edit]

  1. ^ "The Global Financial Centres Index 20".
  2. ^ a b Jones, Huw (24 March 2022). "New York widens lead over London in top finance centres index". Reuters. Retrieved 10 September 2022. Rankings are based on surveys and 150 factors, with quantitative measures from the World Bank, The Economist Intelligence Unit, the OECD and United Nations.
  3. ^ See, for example, Yoshio Okubo, Vice Chairman, Japan Securities Dealers Association (October 2014). "Comparison of Global Financial Center". Harvard Law School, Program on International Financial Systems, Japan-U.S. Symposium. Retrieved 30 May 2015.{{cite web}}: CS1 maint: multiple names: authors list (link)
  4. ^ "New York Strips London of Mantle as World's Top Financial Center". Bloomberg L.P. 17 March 2014. Retrieved 30 May 2015.
  5. ^ "New York and London vie for crown of world's top financial centre". The Financial Times (subscription required). 1 October 2014. Retrieved 24 May 2015.
  6. ^ "Seoul's Rise as a Global Financial Center". The Korea Society. 21 September 2012. Archived from the original on 10 December 2017. Retrieved 25 May 2015.
  7. ^ a b c d Wardle, Mike; Mainelli, Michael (28 September 2023). "The Global Financial Centres Index 34" (PDF). London: Z/Yen. Retrieved 28 September 2023. {{cite magazine}}: Cite magazine requires |magazine= (help)
  8. ^ https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/gfci-publications/global-financial-centres-index-31/ 24 March 2022
  9. ^ Wee, Denise. "Singapore Overtakes Hong Kong in World Financial Centers Ranking". www.bloomberg.com. Retrieved 22 September 2022.


External links[edit]