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] [2] and is widely quoted as a top source for ranking financial centres. [3] [4] [5] [6]

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GFCI 34 (September 2023)

The latest thirty-fourth edition of the Global Financial Centres Index (GFCI 34) was published on 28 September 2023. [7] GFCI 34 provides evaluations of future competitiveness and rankings for 121 financial centres around the world. Rankings are based on around 10,000 qualitative surveys from respondents working in financial services and related industries combined with 153 quantitative factors, with measures from the World Bank, The Economist Intelligence Unit, the OECD and United Nations. [8] [2] The 2023 report ranks New York at the top position followed by London and Singapore. [9] Only the top 20 are shown in the following table:

RankCentreRatingChange in rankChange in rating
1 Flag of the United States.svg New York City 763Steady2.svgIncrease2.svg 3
2 Flag of the United Kingdom.svg London 744Steady2.svgIncrease2.svg 13
3 Flag of Singapore.svg Singapore 742Steady2.svgIncrease2.svg 19
4 Flag of Hong Kong.svg Hong Kong 741Steady2.svgIncrease2.svg 19
5 Flag of the United States.svg San Francisco 735Steady2.svgIncrease2.svg 14
6 Flag of the United States.svg Los Angeles 734Steady2.svgIncrease2.svg 15
7 Flag of the People's Republic of China.svg Shanghai 733Steady2.svgIncrease2.svg 16
8 Flag of the United States.svg Washington, D.C. 732Increase2.svg 3Increase2.svg 19
9 Flag of the United States.svg Chicago 731Decrease2.svg 1Increase2.svg 15
10 Flag of Switzerland (Pantone).svg Geneva 730Increase2.svg 13Increase2.svg 29
11 Flag of South Korea.svg Seoul 729Decrease2.svg 1Increase2.svg 15
12 Flag of the People's Republic of China.svg Shenzhen 728Steady2.svgIncrease2.svg 16
13 Flag of the People's Republic of China.svg Beijing 727Steady2.svgIncrease2.svg 16
14 Flag of Germany.svg Frankfurt 726Increase2.svg 3Increase2.svg 19
15 Flag of France.svg Paris 725Decrease2.svg 1Increase2.svg 15
16 Flag of Luxembourg.svg Luxembourg 724Increase2.svg 3Increase2.svg 19
17 Flag of the United States.svg Boston 723Decrease2.svg 8Increase2.svg 8
18 Flag of Switzerland (Pantone).svg Zürich 722Increase2.svg 2Increase2.svg 18
19 Flag of the Netherlands.svg Amsterdam 721Decrease2.svg 3Increase2.svg 13
20 Flag of Japan.svg Tokyo 720Increase2.svg 1Increase2.svg 17

Financial centre profiles

The latest report ranked 120 international financial centres into the following matrix: [7]

LevelBroad and deep
Global leaders
Relatively broad
Global diversified
Relatively deep
Global specialists
Emerging
Global contenders
Global

Flag of Singapore.svg Singapore
Flag of the United Kingdom.svg London
Flag of the United States.svg New York City
Flag of Germany.svg Frankfurt
Flag of the People's Republic of China.svg Shanghai
Flag of Japan.svg Tokyo
Flag of Canada (Pantone).svg Toronto
Flag of the Netherlands.svg Amsterdam
Flag of Switzerland (Pantone).svg Zürich
Flag of Australia (converted).svg Sydney*

Flag of France.svg Paris
Flag of South Korea.svg Seoul
Flag of the United States.svg Washington, D.C.
Flag of the United States.svg Chicago
Flag of the United States.svg Los Angeles
Flag of the United States.svg San Francisco

Flag of the People's Republic of China.svg Beijing
Flag of Hong Kong.svg Hong Kong
Flag of the United Arab Emirates.svg Dubai*
Flag of Luxembourg.svg Luxembourg
Flag of the People's Republic of China.svg Shenzhen
Flag of the United Arab Emirates.svg Abu Dhabi
Flag of Morocco.svg Casablanca*

Flag of Russia.svg Moscow

LevelBroad and deep
Established international
Relatively broad
International diversified
Relatively deep
International specialists
Emerging
International contenders
International

