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] and is widely quoted as a source for ranking financial centres.[2][3][4][5]


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 March 12, 2019, the top centres worldwide are:[6]

N.B. Stuttgart, Kuwait City, and Nairobi are the latest new entries, having not been included in the GFCI 24 ranking. Trinidad and Tobago was omitted from this GFCI 25 (current) ranking.

Financial centre profiles[edit]

This report ranked 102 international financial centers into the following matrix, as of 12 March 2019:[6]

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

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. ^
  2. ^ 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.CS1 maint: multiple names: authors list (link)
  3. ^ "New York Strips London of Mantle as World's Top Financial Center". Bloomberg L.P. 17 March 2014. Retrieved 30 May 2015.
  4. ^ "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.
  5. ^ "Seoul's Rise as a Global Financial Center". The Korea Society. 21 September 2012. Retrieved 25 May 2015.
  6. ^ a b "The Global Financial Centres Index 25" (PDF). Long Finance. March 2019. Retrieved 21 April 2019.