The Global Financial Centres Index (GFCI) ranks the competitiveness of financial centres based on over 29,000 assessments from an online questionnaire and 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 the London-based think tank Z/Yen and the China Development Institute since 2015. [1] [2] It is widely quoted as a top source for ranking financial centres. [3] [4] [5]
The 36th edition of the GFCI was published in September 2024. [6] New York City, London and Hong Kong ranked top 3 globally.
Rank | Centre | Rating | Change in rank | Change in rating |
---|---|---|---|---|
1 | New York City | 763 | 1 | |
2 | London | 750 | 3 | |
3 | Hong Kong | 749 | 1 | 8 |
4 | Singapore | 747 | 1 | 5 |
5 | San Francisco | 742 | 2 | |
6 | Chicago | 740 | 3 | 4 |
7 | Los Angeles | 739 | 1 | 2 |
8 | Shanghai | 738 | 2 | 1 |
9 | Shenzhen | 732 | 2 | 2 |
10 | Frankfurt | 730 | 3 | 2 |
11 | Seoul | 729 | 1 | 6 |
12 | Washington, D.C. | 728 | 5 | |
13 | Geneva | 726 | 6 | 12 |
14 | Dublin | 725 | 11 | 6 |
15 | Paris | 724 | 1 | 7 |
16 | Dubai | 723 | 4 | 1 |
17 | Zurich | 722 | 1 | 7 |
18 | Beijing | 721 | 3 | 9 |
19 | Luxembourg | 720 | 2 | 8 |
20 | Tokyo | 719 | 1 | 6 |
Rank | Centre | Rating | Change in rank | Change in rating |
---|---|---|---|---|
1 | New York City | 763 | 1 | |
2 | London | 750 | 3 | |
3 | Hong Kong | 749 | 1 | 8 |
4 | Singapore | 747 | 1 | 5 |
5 | San Francisco | 742 | 2 | |
6 | Chicago | 740 | 3 | 4 |
7 | Los Angeles | 739 | 1 | 2 |
8 | Shanghai | 738 | 2 | 1 |
9 | Shenzhen | 732 | 2 | 2 |
10 | Frankfurt | 730 | 3 | 2 |
11 | Seoul | 729 | 1 | 6 |
12 | Washington, D.C. | 728 | 5 | |
13 | Geneva | 726 | 6 | 12 |
14 | Dublin | 725 | 11 | 6 |
15 | Paris | 724 | 1 | 7 |
16 | Dubai | 723 | 4 | 1 |
17 | Zurich | 722 | 1 | 7 |
18 | Beijing | 721 | 3 | 9 |
19 | Luxembourg | 720 | 2 | 8 |
20 | Tokyo | 719 | 1 | 6 |
21 | San Diego | 718 | 5 | |
22 | Boston | 717 | 5 | |
23 | Toronto | 716 | 5 | |
24 | Montreal | 715 | 6 | 1 |
25 | Busan | 714 | 2 | 3 |
26 | Lugano | 713 | 9 | 4 |
27 | Amsterdam | 712 | 3 | 8 |
28 | Sydney | 711 | 10 | 15 |
29 | Edinburgh | 710 | 4 | 1 |
30 | Jersey | 709 | 10 | 5 |
31 | Qingdao | 708 | 5 | |
32 | Melbourne | 707 | 4 | 9 |
33 | Minneapolis/St Paul | 706 | 7 | 12 |
34 | Guangzhou | 705 | 5 | 10 |
35 | Abu Dhabi | 704 | 2 | 3 |
36 | Miami | 703 | 2 | 3 |
37 | Glasgow | 702 | 5 | |
38 | Calgary | 701 | 4 | 9 |
39 | Chengdu | 700 | 4 | 1 |
40 | Copenhagen | 699 | 1 | 6 |
41 | Atlanta | 698 | 4 | 1 |
42 | Vancouver | 697 | 4 | 1 |
43 | Berlin | 696 | 11 | 16 |
44 | Osaka | 695 | 3 | 2 |
45 | Munich | 694 | 9 | 14 |
46 | Wellington | 693 | 5 | 10 |
47 | Madrid | 692 | 5 | |
48 | Tel Aviv | 691 | 5 | |
49 | Guernsey | 690 | 20 | 15 |
50 | Hamburg | 689 | 1 | 4 |
51 | Milan | 688 | 4 | 1 |
52 | GIFT City-Gujarat | 687 | 5 | |
53 | Stuttgart | 686 | 9 | 14 |
54 | Mumbai | 685 | 4 | 1 |
55 | Reykjavík | 684 | 6 | 11 |
56 | Isle of Man | 683 | 12 | 7 |
57 | Casablanca | 682 | 1 | 6 |
58 | Oslo | 681 | 5 | 10 |
59 | Kuala Lumpur | 680 | 18 | 13 |
60 | Mauritius | 679 | 1 | 4 |
61 | Brussels | 678 | 1 | 6 |
62 | Astana | 677 | 4 | 1 |
63 | Riyadh | 676 | 21 | 16 |
64 | Doha | 675 | 24 | 19 |
65 | Dalian | 674 | 6 | 11 |
