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 top source for ranking financial centres.[2][3][4][5]

Ranking[edit]

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 24, 2021, the top centres worldwide are:[6]

N.B. Kigali and Lagos are the latest new entries, having not been included in the GFCI 29 ranking.

Financial centre profiles[edit]

This report ranked 116 international financial centers into the following matrix, as of 24 September 2021:[6]

Level Broad and deep
Global leaders
Relatively broad
Global diversified
Relatively deep
Global specialists
Emerging
Global contenders
Global Netherlands Amsterdam
Belgium Brussels
United States Chicago
Germany Frankfurt
Switzerland Geneva
 Hong Kong
United Kingdom London
United States Los Angeles
United States New York City
France Paris
China Shanghai
 Singapore
Japan Tokyo
Canada Toronto
United States Washington, D.C.
Switzerland Zürich
Republic of Ireland Dublin
United States San Francisco
India Mumbai
South Korea Seoul
United Arab Emirates Abu Dhabi
China Beijing
China Chengdu
United Arab Emirates Dubai
China Guangzhou
China Hangzhou
Luxembourg Luxembourg
Russia Moscow
China Qingdao
China Shenzhen
China Tianjin
India GIFT City-Gujarat
Level Broad and deep
Established international
Relatively broad
International diversified
Relatively deep
International specialists
Emerging
International contenders
International Greece Athens
Thailand Bangkok
Germany Berlin
United States Boston
Hungary Budapest
South Korea Busan
Germany Hamburg
Malaysia Kuala Lumpur
Spain Madrid
Australia Melbourne
Italy Milan
Canada Montreal
Germany Munich
Norway Oslo
Italy Rome
Germany Stuttgart
Australia Sydney
Canada Vancouver
Poland Warsaw
Turkey Istanbul
Mexico Mexico City
Israel Tel Aviv
Azerbaijan Baku
Colombia Bogotá
Argentina Buenos Aires
South Africa Cape Town
 Cyprus
China Dalian
Rwanda Kigali
Nigeria Lagos
Kenya Nairobi
China Nanjing
India New Delhi
 Panama
Latvia Riga
Saudi Arabia Riyadh
Taiwan Taipei
Lithuania Vilnius
China Xi'an
China Wuhan
Kazakhstan Almaty
 Bahrain
 Bermuda
 British Virgin Islands
Morocco Casablanca
 Cayman Islands
Qatar Doha
 Guernsey
 Isle of Man
South Africa Johannesburg
 Liechtenstein
 Mauritius
Kazakhstan Nur-Sultan
Brazil São Paulo
Level Broad and deep
Established players
Relatively broad
Local diversified
Relatively deep
Local specialists
Emerging
Evolving centres
Local Canada Calgary
Denmark Copenhagen
United Kingdom Edinburgh
United Kingdom Glasgow
Japan Osaka
Czech Republic Prague
United States San Diego
Chile Santiago
Sweden Stockholm
New Zealand Wellington
Finland Helsinki
Portugal Lisbon
Austria Vienna
 Bahamas
 Barbados
Slovakia Bratislava
 Gibraltar
Kuwait Kuwait City
Philippines Manila
 Monaco
Iceland Reykjavik
Russia Saint Petersburg
Bulgaria Sofia
Estonia Tallinn
Iran Tehran
 Trinidad and Tobago
Indonesia Jakarta
 Jersey
 Malta
Brazil Rio de Janeiro

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 GFCI 25 (2021 March).[6]