Flag of Germany.svg Berlin
Flag of Thailand.svg Bangkok*
Flag of Spain.svg Madrid
Flag of Malaysia.svg Kuala Lumpur*
Flag of South Korea.svg Busan
Flag of the United States.svg Boston*
Flag of Germany.svg Stuttgart
Flag of the United Kingdom.svg Edinburgh
Flag of Australia (converted).svg Melbourne
Flag of the United States.svg MiamiΔ
Flag of Germany.svg Hamburg*
Flag of Ireland.svg Dublin
Flag of Switzerland (Pantone).svg Geneva
Flag of Belgium (civil).svg Brussels
Flag of Japan.svg Osaka*
Flag of Canada (Pantone).svg Montreal
Flag of Canada (Pantone).svg Vancouver
Flag of Sweden.svg Stockholm
Flag of Italy.svg Milan
Flag of Italy.svg Rome

Flag of Mexico.svg Mexico City
Flag of Greece.svg Athens*

Flag of the People's Republic of China.svg Guangzhou
Flag of India.svg Mumbai*
Flag of India.svg New Delhi*
Flag of the People's Republic of China.svg Chengdu
Flag of Saudi Arabia.svg Riyadh*
Flag of the People's Republic of China.svg Dalian*
Flag of the Cayman Islands.svg Cayman Islands*
Flag of India.svg GIFT City
Flag of the People's Republic of China.svg Qingdao
Flag of Rwanda.svg Kigali
Flag of the Republic of China.svg Taipei
Flag of Kazakhstan.svg Astana*
Flag of Jersey.svg Jersey*
Flag of Israel.svg Tel Aviv*
Flag of Guernsey.svg Guernsey*
Flag of Liechtenstein.svg Liechtenstein*

Flag of Russia.svg Saint Petersburg*
Flag of Turkey.svg Istanbul
Flag of Brazil.svg São Paulo
Flag of South Africa.svg Cape Town
Flag of Panama.svg Panama
Flag of Bermuda.svg Bermuda*
Flag of Kenya.svg Nairobi
Flag of the British Virgin Islands.svg British Virgin Islands
Flag of Bahrain.svg Bahrain
Flag of South Africa.svg Johannesburg
Flag of Mauritius.svg Mauritius
Flag of Hungary.svg Budapest*
Flag of Nigeria.svg Lagos*
Flag of Qatar.svg Doha

LevelBroad and deep
Established players
Relatively broad
Local diversified
Relatively deep
Local specialists
Emerging
Evolving centres
Local

Flag of Poland.svg Warsaw
Flag of the United States.svg Atlanta*
Flag of Germany.svg Munich
Flag of Norway.svg Oslo
Flag of the United Kingdom.svg Glasgow
Flag of the Czech Republic.svg Prague
Flag of Denmark.svg Copenhagen
Flag of the United States.svg Minneapolis–Saint Paul
Flag of Portugal.svg Lisbon
Flag of Canada (Pantone).svg Calgary
Flag of the United States.svg San Diego
Flag of Finland.svg Helsinki
Flag of New Zealand.svg Wellington

Flag of Chile.svg Santiago
Flag of Austria.svg Vienna*

Flag of the People's Republic of China.svg Hangzhou*
Flag of Kuwait.svg Kuwait City*
Flag of the People's Republic of China.svg Tianjin*
Flag of the People's Republic of China.svg Nanjing*
Flag of Malta.svg Malta
Flag of Iran.svg Tehran
Flag of Gibraltar.svg Gibraltar
Flag of Monaco.svg Monaco
Flag of Switzerland (Pantone).svg Lugano
Flag of the Isle of Man.svg Isle of Man*
Flag of Iceland.svg Reykjavík

Flag of Argentina.svg Buenos Aires
Flag of Azerbaijan.svg Baku
Flag of Vietnam.svg Ho Chi Minh City
Flag of Colombia.svg Bogotá
Flag of Trinidad and Tobago.svg Trinidad and Tobago
Flag of Kazakhstan.svg Almaty*
Flag of the Philippines.svg Manila*
Flag of Slovakia.svg Bratislava*
Flag of Indonesia.svg Jakarta
Flag of Brazil.svg Rio de Janeiro
Flag of Lithuania.svg Vilnius*
Flag of Cyprus.svg Cyprus*
Flag of the Bahamas.svg The Bahamas
Flag of the People's Republic of China.svg Wuhan
Flag of Bulgaria.svg Sofia*
Flag of Latvia.svg Riga
Flag of the People's Republic of China.svg Xi'an*

(*) Centres that have moved between categories between GFCI 33 and GFCI 34.
(Δ) Centres that have appeared in GFCI 34 but not in GFCI 33.