66 | Stockholm | 673 | 16 | 21 |
67 | Kigali | 672 | 5 | |
68 | New Delhi | 671 | 7 | 2 |
69 | Kuwait City | 670 | 11 | 6 |
70 | Malta | 669 | 5 | |
71 | Helsinki | 668 | 9 | 14 |
72 | Hangzhou | 667 | 1 | 6 |
73 | Taipei | 666 | 5 | |
74 | Liechtenstein | 665 | 10 | 15 |
75 | Johannesburg | 664 | 7 | 2 |
76 | Rome | 663 | 22 | 27 |
77 | Nanjing | 662 | 14 | 19 |
78 | Tianjin | 661 | 13 | 18 |
79 | Bermuda | 660 | 27 | 34 |
80 | Bahrain | 659 | 4 | 9 |
81 | Cayman Islands | 658 | 2 | 7 |
82 | Wuhan | 657 | 9 | 4 |
83 | Vienna | 656 | 11 | 16 |
84 | Cape Town | 655 | 1 | 6 |
85 | São Paulo | 654 | 5 | |
86 | Almaty | 653 | 12 | 19 |
87 | Lisbon | 652 | 13 | 18 |
88 | Gibraltar | 651 | 10 | 15 |
89 | Barbados | 650 | 2 | 7 |
90 | Rio de Janeiro | 649 | 4 | 3 |
91 | Tallinn | 648 | 10 | 15 |
92 | Cyprus | 647 | 5 | 9 |
93 | Prague | 646 | 7 | 12 |
94 | Xi'an | 645 | 4 | 9 |
95 | Bangkok | 644 | 2 | 4 |
96 | Santiago | 643 | 4 | 6 |
97 | Jakarta | 642 | 5 | 12 |
98 | Monaco | 641 | 9 | 14 |
99 | Warsaw | 640 | 3 | 1 |
100 | Lagos | 638 | 6 | |
101 | Riga | 637 | 2 | 4 |
102 | Nairobi | 636 | 7 | 5 |
103 | Bahamas | 635 | 8 | 18 |
104 | Istanbul | 632 | 6 | 13 |
105 | Ho Chi Minh City | 629 | 3 | 6 |
106 | Vilnius | 627 | 3 | 2 |
107 | Mexico City | 626 | 2 | 6 |
108 | Sofia | 618 | 4 | 10 |
109 | British Virgin Islands | 617 | 2 | 7 |
110 | Manila | 616 | 9 | 15 |
111 | Athens | 615 | 6 | 12 |
112 | Panama | 614 | 3 | 6 |
113 | Tehran | 616 | 1 | 6 |
114 | Budapest | 609 | 1 | 5 |
115 | Trinidad and Tobago | 608 | 1 | 1 |
116 | Bratislava | 607 | ||
117 | Bogotá | 604 | 5 | |
118 | Saint Petersburg | 597 | 2 | 10 |
119 | Moscow | 590 | 1 | 6 |
120 | Baku | 589 | 1 | 6 |
121 | Buenos Aires | 586 | 14 |
|
|
|
|
|
|
The latest report ranked 120 international financial centres into the following matrix:
An asterisk (*) denotes centres that have moved between categories between GFCI 35 and GFCI 36.
This is run for five separate areas of competitiveness to assess how financial centres perform in each of the areas. [6]
Level | Business environment | Human capital | Infrastructure | Financial sector development | Reputational and general |
---|---|---|---|---|---|
1 | New York City | New York City | New York City | New York City | New York City |
2 | Singapore | London | Singapore | Singapore | London |
3 | London | Hong Kong | London | Shanghai | Singapore |
4 | Hong Kong | Singapore | Hong Kong | London | Hong Kong |
5 | Shanghai | San Francisco | Seoul | San Francisco | San Francisco |
6 | San Francisco | Los Angeles | Los Angeles | Los Angeles | Shanghai |
7 | Chicago | Chicago | Shenzhen | Chicago | Chicago |
8 | Los Angeles | Washington, D.C. | San Francisco | Hong Kong | Los Angeles |
9 | Seoul | Shanghai | Chicago | Beijing | Tokyo |
10 | Geneva | Tokyo | Shanghai | Washington, D.C. | Dublin |
11 | Beijing | Paris | Frankfurt | Shenzhen | Beijing |
12 | San Diego | Seoul | Beijing | Seoul | Dubai |
13 | Frankfurt | Zurich | Luxembourg | Geneva | Boston |
14 | Toronto | Dublin | Dubai | San Diego | Shenzhen |
15 | Shenzhen | San Diego | Washington, D.C. | Boston | Frankfurt |
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.