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 Kingdom London United States New York City
2 Singapore Singapore United Kingdom London United Kingdom London United States New York City United Kingdom London
3 United Kingdom London Singapore Singapore China Shanghai Singapore Singapore Singapore Singapore
4 Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong China Shenzhen Hong Kong Hong Kong
5 China Beijing China Shanghai Singapore Singapore Hong Kong Hong Kong Switzerland Zürich
6 China Shanghai Japan Tokyo Japan Tokyo China Shanghai China Shanghai
7 United States San Francisco China Beijing China Beijing Switzerland Zürich China Beijing
8 Japan Tokyo France Paris Netherlands Amsterdam Germany Frankfurt Japan Tokyo
9 United States Chicago Belgium Brussels Switzerland Zürich South Korea Seoul United Kingdom Edinburgh
10 Germany Frankfurt Luxembourg Luxembourg United States Boston United States Los Angeles United Kingdom Glasgow
11 United Kingdom Edinburgh United States Los Angeles Germany Frankfurt Luxembourg Luxembourg Switzerland Zürich
12 India Mumbai United States San Francisco United Kingdom Edinburgh United States San Francisco Republic of Ireland Dublin
13 Netherlands Amsterdam India Mumbai Switzerland Geneva China Beijing India Mumbai
14 Switzerland Zürich China Shenzhen China Guangzhou Switzerland Geneva Germany Hamburg
15 United States Washington, D.C. Germany Frankfurt South Korea Seoul India Mumbai France Paris

Top 15 centres by industry sector[edit]

This creates separate sub-indices: banking, investment management, insurance, professional services, and government and regulatory sectors for GFCI 25 (2019 March) .[1]

Level Banking Investment management Insurance Professional services Government and regulatory sectors Finance FinTech Trading
1 United States New York City United States New York City China Shanghai 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 Shanghai United Kingdom London Singapore Singapore United Kingdom London United Kingdom London China Shanghai Singapore Singapore United Kingdom London
3 Hong Kong Hong Kong Hong Kong Hong Kong China Beijing Singapore Singapore Switzerland Zürich China Beijing China Shanghai Singapore Singapore
4 United Kingdom London Singapore Singapore United States New York City Hong Kong Hong Kong Singapore Singapore United Kingdom London Hong Kong Hong Kong Hong Kong Hong Kong
5 China Beijing China Shanghai Hong Kong Hong Kong China Shenzhen Switzerland Geneva Luxembourg Luxembourg United Kingdom London China Shanghai
6 China Shenzhen China Beijing United Kingdom London China Shanghai Hong Kong Hong Kong Hong Kong Hong Kong South Korea Seoul China Beijing
7 Japan Tokyo China Shenzhen Luxembourg Luxembourg Canada Vancouver China Shanghai China Shenzhen China Beijing China Shenzhen
8 Singapore Singapore Germany Frankfurt China Shenzhen Japan Tokyo China Shenzhen Japan Tokyo Japan Tokyo Switzerland Zürich
9 Switzerland Zürich India Mumbai Sweden Stockholm China Beijing Japan Tokyo India Mumbai China Shenzhen Germany Frankfurt
10 Australia Melbourne Australia Sydney Germany Frankfurt Luxembourg Luxembourg South Korea Seoul India GIFT City-Gujarat United States San Francisco Luxembourg Luxembourg
11 France Paris Switzerland Zürich Switzerland Zürich United States San Francisco Luxembourg Luxembourg Singapore Singapore Netherlands Amsterdam Japan Tokyo
12 United States Washington, D.C. United States San Francisco India Mumbai South Korea Seoul India Mumbai Germany Frankfurt United States Los Angeles Switzerland Geneva
13 Australia Sydney United States Boston Japan Tokyo Switzerland Zürich United Arab Emirates Dubai Italy Milan United States Boston United States Chicago
14 China Guangzhou Japan Tokyo France Paris Germany Frankfurt China Beijing France Paris United States Chicago United States Los Angeles
15 India Mumbai United Arab Emirates Dubai United States Boston Switzerland Geneva New Zealand Wellington Belgium Brussels India Mumbai United States San Francisco

Key areas[edit]

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 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.

References[edit]

  1. ^ a b "The Global Financial Centres Index 20".
  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 c "The Global Financial Centres Index 30". Long Finance. September 2021. Retrieved 24 September 2021.

External links[edit]