Top 15 centres by area of competitiveness

This is run for five separate areas of competitiveness to assess how financial centres perform in each of the areas. [7]

LevelBusiness environmentHuman capitalInfrastructureFinancial sector developmentReputational and general
1 Flag of the United States.svg New York City Flag of the United States.svg New York City Flag of the United States.svg New York City Flag of the United States.svg New York City Flag of the United States.svg New York City
2 Flag of Singapore.svg Singapore Flag of the United Kingdom.svg London Flag of Singapore.svg Singapore Flag of Singapore.svg Singapore Flag of the United Kingdom.svg London
3 Flag of the United Kingdom.svg London Flag of Singapore.svg Singapore Flag of the United Kingdom.svg London Flag of the United Kingdom.svg London Flag of Singapore.svg Singapore
4 Flag of Hong Kong.svg Hong Kong Flag of Hong Kong.svg Hong Kong Flag of the United States.svg Washington, D.C. Flag of Hong Kong.svg Hong Kong Flag of Hong Kong.svg Hong Kong
5 Flag of the People's Republic of China.svg Beijing Flag of the United States.svg San Francisco Flag of Luxembourg.svg Luxembourg Flag of the People's Republic of China.svg Shenzhen Flag of the United States.svg San Francisco
6 Flag of the People's Republic of China.svg Shanghai Flag of the United States.svg Washington, D.C. Flag of the People's Republic of China.svg Shenzhen Flag of the People's Republic of China.svg Shanghai Flag of the United States.svg Washington, D.C.
7 Flag of the United States.svg Washington, D.C. Flag of the People's Republic of China.svg Shanghai Flag of Hong Kong.svg Hong Kong Flag of Germany.svg Frankfurt Flag of the People's Republic of China.svg Shanghai
8 Flag of the Netherlands.svg Amsterdam Flag of South Korea.svg Seoul Flag of South Korea.svg Seoul Flag of the People's Republic of China.svg Beijing Flag of South Korea.svg Seoul
9 Flag of the United States.svg San Francisco Flag of the People's Republic of China.svg Beijing Flag of the People's Republic of China.svg Beijing Flag of the United States.svg Los Angeles Flag of the People's Republic of China.svg Beijing
10 Flag of the United States.svg Los Angeles Flag of the United States.svg Los Angeles Flag of the People's Republic of China.svg Shanghai Flag of Luxembourg.svg Luxembourg Flag of the United States.svg Los Angeles
11 Flag of Switzerland (Pantone).svg Zürich Flag of the United States.svg Chicago Flag of Germany.svg Frankfurt Flag of the United States.svg Washington, D.C. Flag of the United States.svg Chicago
12 Flag of Luxembourg.svg Luxembourg Flag of Switzerland (Pantone).svg Zürich Flag of the United States.svg San Francisco Flag of the United States.svg San Francisco Flag of Switzerland (Pantone).svg Zürich
13 Flag of Germany.svg Frankfurt Flag of Japan.svg Tokyo Flag of the Netherlands.svg Amsterdam Flag of the United States.svg Boston Flag of Japan.svg Tokyo
14 Flag of France.svg Paris Flag of the United States.svg Boston Flag of Australia (converted).svg Sydney Flag of South Korea.svg Seoul Flag of the United States.svg Boston
15 Flag of the United States.svg Chicago Flag of Switzerland (Pantone).svg Geneva Flag of the United States.svg Los Angeles Flag of the United States.svg Chicago Flag of Switzerland (Pantone).svg Geneva

Key areas

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.

Top 15 centres by industry sector

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. [7]

