Global Financial Centres Index

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. It is compiled and published twice a year by Z/Yen Group and sponsored by the Qatar Financial Centre Authority. It is widely quoted as a source for ranking financial centres.[1][2][3][4]

Ranking

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 2016, the top centres worldwide are:[5][6]

Rank Change Centre Country/region Rating Change
1 Steady London  United Kingdom 795 Decrease 5
2 Steady New York City  United States 794 Increase 2
3 Steady  Singapore 752 Decrease 3
4 Steady  Hong Kong 748 Decrease 5
5 Steady Tokyo  Japan 734 Increase 6
6 Increase 2 San Francisco  United States 720 Increase 9
7 Increase 2 Boston  United States 719 Increase 10
8 Increase 3 Chicago  United States 718 Increase 12
9 Decrease 3 Zurich   Switzerland 716 Increase 2
10 Decrease 3 Washington, D.C.  United States 713 Increase 1
11 Increase 6 Sydney  Australia 712 Increase 20
12 Increase 2 Luxembourg  Luxembourg 711 Increase 13
13 Decrease 3 Toronto  Canada 710 Increase 3
14 Decrease 2 Seoul  South Korea 704 Decrease 1
15 Increase 6 Montreal  Canada 703 Increase 17
16 Steady Shanghai  China 700 Increase 7
17 Increase 3 Osaka  Japan 699 Increase 12
18 Decrease 5 Dubai  United Arab Emirates 698 Decrease 1
19 Decrease 1 Frankfurt  Germany 695 Increase 6
20 Increase 2 Vancouver  Canada 694 Increase 10
21 Increase 3 Taipei  Republic of China (Taiwan) 692 Increase 15
22 Decrease 3 Shenzhen  China 691 Increase 3
23 Decrease 8 Geneva   Switzerland 689 Decrease 5
24 Increase 6 Melbourne  Australia 687 Increase 18
25 Increase 4 Los Angeles  United States 685 Increase 15
26 Decrease 3 Beijing  China 683 Increase 1
27 Steady Munich  Germany 680 Increase 8
28 Increase 13  Cayman Islands (BOT) 676 Increase 35
29 Increase 3 Paris  France 672 Increase 5
30 Increase 3 Casablanca  Morocco 671 Increase 6
31 Increase 8 Dublin  Ireland 663 Increase 20
32 Decrease 6 Abu Dhabi  United Arab Emirates 662 Decrease 13
33 Increase 1 Amsterdam  Netherlands 659 Decrease 5
34 Decrease 6 Calgary  Canada 658 Decrease 15
35 Increase 15  Bermuda (BOT) 654 Increase 25
36 Increase 10  British Virgin Islands (BOT) 653 Increase 18
37 Increase 3 Vienna  Austria 645 Increase 3
38 Decrease 13 Tel Aviv  Israel 643 Decrease 33
39 Increase 8 Bangkok  Thailand 642 Increase 9
40 Decrease 5 Doha  Qatar 641 Decrease 11
41 Decrease 3 Busan  South Korea 640 Decrease 4
42 Increase 20  Jersey (CD) 639 Increase 22
43 Decrease 7 Kuala Lumpur  Malaysia 638 Decrease 11
44 Decrease 7 Stockholm  Sweden 636 Decrease 12
Rank Change Centre Country/region Rating Change
45 Increase 3 Warsaw  Poland 633 Increase 2
46 Increase 33 Qingdao  China 631 Increase 37
47 Increase 19  Guernsey (CD) 630 Increase 17
48 Decrease 17 Dalian  China 629 Decrease 39
49 Increase 16 Oslo  Norway 628 Increase 14
50 Increase 28 Tallinn  Estonia 627 Increase 31
51 Decrease 8 Sao Paulo  Brazil 626 Decrease 13
52 Increase 19 Riga  Latvia 625 Increase 20
53 Increase 1 Milan  Italy 624 Decrease 1
54 Decrease 10 Rio de Janeiro  Brazil 623 Decrease 14
55 Increase 6  Gibraltar (BOT) 622 Increase 4
56 Increase 20  Liechtenstein 621 Increase 23
57 Decrease 12 Istanbul  Turkey 620 Decrease 16
58 Increase 11  Bahrain 619 Increase 10
59 Decrease 8 Johannesburg  South Africa 618 Decrease 10
60 Decrease 11 Copenhagen  Denmark 616 Decrease 14
61 Decrease 2 Glasgow  United Kingdom 615 Decrease 5
62 Decrease 10 Brussels  Belgium 614 Decrease 13
63 Increase 9 Panama City  Panama 613 Increase 10
64 Decrease 1 Rome  Italy 612 Decrease 4
65 Increase 3  Isle of Man (CD) 611 Increase 1
66 Decrease 10 Edinburgh  United Kingdom 610 Decrease 13
67 Increase 13  Monaco 609 Increase 19
68 Decrease 4 Madrid  Spain 608 Decrease 7
69 Increase 6 Lisbon  Portugal 607 Increase 8
70 Increase 7 Almaty  Kazakhstan 605 Increase 8
71 NR  Trinidad and Tobago 604 NR
72 Decrease 15 Prague  Czech Republic 603 Decrease 19
73 Decrease 20 Mexico City  Mexico 600 Decrease 26
74 Increase 7  Malta 599 Increase 12
75 Decrease 33 Mumbai  India 598 Decrease 42
76 Decrease 18 Jakarta  Indonesia 597 Decrease 24
77 Decrease 3 Budapest  Hungary 596 Decrease 4
78 Decrease 23 Manila  Philippines 595 Decrease 29
79 Decrease 6  Mauritius 594 Decrease 7
80 Increase 3  Cyprus 593 Increase 17
81 Decrease 21 Helsinki  Finland 586 Decrease 33
82 Decrease 12 Riyadh  Saudi Arabia 585 Decrease 21
83 Increase 2 Reykjavik  Iceland 573 Increase 11
84 Decrease 17 Moscow  Russia 568 Decrease 43
85 Decrease 3 Saint Petersburg  Russia 567 Decrease 18
86 Decrease 2  The Bahamas 566 Decrease 2
87 Decrease 1 Athens  Greece 535 Decrease 23

