Last updated: 14:12 / Thursday, 26 March 2015
GFCI by Z/Yen Group

New York, London and Hong Kong Top Global Financial Centers

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New York, London and Hong Kong Top Global Financial Centers
  • New York, London, Hong Kong, Singapore and Tokyo top Five Global Financial Centers.
  • Western European centers are a mixed bunch while Eastern European and Central Asian centers decline, some of the Asia/Pacific centers see a rise, Caribbean islands are well ahead of Latin American mainlands and Middle East and Africa centers fluctuate.
  • New York maintains the top position, Chicago, Boston and Toronto showed small improvements in the ratings and San Francisco is slightly down.

According to the Global Financial Centers Index (GFCI) published this week by Z/Yen Group, New York, London, Hong Kong, and Singapore are the four leading global financial centers in the world. All four centers gained points and retain their relative ranks. New York remains the top centre and Tokyo is in fifth place.

Four of the top five North American centers were up in the ratings. San Francisco is slightly down, losing some of the 'fintech' gains made in the previous edition. Chicago, Boston, and Toronto all showed small improvements in the ratings.

Caribbean islands are well ahead of Latin American mainlands. The top 'island' centers all rose but the Latin American centers of Sao Paulo, Rio de Janeiro, and Mexico City fell.

Western European centers are a mixed bunch. The top five European centers are in the same rank order as in the last report London, Zurich, Geneva, Luxembourg, and Frankfurt. Dublin sees the largest increase in ratings. The Channel Islands regain ground lost and Rome, Madrid, Lisbon, and Reykjavik languish as the Eurozone crisis continues.

Eastern European and Central Asian centers decline. Istanbul, Almaty, Prague and Warsaw all saw their ratings decline. Uncertainty in Ukraine has undoubtedly cast a shadow over this region.

Eleven of the top twelve Asia/Pacific centers see a rise in their ratings and rankings. Busan had the largest rise, followed by Shenzhen and Taipei. The Chinese centers all rose. Dalian, a new addition to the index, entered in 51st place.

Middle East and Africa centers fluctuate. Riyadh, Doha, and Bahrain rose in the ratings while Dubai and Abu Dhabi saw modest declines. Africa is 'hot' to perhaps 'overheated'. Johannesburg moved up six places to 32nd. Casablanca moved up nine places to 42nd.

The index rates 82 financial centers and is sponsored by the Qatar Financial Centre Authority.

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