Global Financial Centres Index (GFCI), published by Z/Yen, was released yesterday, and New York City was in first place, as it has been for many years.
London, a global finance hub, was in second place, but it was shown as closing the gap with NYC.
The top Financial Centre’s according to the Index are as follows:
- New York
- London
- Hong Kong
- Singapore
- San Francisco
- Chicago
- Los Angeles
- Shanghai
- Shenzhen
- Seol
- Frankfurt
- Dubai
- Washington DC
- Dublin
- Geneva
- Luxembourg
- Paris
- Amsterdam
- Boston
- Beijing
New York scored 769, an improvement from last year’s 763. London was rated at 762, but last year it was rated at 750 – so a significant improvement.
GFCI 37 uses 31,314 financial center assessments collected from 4,946 financial services professionals who responded to the GFCI online questionnaire.
Professor Michael Mainelli, Chairman of Z/Yen, said confidence in the top financial centres continues to be strong showing a high degree of stability. He added that the survey was completed before the new US administration.
Aidana Zhakupbekova, CFO of European expense management Fintech Rydoo, shared her opinion on the Index stating the improvement in London’s ranking reflects UK policymakers efforts to revitalise the country’s financial sector.
“However, with London now the only European city in the top 10, Frankfurt dropping out, and Paris and Geneva slipping further down the rankings, this should serve as a wake-up call for Europe. The EU should take inspiration from Amsterdam, which has surged nine places to 18th in the rankings,” said Zhakupbekova. “This rise is fuelled by the city’s strong digital infrastructure, business-friendly tax policies, and commitment to sustainability, which are attracting a diverse range of financial institutions. Amsterdam’s stock exchange has emerged as a premier destination for IPOs, drawing global companies and investors. To strengthen its financial services industry, Europe must look to Amsterdam’s proactive policies and strategic positioning as a blueprint for enhancing its financial services industry and staying competitive.”
Zhakupbekova added that the European Commission’s plan to funnel €10 trillion of parked cash from savings to investing is a commendable step forward to boosting financial services
“ In these times of escalating geopolitical tensions, Europe must intensify these efforts and make bold moves to bolster its economic resilience and competitiveness.”