N.B. Trinidad and Tobago is the latest new entry, having not been included in the GFCI 19 ranking.

Financial centre profiles

The report groups 87 of the financial centres into the following matrix:[5] Note: This section will be updated in the GFCI 22 set of rankings.

Level Broad & deep
Global Leaders 		Relatively broad
Global Diversified 		Relatively deep
Global Specialists		 Emerging
Global Contenders
Global Netherlands Amsterdam
Republic of Ireland Dublin
Germany Frankfurt
Switzerland Geneva
 Hong Kong
United Kingdom London
United States New York City
France Paris
 Singapore
Canada Toronto
Switzerland Zürich		 Belgium Brussels
China Shanghai		 China Beijing
United Arab Emirates Dubai
Luxembourg Luxembourg
Russia Moscow		  Jersey
Level Broad & deep
Established Transnational 		Relatively broad
Transnational Diversified 		Relatively deep
Transnational Specialists		 Emerging
Transnational Contenders
Transnational United States Boston
United States Chicago
Turkey Istanbul
Spain Madrid
Canada Montreal
Germany Munich
United States San Francisco
South Korea Seoul
Sweden Stockholm
Australia Sydney
Japan Tokyo
Canada Vancouver
United States Washington, D.C.		 Denmark Copenhagen
United Kingdom Edinburgh
Malaysia Kuala Lumpur
Portugal Lisbon
United States Los Angeles
Czech Republic Prague		  British Virgin Islands
Morocco Casablanca
 Cayman Islands
Qatar Doha
 Guernsey
 Mauritius
China Shenzhen		 United Arab Emirates Abu Dhabi
Kazakhstan Almaty
Thailand Bangkok
 Bahamas
China Dalian
 Gibraltar
Level Broad & deep
Established Players 		Relatively broad
Local Diversified 		Relatively deep
Local Specialists		 Emerging
Evolving Centres
Local Israel Tel Aviv
Poland Warsaw		 Hungary Budapest
South Korea Busan
Canada Calgary
United Kingdom Glasgow
Finland Helsinki
Australia Melbourne
Mexico Mexico City
Italy Milan
Japan Osaka
Norway Oslo
Italy Rome
Austria Vienna		  Panama
China Qingdao
Latvia Riga
Brazil Rio de Janeiro
Brazil São Paulo
Taiwan Taipei
Estonia Tallinn		 Greece Athens
 Bahrain
 Cyprus
 Bermuda
 Isle of Man
Indonesia Jakarta
South Africa Johannesburg
 Liechtenstein
 Malta
Philippines Manila
 Monaco
India Mumbai
Iceland Reykjavik
Saudi Arabia Riyadh
Russia Saint Petersburg

Key areas

The human capital factors summarise 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

The index provides sub-rankings in the main areas of financial services – banking, investment management, insurance, professional services, government and regulation.

References

  1. ↑ 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.
  2. ↑ "New York Strips London of Mantle as World's Top Financial Center". Bloomberg. 17 March 2014. Retrieved 30 May 2015.
  3. ↑ "New York and London vie for crown of world's top financial centre". The Financial Times. 1 October 2014. Retrieved 24 May 2015.
  4. ↑ "Seoul's Rise as a Global Financial Center". The Korea Society. 21 September 2012. Retrieved 25 May 2015.
  5. 1 2 "The Global Financial Centres Index 20". Long Finance. September 2016.
  6. ↑ "GFCI 20 Overall Rankings". Long Finance. September 2016.
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