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

Rank Change Centre Country/region Rating Change
1 Steady London  United Kingdom 800 Increase 4
2 Steady New York City  United States 792 Increase 4
3 Increase 1  Singapore 755 Increase 5
4 Decrease 1  Hong Kong 753 Decrease 2
5 Steady Tokyo  Japan 728 Increase 3
6 Increase 1 Zurich   Switzerland 714 Decrease 1
7 Increase 3 Washington, D.C.  United States 712 Increase 1
8 Increase 1 San Francisco  United States 711 Decrease 1
9 Increase 3 Boston  United States 709 Steady
10 Decrease 2 Toronto  Canada 707 Decrease 7
11 Steady Chicago  United States 706 Decrease 4
12 Decrease 6 Seoul  South Korea 705 Decrease 19
13 Increase 3 Dubai  United Arab Emirates 699 Decrease 5
14 Increase 5 Luxembourg  Luxembourg 698 Decrease 2
15 Decrease 2 Geneva   Switzerland 694 Decrease 13
16 Increase 5 Shanghai  China 693 Decrease 5
17 Decrease 2 Sydney  Australia 692 Decrease 13
18 Decrease 4 Frankfurt  Germany 689 Decrease 17
19 Increase 4 Shenzhen  China 688 Decrease 6
20 Steady Osaka  Japan 687 Decrease 12
21 Decrease 4 Montreal  Canada 686 Decrease 17
22 Decrease 4 Vancouver  Canada 684 Decrease 18
23 Increase 6 Beijing  China 682 Increase 6
24 Increase 2 Taipei  Taiwan 677 Decrease 9
25 Steady Tel Aviv  Israel 676 Decrease 11
26 Increase 2 Abu Dhabi  United Arab Emirates 675 Decrease 4
27 Increase 13 Munich  Germany 672 Increase 11
28 Increase 11 Calgary  Canada 671 Increase 9
29 Increase 20 Los Angeles  United States 670 Increase 20
30 Decrease 3 Melbourne  Australia 669 Decrease 16
31 Increase 10 Dalian  China 668 Increase 8
32 Increase 5 Paris  France 667 Increase 3
33 Increase 11 Casablanca  Morocco 665 Increase 8
34 Increase 2 Amsterdam  Netherlands 664 Decrease 1
35 Decrease 13 Doha  Qatar 652 Decrease 43
36 Increase 9 Kuala Lumpur  Malaysia 649 Increase 7
37 Decrease 5 Stockholm  Sweden 648 Decrease 23
38 Decrease 14 Busan  South Korea 644 Decrease 46
39 Increase 7 Dublin  Ireland 643 Decrease 11
40 Decrease 10 Vienna  Austria 642 Decrease 32
41 Decrease 7  Cayman Islands (BOT) 641 Decrease 27
42 Increase 17 Mumbai  India 640 Increase 13
43 Decrease 12 Sao Paulo  Brazil 639 Decrease 33
Rank Change Centre Country/region Rating Change
44 Decrease 9 Rio de Janeiro  Brazil 637 Decrease 29
45 Increase 2 Istanbul  Turkey 636 Decrease 17
46 Decrease 3  British Virgin Islands (BOT) 635 Decrease 23
47 Increase 1 Bangkok  Thailand 633 Decrease 18
48 Decrease 10 Warsaw  Poland 631 Decrease 32
49 Increase 12 Copenhagen  Denmark 630 Increase 5
50 Decrease 8  Bermuda (BOT) 629 Decrease 30
51 Decrease 18 Johannesburg  South Africa 628 Decrease 41
52 Increase 10 Brussels  Belgium 627 Increase 3
53 Increase 16 Mexico City  Mexico 626 Increase 10
54 Increase 11 Milan  Italy 625 Increase 4
55 Steady Manila  Philippines 624 Decrease 7
56 Increase 15 Edinburgh  United Kingdom 623 Increase 10
57 Increase 6 Prague  Czech Republic 622 Decrease 1
58 Increase 15 Jakarta  Indonesia 621 Increase 11
59 Increase 11 Glasgow  United Kingdom 620 Increase 5
60 Increase 17 Helsinki  Finland 619 Increase 15
61 Decrease 5  Gibraltar (BOT) 618 Decrease 12
62 Decrease 9  Jersey (CD) 617 Decrease 16
63 Increase 13 Rome  Italy 616 Increase 11
64 Increase 15 Madrid  Spain 615 Increase 18
65 Increase 2 Oslo  Norway 614 Decrease 4
66 Decrease 12  Guernsey (CD) 613 Decrease 19
67 Increase 11 Moscow  Russia 611 Increase 13
68 Decrease 10  Isle of Man (CD) 610 Decrease 18
69 Decrease 19  Bahrain 609 Decrease 38
70 Decrease 13 Riyadh  Saudi Arabia 606 Decrease 23
71 NR Riga  Latvia 605 NR
72 Decrease 20 Panama City  Panama 603 Decrease 35
73 Decrease 9  Mauritius 601 Decrease 21
74 Steady Budapest  Hungary 600 Decrease 9
75 Decrease 9 Lisbon  Portugal 599 Decrease 20
76 Decrease 16  Liechtenstein 598 Decrease 28
77 Decrease 26 Almaty  Kazakhstan 597 Decrease 43
78 Increase 4 Tallinn  Estonia 596 Increase 46
79 NR Qingdao  China 594 NR
80 Decrease 8  Monaco 590 Decrease 22
81 Decrease 13  Malta 587 Decrease 30
82 Decrease 1 Saint Petersburg  Russia 585 Increase 33
83 Decrease 3  Cyprus 576 Decrease 11
84 Decrease 9  The Bahamas 568 Decrease 38
85 Decrease 1 Reykjavik  Iceland 562 Increase 25
86 Decrease 3 Athens  Greece 558 Increase 18

N.B. Riga and Qingdao are new entries, having not been included in the GFCI 18 ranking.

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. ↑ "The Global Financial Centres Index 19". Long Finance. March 2016.
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