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Global Financial Centres Index

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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]

GFCI 36 (September 2024)

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The 36th edition of the GFCI was published in September 2024.[6] New York City, London and Hong Kong ranked top 3 globally.

Top 20 Centres in GFCI 36 (September 2024)[6]
Rank Centre Rating Change in rank Change in rating
1 United States New York City 763 Steady Decrease 1
2 United Kingdom London 750 Steady Increase 3
3 Hong Kong Hong Kong 749 Increase 1 Increase 8
4 Singapore Singapore 747 Decrease 1 Increase 5
5 United States San Francisco 742 Steady Increase 2
6 United States Chicago 740 Increase 3 Increase 4
7 United States Los Angeles 739 Increase 1 Increase 2
8 China Shanghai 738 Decrease 2 Decrease 1
9 China Shenzhen 732 Increase 2 Decrease 2
10 Germany Frankfurt 730 Increase 3 Decrease 2
11 South Korea Seoul 729 Decrease 1 Decrease 6
12 United States Washington, D.C. 728 Steady Decrease 5
13 Switzerland Geneva 726 Decrease 6 Decrease 12
14 Republic of Ireland Dublin 725 Increase 11 Increase 6
15 France Paris 724 Decrease 1 Decrease 7
16 United Arab Emirates Dubai 723 Increase 4 Decrease 1
17 Switzerland Zurich 722 Decrease 1 Decrease 7
18 China Beijing 721 Decrease 3 Decrease 9
19 Luxembourg Luxembourg 720 Decrease 2 Decrease 8
20 Japan Tokyo 719 Decrease 1 Decrease 6
All Surveyed Centres in GFCI 36 (September 2024)[6]
Rank Centre Rating Change in rank Change in rating
1 United States New York City 763 Steady Decrease 1
2 United Kingdom London 750 Steady Increase 3
3 Hong Kong Hong Kong 749 Increase 1 Increase 8
4 Singapore Singapore 747 Decrease 1 Increase 5
5 United States San Francisco 742 Steady Increase 2
6 United States Chicago 740 Increase 3 Increase 4
7 United States Los Angeles 739 Increase 1 Increase 2
8 China Shanghai 738 Decrease 2 Decrease 1
9 China Shenzhen 732 Increase 2 Decrease 2
10 Germany Frankfurt 730 Increase 3 Decrease 2
11 South Korea Seoul 729 Decrease 1 Decrease 6
12 United States Washington, D.C. 728 Steady Decrease 5
13 Switzerland Geneva 726 Decrease 6 Decrease 12
14 Republic of Ireland Dublin 725 Increase 11 Increase 6
15 France Paris 724 Decrease 1 Decrease 7
16 United Arab Emirates Dubai 723 Increase 4 Decrease 1
17 Switzerland Zurich 722 Decrease 1 Decrease 7
18 China Beijing 721 Decrease 3 Decrease 9
19 Luxembourg Luxembourg 720 Decrease 2 Decrease 8
20 Japan Tokyo 719 Decrease 1 Decrease 6
21 United States San Diego 718 Steady Decrease 5
22 United States Boston 717 Steady Decrease 5
23 Canada Toronto 716 Steady Decrease 5
24 Canada Montreal 715 Increase 6 Increase 1
25 South Korea Busan 714 Increase 2 Decrease 3
26 Switzerland Lugano 713 Increase 9 Increase 4
27 Netherlands Amsterdam 712 Decrease 3 Decrease 8
28 Australia Sydney 711 Decrease 10 Decrease 15
29 United Kingdom Edinburgh 710 Increase 4 Decrease 1
30 Jersey Jersey 709 Increase 10 Increase 5
31 China Qingdao 708 Steady Decrease 5
32 Australia Melbourne 707 Decrease 4 Decrease 9
33 United States Minneapolis/St Paul 706 Decrease 7 Decrease 12
34 China Guangzhou 705 Decrease 5 Decrease 10
35 United Arab Emirates Abu Dhabi 704 Increase 2 Decrease 3
36 United States Miami 703 Increase 2 Decrease 3
37 United Kingdom Glasgow 702 Increase 5 Steady
38 Canada Calgary 701 Decrease 4 Decrease 9
39 China Chengdu 700 Increase 4 Decrease 1
40 Denmark Copenhagen 699 Decrease 1 Decrease 6
41 United States Atlanta 698 Increase 4 Decrease 1
42 Canada Vancouver 697 Increase 4 Decrease 1
43 Germany Berlin 696 Decrease 11 Decrease 16