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. [6]
The index measures a financial centre's reputation by calculating the difference between weighted average of financial professionals' opinions and the GFCI rating of each locale. [6]
Centre | Weighted Average Assessment | GFCI 36 Rating | GFCI 36 Reputational Advantage |
---|---|---|---|
Chengdu | 872 | 700 | 172 |
GIFT City-Gujarat | 854 | 687 | 167 |
Shenzhen | 872 | 732 | 140 |
Qingdao | 823 | 708 | 115 |
Guangzhou | 812 | 705 | 107 |
Mauritius | 750 | 679 | 71 |
New York | 826 | 763 | 63 |
London | 810 | 750 | 60 |
Vilnius | 685 | 627 | 58 |
Singapore | 797 | 747 | 50 |
Washington DC | 778 | 728 | 50 |
San Francisco | 790 | 742 | 48 |
Hong Kong | 797 | 749 | 48 |
Xi'an | 690 | 645 | 45 |
Monaco | 683 | 641 | 42 |
Centre | Weighted Average Assessment | GFCI 36 Rating | GFCI 36 Reputational Advantage |
---|---|---|---|
San Diego | 657 | 718 | -61 |
Edinburgh | 648 | 710 | -62 |
Atlanta | 636 | 698 | -62 |
Moscow | 527 | 590 | -63 |
Budapest | 544 | 609 | -65 |
Rio de Janeiro | 544 | 609 | -65 |
Calgary | 581 | 649 | -68 |
Warsaw | 569 | 640 | -71 |
Bratislava | 534 | 607 | -73 |
Beijing | 636 | 721 | -85 |
Buenos Aires | 495 | 586 | -91 |
Almaty | 562 | 653 | -91 |
Lagos | 541 | 638 | -97 |
Baku | 483 | 589 | -106 |
Minneapolis/St Paul | 588 | 706 | -118 |
The economy of Gibraltar consists largely of the services sector. While part of the European Union until Brexit, the British overseas territory of Gibraltar has a separate legal jurisdiction from the United Kingdom and a different tax system. The role of the UK Ministry of Defence, which at one time was Gibraltar's main source of income, has declined, with today's economy mainly based on shipping, tourism, financial services, and the Internet.
The United States is a highly developed mixed economy. It is the world's largest economy by nominal GDP; it is also the second largest by purchasing power parity (PPP), behind China. It has the world's sixth highest per capita GDP (nominal) and the eighth highest per capita GDP (PPP) as of 2024. The U.S. accounted for 26% of the global economy in 2023 in nominal terms, and about 15.5% in PPP terms. The U.S. dollar is the currency of record most used in international transactions and is the world's reserve currency, backed by a large U.S. treasuries market, its role as the reference standard for the petrodollar system, and its linked eurodollar. Several countries use it as their official currency and in others it is the de facto currency. Since the end of World War II, the economy has achieved relatively steady growth, low unemployment and inflation, and rapid advances in technology.
The Index of Economic Freedom is an annual index and ranking created in 1995 by The Heritage Foundation and The Wall Street Journal to measure the degree of economic freedom in the world's nations. The creators of the index assert that they take an approach inspired by Adam Smith's The Wealth of Nations, that "basic institutions that protect the liberty of individuals to pursue their own economic interests result in greater prosperity for the larger society".
A global city is a city that serves as a primary node in the global economic network. The concept originates from geography and urban studies, based on the thesis that globalization has created a hierarchy of strategic geographic locations with varying degrees of influence over finance, trade, and culture worldwide. The global city represents the most complex and significant hub within the international system, characterized by links binding it to other cities that have direct, tangible effects on global socioeconomic affairs.
City quality of life indices are lists of cities that are ranked according to a defined measure of living conditions. In addition to considering the provision of clean water, clean air, adequate food and shelter, many indexes also measure more subjective elements including a city's capacity to generate a sense of community and offer hospitable settings for all, especially young people, to develop social skills, a sense of autonomy and identity.
