Global Financial Centres Index
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, and is widely quoted as a source for ranking financial centres.
The ranking is an aggregate of indices from five key areas: "business environment", "financial sector development", "infrastructure factors", "human capital", "reputation and general factors". As of September 12, 2018, the top centres worldwide are:
N.B. Cape Town, GIFT City-Gujarat, Hangzhou, and Sofia are the latest new entries, having not been included in the GFCI 23 ranking.
The human capital factors summarise 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 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 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. The infrastructure factors account for the price and availability of office space at the location, as well as public transport. Reputation and General considers more subjective aspects such as innovation, brand appeal, cultural diversity and competitive positioning.
- 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.
- "New York Strips London of Mantle as World's Top Financial Center". Bloomberg L.P. 17 March 2014. Retrieved 30 May 2015.
- "New York and London vie for crown of world's top financial centre". The Financial Times. 1 October 2014. Retrieved 24 May 2015.
- "Seoul's Rise as a Global Financial Center". The Korea Society. 21 September 2012. Retrieved 25 May 2015.
- "The Global Financial Centres Index 24" (PDF). Long Finance. September 2018.