44 Japan Osaka 695 Increase 3 Decrease 2
45 Germany Munich 694 Decrease 9 Decrease 14
46 New Zealand Wellington 693 Decrease 5 Decrease 10
47 Spain Madrid 692 Increase 5 Steady
48 Israel Tel Aviv 691 Steady Decrease 5
49 Guernsey Guernsey 690 Increase 20 Increase 15
50 Germany Hamburg 689 Increase 1 Decrease 4
51 Italy Milan 688 Increase 4 Decrease 1
52 India GIFT City-Gujarat 687 Increase 5 Steady
53 Germany Stuttgart 686 Decrease 9 Decrease 14
54 India Mumbai 685 Increase 4 Decrease 1
55 Iceland Reykjavík 684 Decrease 6 Decrease 11
56 Isle of Man Isle of Man 683 Increase 12 Increase 7
57 Morocco Casablanca 682 Decrease 1 Decrease 6
58 Norway Oslo 681 Decrease 5 Decrease 10
59 Malaysia Kuala Lumpur 680 Increase 18 Increase 13
60 Mauritius Mauritius 679 Increase 1 Decrease 4
61 Belgium Brussels 678 Decrease 1 Decrease 6
62 Kazakhstan Astana 677 Increase 4 Decrease 1
63 Saudi Arabia Riyadh 676 Increase 21 Increase 16
64 Qatar Doha 675 Increase 24 Increase 19
65 China Dalian 674 Decrease 6 Decrease 11
66 Sweden Stockholm 673 Decrease 16 Decrease 21
67 Rwanda Kigali 672 Steady Decrease 5
68 India New Delhi 671 Increase 7 Increase 2
69 Kuwait Kuwait City 670 Increase 11 Increase 6
70 Malta Malta 669 Steady Decrease 5
71 Finland Helsinki 668 Decrease 9 Decrease 14
72 China Hangzhou 667 Decrease 1 Decrease 6
73 Taiwan Taipei 666 Steady Decrease 5
74 Liechtenstein Liechtenstein 665 Decrease 10 Decrease 15
75 South Africa Johannesburg 664 Increase 7 Increase 2
76 Italy Rome 663 Decrease 22 Decrease 27
77 China Nanjing 662 Decrease 14 Decrease 19
78 China Tianjin 661 Decrease 13 Decrease 18
79 Bermuda Bermuda 660 Increase 27 Increase 34
80 Bahrain Bahrain 659 Decrease 4 Decrease 9
81 Cayman Islands Cayman Islands 658 Decrease 2 Decrease 7
82 China Wuhan 657 Increase 9 Increase 4
83 Austria Vienna 656 Decrease 11 Decrease 16
84 South Africa Cape Town 655 Decrease 1 Decrease 6
85 Brazil São Paulo 654 Steady Decrease 5
86 Kazakhstan Almaty 653 Increase 12 Increase 19
87 Portugal Lisbon 652 Decrease 13 Decrease 18
88 Gibraltar Gibraltar 651 Decrease 10 Decrease 15
89 Barbados Barbados 650 Decrease 2 Decrease 7
90 Brazil Rio de Janeiro 649 Increase 4 Increase 3
91 Estonia Tallinn 648 Decrease 10 Decrease 15
92 Cyprus Cyprus 647 Increase 5 Increase 9
93 Czech Republic Prague 646 Decrease 7 Decrease 12
94 China Xi'an 645 Decrease 4 Decrease 9
95 Thailand Bangkok 644 Decrease 2 Decrease 4
96 Chile Santiago 643 Decrease 4 Decrease 6
97 Indonesia Jakarta 642 Increase 5 Increase 12
98 Monaco Monaco 641 Decrease 9 Decrease 14
99 Poland Warsaw 640 Decrease 3 Increase 1
100 Nigeria Lagos 638 Steady Increase 6
101 Latvia Riga 637 Decrease 2 Increase 4
102 Kenya Nairobi 636 Decrease 7 Decrease 5
103 The Bahamas Bahamas 635 Increase 8 Increase 18
104 Turkey Istanbul 632 Increase 6 Increase 13
105 Vietnam Ho Chi Minh City 629 Increase 3 Increase 6
106 Lithuania Vilnius 627 Decrease 3 Decrease 2
107 Mexico Mexico City 626 Increase 2 Increase 6
108 Bulgaria Sofia 618 Decrease 4 Decrease 10
109 British Virgin Islands British Virgin Islands 617 Decrease 2 Decrease 7
110 Philippines Manila 616 Decrease 9 Decrease 15
111 Greece Athens 615 Decrease 6 Decrease 12
112 Panama Panama 614 Increase 3 Increase 6
113 Iran Tehran 616 Decrease 1 Decrease 6
114 Hungary Budapest 609 Decrease 1 Decrease 5
115 Trinidad and Tobago Trinidad and Tobago 608 Decrease 1 Decrease 1
116 Slovakia Bratislava 607 Steady Steady
117 Colombia Bogotá 604 Steady Increase 5
118 Russia Saint Petersburg 597 Increase 2 Increase 10
119 Russia Moscow 590 Decrease 1 Decrease 6
120 Azerbaijan Baku 589 Decrease 1 Decrease 6
121 Argentina Buenos Aires 586 Steady Increase 14