Country risk refers to the risk of investing or lending in a country, arising from possible changes in the business environment that may adversely affect operating profits or the value of assets in the country. For example, financial factors such as currency controls, devaluation or regulatory changes, or stability factors such as mass riots, civil war and other potential events contribute to companies' operational risks. This term is also sometimes referred to as political risk; however, country risk is a more general term that generally refers only to risks influencing all companies operating within or involved with a particular country.
A financial centre or financial hub is a location with a significant concentration of participants in banking asset management, insurance, and financial markets, with venues and supporting services for these activities to take place. Participants can include financial intermediaries, institutional investors, and issuers. Trading activity can take place on venues such as exchanges and involve clearing houses, although many transactions take place over-the-counter (OTC), directly between participants. Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity, hedge funds, and reinsurance. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.
The ease of doing business index was an index created jointly by Simeon Djankov, Michael Klein, and Caralee McLiesh, three leading economists at the World Bank Group, following the release of World Development Report 2002. The academic research for the report was done jointly with professors Edward Glaeser, Oliver Hart, and Andrei Shleifer. Though the first report was authored by Djankov, Klein, and McLiesh, and they continue to be listed as "founders" of the report, some sources attribute the genesis of the idea to Djankov and Gerhard Pohl. Higher rankings indicated better, usually simpler, regulations for businesses and stronger protections of property rights. Empirical research funded by the World Bank to justify their work show that the economic growth effect of improving these regulations is strong. Other researchers find that the distance-to-frontier measure introduced in 2016 after a decision of the World Bank board is not correlated with subsequent economic growth or investment.
The following are international rankings of Thailand.
Avinash D. Persaud is emeritus Professor of Gresham College in the UK. He was the Chairman of Intelligence Capital Ltd., a company specializing in analyzing, managing and creating financial liquidity in investment projects and portfolios. He was also the non-Executive Chairman of the London-based Elara Capital, an investment bank. Persaud was a Non-resident Senior Fellow of the Peterson Institute of International Economics, Executive Fellow of London Business School and Senior Fellow with the Caribbean Policy Research Institute and Head of its Barbados office.
The following are international rankings of Malaysia.
Euromoney is an English-language monthly magazine focused on business and finance. First published in 1969, it is the flagship production of Euromoney Institutional Investor plc.
The following are international rankings of Saudi Arabia.
The following is a list of international rankings of Greece.
Antimonopoly Policy Improvement Center (APIC) is a leading think-tank, non-commercial and independent research institution which focuses in competition, innovation, business and consumer policies in Uzbekistan. APIC's slogan mark is "Knowledge for development", which APIC tries to achieve through the results of its products. Members of the staff consists of young and professional specialists from the leading universities of US, UK and other developed countries. It is the first institution in Uzbekistan, which started publishing monthly business activity index in July 2009, which consists of surveys from the large and medium-sized companies, representing leading and the most dynamic spheres of Uzbekistan's economy. One of its flagship research products was the study of remittances in Uzbekistan, conducted with the financial assistance of International Development Research Centre of Canada and on innovation policies in Uzbekistan. APIC also conducts due diligence, risk analysis, market studies, nationwide surveys (SPSS), trainings and seminars.
Canada ranks among the highest in international measurements of human rights, civil liberties, quality of life, education levels, gender equality, public services, public security and environmental sustainability. It ranks among the lowest of the most developed countries for housing affordability, healthcare services and foreign direct investment.
Financial services in Gibraltar refers to the services provided in the British Overseas Territory of Gibraltar by the finance industry: banks, investment banks, insurance companies, credit card companies, consumer finance companies, government-sponsored enterprises, and stock brokerages.
Casablanca Finance City (CFC) is an economic and financial center located in Casablanca, Morocco. Its goal is to act as a bridge between north and south by attracting international institutions and investors to invest and operate in North, West, and Central Africa, with Casablanca serving as the gateway to the region. The center focuses on three business categories: financial companies, professional services providers, and regional or international headquarters of multinationals.
The following are international rankings of Shanghai by categories.
China Development Institute (CDI) is a China-based think tank headquartered in Shenzhen, Guangdong, bordering Hong Kong. It was founded in 1989 to support the Chinese economic reform. CDI is also tasked with expanding international academic exchanges and cooperation between think tanks and private enterprise.
Rankings are based on surveys and 150 factors, with quantitative measures from the World Bank, The Economist Intelligence Unit, the OECD and United Nations.