The Global Financial Centres Index - Top 10

City of London at Night

The Z/Yen Group has published its ninth Global Financial Centres Index (GFCI 9) covering 75 financial centres. The big change from GFCI 8 in September 2010 is that Hong Kong has clearly joined London and New York as one of the 'Big Three' Global Financial Centres.

The main headlines of GFCI 9 are:

  • Asia continues to exhibit enhanced competitiveness with eight centres in the top twenty (against six North American centres and five European ones). In GFCI 1 (March 2007) there were just three Asian centres in the top twenty. Seoul was the largest riser moving into 16th place, up 25 points in the ratings;

  • There remains no significant difference between London, New York and Hong Kong in the GFCI 9 ratings; respondents continue to believe that these centres work together for mutual benefit;

  • Confidence amongst financial services professionals has fallen since GFCI 8, as shown by lower overall ratings - 47 centres have lower ratings in GFCI 9 with only 25 centres rated higher (three centres have the same ratings as in GFCI 8);

  • When questioned about which financial centres are likely to become more significant in the next few years, the top five centres mentioned are all Asian - Shanghai, Singapore, Seoul, Hong Kong and Beijing. Asian cities also fill the top six places when respondents indicate where their organisations are most likely to open new offices;

  • Despite Dubai's widely publicised economic problems it still holds top position in the Middle East (and 28th overall), followed by Qatar which has moved up four places. The rating gap between these two centres has halved since GFCI 8 and is now only eight points. Bahrain continues to slip, down seven places to 49th (the largest decline this time).

Centre GFCI 9 Rank GFCI 9 Rating Change in Rank since GFCI 8 Change in Rating since GFCI 8
 London   1   775   0   3 
 New York   2   769   0   -1 
 Hong Kong   3   759   0   -1 
 Singapore   4   722   0   -6 
 Shanghai   5   694   1   1 
 Tokyo   5   694   0   -3 
 Chicago   7   673   0   -5 
 Zurich   8   665   0   -4 
 Geneva   9   659   0   -2 
 Sydney   10   658   0   -2 
 Toronto   10   658   2   2 

Mark Yeandle, Associate Director of the Z/Yen Group, said:

'The rise in importance of the Asian Centres continues. London and New York have long been considered the top global financial centres and retain their positions. However, financial services professionals around the globe now see Asia as the main area for growth'.

GFCI 9 uses 33,751 financial centre assessments completed by 1,970 financial services professionals. GFCI is updated regularly and ratings change as assessments and instrumental factors change. To view GFCI 9 or to participate in GFCI 10 by rating the financial centres with which you are familiar, please see:

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