Ranking by region

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Financial centre profiles (GFCI 36, September 2024)

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

Financial Centre Profiles (GFCI 36, September 2024)[6]
Level Broad and deep
Global leaders
Relatively broad
Global diversified
Relatively deep
Global specialists
Emerging
Global contenders
Global

United Kingdom London
United States New York
United States Washington, D.C.
France Paris
United States Los Angeles
Japan Tokyo
Switzerland Zurich
Netherlands Amsterdam
Republic of Ireland Dublin*
Germany Frankfurt

Singapore Singapore*
South Korea Seoul
Malaysia Kuala Lumpur
Belgium Brussels

United Arab Emirates Dubai
United Arab Emirates Abu Dhabi
Morocco Casablanca*
Mauritius Mauritius
Hong Kong Hong Kong
Luxembourg Luxembourg

China Beijing*
Turkey Istanbul*
China Shanghai*

Level Broad and deep
Established international
Relatively broad
International diversified
Relatively deep
International specialists
Emerging
International contenders
International

United States Boston
United States Chicago*
South Korea Busan
United Kingdom Edinburgh
Germany Berlin
Italy Rome
Italy Milan
Switzerland Geneva
Canada Montreal
Canada Toronto
Germany Munich
Australia Sydney
Japan Osaka
Germany Hamburg
Australia Melbourne
United States Miami
Canada Vancouver
Germany Stuttgart

Thailand Bangkok
Austria Vienna*
Spain Madrid*
Sweden Stockholm
United States San Francisco*
Greece Athens
Denmark Copenhagen*

India Mumbai*
India GIFT City-Gujarat*
Saudi Arabia Riyadh*
Bermuda Bermuda*
China Qingdao
China Shenzhen
Israel Tel Aviv
Kazakhstan Astana
Jersey Jersey

Russia Moscow
Mexico Mexico City
Panama Panama*
The Bahamas Bahamas
Kenya Nairobi
Bahrain Bahrain
Indonesia Jakarta
Qatar Doha
Nigeria Lagos
India New Delhi
South Africa Johannesburg
South Africa Cape Town
China Guangzhou*
Brazil São Paulo
Rwanda Kigali*
British Virgin Islands British Virgin Islands
Cayman Islands Cayman Islands
Taiwan Taipei*
Liechtenstein Liechtenstein*

