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. It is compiled and published twice a year by Z/Yen Group and sponsored by the Qatar Financial Centre Authority. It is widely quoted as a source for ranking financial centres.[1][2][3][4]


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 2015, the top centres worldwide are:[5]

N.B. Los Angeles and Liechtenstein are new entries, having not been included in the GFCI 17 ranking.

Financial centre profiles[edit]

The report groups 82 of the financial centres into the following matrix:[5]

Level Broad & deep
Global Leaders
Relatively broad
Global Diversified
Relatively deep
Global Specialists
Global Contenders
Global Netherlands Amsterdam
Republic of Ireland Dublin
Germany Frankfurt
 Hong Kong
United Kingdom London
United States New York City
France Paris
South Korea Seoul
Canada Toronto
Switzerland Zürich
Belgium Brussels China Beijing
United Arab Emirates Dubai
Luxembourg Luxembourg
Russia Moscow
Level Broad & deep
Established Transnational
Relatively broad
Transnational Diversified
Relatively deep
Transnational Specialists
Transnational Contenders
Transnational United States Boston
United States Chicago
Switzerland Geneva
Turkey Istanbul
Malaysia Kuala Lumpur
Portugal Lisbon
Spain Madrid
Canada Montreal
Czech Republic Prague
China Shanghai
Australia Sydney
Japan Tokyo
Canada Vancouver
United States Washington, D.C.
South Korea Busan
Denmark Copenhagen
United States Los Angeles
Italy Milan
Germany Munich
Sweden Stockholm
United Arab Emirates Abu Dhabi
Kazakhstan Almaty
 British Virgin Islands
Morocco Casablanca
 Cayman Islands
Indonesia Jakarta
China Shenzhen
United Kingdom Edinburgh
Level Broad & deep
Established Players
Relatively broad
Local Diversified
Relatively deep
Local Specialists
Evolving Centres
Local Hungary Budapest
Australia Melbourne
Mexico Mexico City
Japan Osaka
United States San Francisco
Brazil São Paulo
Israel Tel Aviv
Austria Vienna
Poland Warsaw
Canada Calgary
United Kingdom Glasgow
Norway Oslo
Italy Rome
Thailand Bangkok
Qatar Doha
 Isle of Man
South Africa Johannesburg
Philippines Manila
India Mumbai
Brazil Rio de Janeiro
Taiwan Taipei
Greece Athens
China Dalian
Finland Helsinki
Iceland Reykjavik
Saudi Arabia Riyadh
Russia Saint Petersburg
Estonia Tallinn

Key areas[edit]

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.

Industry sectors[edit]

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


  1. ^ 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. 
  2. ^ "New York Strips London of Mantle as World’s Top Financial Center". Bloomberg. 17 March 2014. Retrieved 30 May 2015. 
  3. ^ "New York and London vie for crown of world’s top financial centre". The Financial Times. 1 October 2014. Retrieved 24 May 2015. 
  4. ^ "Seoul’s Rise as a Global Financial Center". The Korea Society. 21 September 2012. Retrieved 25 May 2015. 
  5. ^ a b "The Global Financial Centres Index 18" (PDF). Long Finance. September 2015.