Global Financial Centres Index
New York topped the 32nd edition of the Global Financial Centres Index (GFCI 32) as the most favoured financial centre in the world.
- The top three most favored financial centres in the world are New York, London and Singapore.
- New York has retained the top position for the past four years.
- Singapore has overtaken Hong Kong to the third rank.
- Hong Kong, on the other hand, was ranked at the fourth position.
- San Francisco was stood at the fifth position in this ranking.
- Paris has returned to the top 10 by replacing Tokyo.
- Moscow has fallen 22 places to the 73rd rank because the Russian invasion of Ukraine and the diplomatic crisis caused by it.
- Performance in the Asia-Pacific centres was balanced, with 50 per cent of these centres maintaining or improving their rank and the rest falling in their rankings.
- In China, the financial centres’ rankings are improving. Hong Kong, Shanghai, Beijing and Shenzhen are among the top 10 performers. Guangzhou, Chengdu and Qingdao are among the top 50 global financial centres.
- In India, New Delhi and Mumbai are ranked 68th and 70th ranks respectively.
- Cities like Seoul, GIFT-City-Gujarat (Gujarat International Finance Tec-City) and Kigali are expected to grow significantly in the next two years.
- The average rating of centres in GFCI 32 has improved 4.83 per cent from the previous edition, regaining the average ratings last recorded in GFCI 27 in March 2020.
- This means that there is confidence in financial centres themselves despite economic and energy instability, inflation and Russian war in Ukraine.
About Global Financial Centres Index
The Global Financial Centres Index compares the competitiveness of the leading financial centres across the world. It ranks these financial centres based on insights from online questionnaire and over 100 indices from organizations like the World Bank, the Organization for Economic Co-operation and Development (OECD) and the Economist Intelligence Unit. The inaugural edition was published in March 2007. It is published twice a year. Since 2015. It has been jointly published by Z/Yen Group in London and the China Development Institute in Shenzhen. The latest edition rated 119 centres using 66,121 assessments from 11,038 financial professionals.