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

Norway Oslo*
United States San Diego
United Kingdom Glasgow
Canada Calgary*
United States Minneapolis/St Paul
New Zealand Wellington

Chile Santiago
Portugal Lisbon
Poland Warsaw
Czech Republic Prague
United States Atlanta*
Finland Helsinki*

Brazil Rio de Janeiro*
Estonia Tallinn*
Malta Malta
Vietnam Ho Chi Minh City*
China Chengdu
Switzerland Lugano
China Xi'an*
China Hangzhou*
China Wuhan*
China Tianjin*
Iceland Reykjavík
Monaco Monaco
China Nanjing
Gibraltar Gibraltar
China Dalian

Azerbaijan Baku
Philippines Manila*
Argentina Buenos Aires
Bulgaria Sofia
Latvia Riga
Cyprus Cyprus
Russia Saint Petersburg
Hungary Budapest
Iran Tehran
Colombia Bogotá*
Guernsey Guernsey*
Slovakia Bratislava
Lithuania Vilnius
Kazakhstan Almaty
Trinidad and Tobago Trinidad and Tobago
Barbados Barbados
Isle of Man Isle of Man*
Kuwait Kuwait City

An asterisk (*) denotes centres that have moved between categories between GFCI 35 and GFCI 36.

Top 15 centres by area of competitiveness

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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 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 Singapore Singapore United Kingdom London Singapore Singapore Singapore Singapore United Kingdom London
3 United Kingdom London Hong Kong Hong Kong United Kingdom London China Shanghai Singapore Singapore
4 Hong Kong Hong Kong Singapore Singapore Hong Kong Hong Kong United Kingdom London Hong Kong Hong Kong
5 China Shanghai United States San Francisco South Korea Seoul United States San Francisco United States San Francisco
6 United States San Francisco United States Los Angeles United States Los Angeles United States Los Angeles China Shanghai
7 United States Chicago United States Chicago China Shenzhen United States Chicago United States Chicago
8 United States Los Angeles United States Washington, D.C. United States San Francisco Hong Kong Hong Kong United States Los Angeles
9 South Korea Seoul China Shanghai United States Chicago China Beijing Japan Tokyo
10 Switzerland Geneva Japan Tokyo China Shanghai United States Washington, D.C. Republic of Ireland Dublin
11 China Beijing France Paris Germany Frankfurt China Shenzhen China Beijing
12 United States San Diego South Korea Seoul China Beijing South Korea Seoul United Arab Emirates Dubai
13 Germany Frankfurt Switzerland Zurich Luxembourg Luxembourg Switzerland Geneva United States Boston
14 Canada Toronto Republic of Ireland Dublin United Arab Emirates Dubai United States San Diego China Shenzhen
15 China Shenzhen United States San Diego United States Washington, D.C. United States Boston Germany Frankfurt

Key areas

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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

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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]

Level Banking Investment management Insurance Professional services Government and regulatory Finance Fintech Trading
1 United States New York City Hong Kong Hong Kong United States New York City United States New York City United States New York City China Shenzhen United States New York City United States New York City
2 China Shenzhen United States New York City United Kingdom London Singapore Singapore Singapore Singapore United States New York City Singapore Singapore Singapore Singapore
3 United Kingdom London China Shenzhen Hong Kong Hong Kong United Kingdom London United Kingdom London Hong Kong Hong Kong United Kingdom London China Shanghai
4 Hong Kong Hong Kong United Kingdom London China Shenzhen Hong Kong Hong Kong China Shanghai United Kingdom London Hong Kong Hong Kong South Korea Seoul
5 China Shanghai Singapore Singapore China Shanghai South Korea Seoul Hong Kong Hong Kong China Shanghai United States San Francisco United Kingdom London
6 United States Chicago China Shanghai China Beijing United States San Francisco United States Chicago United States Chicago United Arab Emirates Dubai United States Los Angeles
7 Singapore Singapore Republic of Ireland Dublin Singapore Singapore United States Los Angeles Switzerland Zurich United States San Francisco Germany Frankfurt United States Chicago
8 China Beijing United States San Francisco United States San Francisco United States Chicago Luxembourg Luxembourg Singapore Singapore South Korea Seoul China Beijing
9 United States San Francisco Germany Frankfurt Australia Sydney Switzerland Zurich South Korea Seoul China Beijing United States Los Angeles United States San Francisco
10 United States Los Angeles United States Los Angeles United States Los Angeles Luxembourg Luxembourg China Beijing United States Washington, D.C. United States San Diego Hong Kong Hong Kong
11 Germany Frankfurt China Beijing Japan Tokyo United Arab Emirates Dubai Germany Frankfurt Japan Tokyo United States Chicago France Paris
12 United States Washington, D.C. Japan Tokyo Switzerland Zurich Germany Frankfurt United States Washington, D.C. United States Los Angeles Canada Toronto United States Washington, D.C.
13 Switzerland Geneva Switzerland Geneva United States Chicago Republic of Ireland Dublin Japan Tokyo United Arab Emirates Dubai Switzerland Geneva Germany Frankfurt
14 United States Boston France Paris United States Washington, D.C. China Shanghai United States San Francisco South Korea Seoul Switzerland Zurich Japan Tokyo
15 France Paris United States Chicago Switzerland Geneva China Shenzhen United States Los Angeles Germany Frankfurt South Korea Busan Switzerland Geneva