LevelBankingInvestment managementInsuranceProfessional servicesGovernment and regulatoryFinanceFintechTrading
1 Flag of the United States.svg New York City Flag of the United States.svg New York City Flag of the United States.svg New York City Flag of the United States.svg New York City Flag of the United States.svg New York City Flag of the United States.svg New York City Flag of the United States.svg New York City Flag of the United States.svg New York City
2 Flag of the People's Republic of China.svg Shenzhen Flag of the United Kingdom.svg London Flag of the United Kingdom.svg London Flag of Singapore.svg Singapore Flag of the United Kingdom.svg London Flag of the United Kingdom.svg London Flag of the United Kingdom.svg London Flag of Singapore.svg Singapore
3 Flag of the People's Republic of China.svg Shanghai Flag of Singapore.svg Singapore Flag of the People's Republic of China.svg Shenzhen Flag of the United Kingdom.svg London Flag of the United States.svg Washington, D.C. Flag of the People's Republic of China.svg Shanghai Flag of Singapore.svg Singapore Flag of the United States.svg Los Angeles
4 Flag of the People's Republic of China.svg Beijing Flag of the People's Republic of China.svg Shanghai Flag of Singapore.svg Singapore Flag of Hong Kong.svg Hong Kong Flag of Singapore.svg Singapore Flag of the People's Republic of China.svg Shenzhen Flag of Hong Kong.svg Hong Kong Flag of the United Kingdom.svg London
5 Flag of the United Kingdom.svg London Flag of the People's Republic of China.svg Beijing Flag of the People's Republic of China.svg Shanghai Flag of South Korea.svg Seoul Flag of South Korea.svg Seoul Flag of the People's Republic of China.svg Beijing Flag of Switzerland (Pantone).svg Zürich Flag of the People's Republic of China.svg Beijing
6 Flag of Singapore.svg Singapore Flag of the People's Republic of China.svg Shenzhen Flag of the People's Republic of China.svg Beijing Flag of the United States.svg Washington, D.C. Flag of Japan.svg Tokyo Flag of Hong Kong.svg Hong Kong Flag of the United States.svg San Francisco Flag of South Korea.svg Seoul
7 Flag of Luxembourg.svg Luxembourg Flag of Hong Kong.svg Hong Kong Flag of the United States.svg Los Angeles Flag of the United States.svg San Francisco Flag of the United States.svg San Francisco Flag of the United States.svg San Francisco Flag of Germany.svg Frankfurt Flag of the United States.svg Washington, D.C.
8 Flag of Hong Kong.svg Hong Kong Flag of Switzerland (Pantone).svg Geneva Flag of Hong Kong.svg Hong Kong Flag of the United States.svg Los Angeles Flag of the People's Republic of China.svg Shanghai Flag of Singapore.svg Singapore Flag of the Netherlands.svg Amsterdam Flag of the United States.svg San Francisco
9 Flag of the United States.svg Los Angeles Flag of the United States.svg San Francisco Flag of the United States.svg Boston Flag of Luxembourg.svg Luxembourg Flag of Germany.svg Frankfurt Flag of the United States.svg Washington, D.C. Flag of the United States.svg Chicago Flag of the People's Republic of China.svg Shanghai
10 Flag of the United States.svg Washington, D.C. Flag of the United States.svg Los Angeles Flag of the United States.svg San Francisco Flag of the People's Republic of China.svg Shanghai Flag of the United States.svg Los Angeles Flag of Luxembourg.svg Luxembourg Flag of Denmark.svg Copenhagen Flag of Hong Kong.svg Hong Kong
11 Flag of the United States.svg San Francisco Flag of the United States.svg Chicago Flag of Switzerland (Pantone).svg Geneva Flag of Switzerland (Pantone).svg Geneva Flag of Hong Kong.svg Hong Kong Flag of Germany.svg Frankfurt Flag of the United Arab Emirates.svg Dubai Flag of the People's Republic of China.svg Shenzhen
12 Flag of Switzerland (Pantone).svg Geneva Flag of Switzerland (Pantone).svg Zürich Flag of Australia (converted).svg Sydney Flag of the United States.svg Chicago Flag of Luxembourg.svg Luxembourg Flag of the United States.svg Los Angeles Flag of the United States.svg Washington, D.C. Flag of Japan.svg Tokyo
13 Flag of the United States.svg Chicago Flag of the United Arab Emirates.svg Dubai Flag of South Korea.svg Seoul Flag of Germany.svg Frankfurt Flag of the United States.svg Chicago Flag of the United States.svg Chicago Flag of Switzerland (Pantone).svg Geneva Flag of the United States.svg Chicago
14 Flag of the United States.svg Boston Flag of Luxembourg.svg Luxembourg Flag of the United States.svg Washington, D.C. Flag of the United States.svg Boston Flag of Switzerland (Pantone).svg Zürich Flag of the Netherlands.svg Amsterdam Flag of Germany.svg Berlin Flag of the United States.svg Boston
15 Flag of France.svg Paris Flag of the United States.svg Boston Flag of the United States.svg Miami Flag of the United Arab Emirates.svg Dubai Flag of the United States.svg Boston Flag of Germany.svg Berlin Flag of the People's Republic of China.svg Shanghai Flag of the United States.svg Miami

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References

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  8. https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/gfci-publications/global-financial-centres-index-31/ 24 March 2022
  9. Wee, Denise. "Singapore Overtakes Hong Kong in World Financial Centers Ranking". www.bloomberg.com. Retrieved 22 September 2022.