SINGAPORE: The Global Financial Centres Index (GFCI 39), released on March 26 (Thursday), showed that New York is still the number one financial centre in the world. The Big Apple, with a current rating of 767, has taken pole position since 2018.
London (766) took second place in this year’s top ten, with Hong Kong (765) in third place, Singapore (764) in fourth, and San Francisco (744) rounds out the top five. While only one rating point now separates each of the top four cities, the difference between Singapore and San Francisco’s ratings is a substantial one.
Interestingly, while overall ratings for most cities fell, Dubai is now in seventh place, its highest-ever ranking.
The rest of the top 10 are Shanghai (sixth), Seoul (eighth), Shenzhen (ninth), and Tokyo (tenth), which means that two major financial centres in the United States, Chicago and Los Angeles, are no longer in the top 10. This means that there are six centres in the Asia-Pacific region that are in the top 10.
Singapore also continues to rank high in the top FinTech list. The city-state has held on to its fourth spot on the ranking. Hong Kong took first place, and Shenzhen, New York, and London are in second, third, and fifth places, respectively. These rankings remain unchanged from the last time.
The index, now in its 39th edition, was published by Z/Yen Group in partnership with the China Development Institute. It is released twice a year, in March and September. A significant reference for decision-makers when it comes to policy and investment, the index evaluates 120 financial centres across the globe, as well as provides assessments for their future competitiveness. The World Bank, the OECD, and the United Nations are among the parties that contribute quantitative measures to the index.
“The significant gap in ratings between the leading four centres and the rest implies there is no paradox of increasing concentration on fewer safe centres during a period of increasing deglobalisation. Still, with Dubai and Tokyo bouncing Chicago and Los Angeles out of the top 10, competition is keen. The data for this edition of the GFCI predate the current conflict in the Middle East. We anticipate that the economic shocks caused by that conflict will materially affect future editions of the index,” says Professor Michael Mainelli, Chairman of Z/Yen. /TISG
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