Reputation

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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]

Top 15 Centres by Reputation
Centre Weighted Average Assessment GFCI 36 Rating GFCI 36 Reputational Advantage
China Chengdu 872 700 172
India GIFT City-Gujarat 854 687 167
China Shenzhen 872 732 140
China Qingdao 823 708 115
China Guangzhou 812 705 107
Mauritius Mauritius 750 679 71
United States New York 826 763 63
United Kingdom London 810 750 60
Lithuania Vilnius 685 627 58
Singapore Singapore 797 747 50
United States Washington DC 778 728 50
United States San Francisco 790 742 48
Hong Kong Hong Kong 797 749 48
China Xi'an 690 645 45
Monaco Monaco 683 641 42
Bottom 15 Centres by Reputation
Centre Weighted Average Assessment GFCI 36 Rating GFCI 36 Reputational Advantage
United States San Diego 657 718 -61
United Kingdom Edinburgh 648 710 -62
United States Atlanta 636 698 -62
Russia Moscow 527 590 -63
Hungary Budapest 544 609 -65
Brazil Rio de Janeiro 544 609 -65
Canada Calgary 581 649 -68
Poland Warsaw 569 640 -71
Slovakia Bratislava 534 607 -73
China Beijing 636 721 -85
Argentina Buenos Aires 495 586 -91
Kazakhstan Almaty 562 653 -91
Nigeria Lagos 541 638 -97
Azerbaijan Baku 483 589 -106
United States Minneapolis/St Paul 588 706 -118

References

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  1. ^ Yeandle, Mark (September 2016). "The Global Financial Centres Index 20". Long Finance. Archived from the original on Jul 18, 2023.
  2. ^ Jones, Huw (24 March 2022). "New York widens lead over London in top finance centres index". Reuters. Archived from the original on Oct 8, 2022. Retrieved 10 September 2022. Rankings are based on surveys and 150 factors, with quantitative measures from the World Bank, The Economist Intelligence Unit, the OECD and United Nations.
  3. ^ Yoshio Okubo (October 2014). "Comparison of Global Financial Center" (PDF). Harvard Law School, Program on International Financial Systems, Japan-U.S. Symposium. Archived from the original on 30 May 2015. Retrieved 30 May 2015.
  4. ^ Glover, John (17 March 2014). "New York Strips London of Mantle as World's Top Financial Center". Bloomberg L.P. Archived from the original on Jun 9, 2015. Retrieved 30 May 2015.
  5. ^ Pooler, Michael (1 October 2014). "New York and London vie for crown of world's top financial centre". The Financial Times. Archived from the original on 2 Oct 2014. Retrieved 24 May 2015.
  6. ^ a b c d e f g h i j k l m "GFCI 36 Rank - Long Finance". www.longfinance.net. Retrieved 2024-09-24.
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