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29th September 2023
Global Financial Centres Index 34-confidence in International Financial Centres’ future is strong-Z/Yen Group
The 34th edition of the Global Financial Centres Index was published this week by Z/Yen Group in partnership with the China Development Institute(CDI). The launch webinar for GFCI 34 linked London and Hong Kong with contributions from the Hong Kong Financial Services Development Council and the World Alliance Of International Financial Centers.
New York held onto the top position in the index and has now been in first place since GFCI 24, published in September 2018. London remains second, ahead of Singapore in third place, which has maintained its slight lead over Hong Kong in fourth position. Washington DC and Geneva entered the top 10 in this edition, replacing Seoul and Boston.
The average rating of centres in the index rose over 3.5% compared with GFCI 33. This suggests growing confidence in financial centres and the world economy, notwithstanding global challenges. US centres performed well, with five US centres in the top 10, reflecting the strength of the US economy. Leading Chinese centres were stable in the rankings. Continuing professional development has been identified as the most important strategy in ensuring the future strength of talent in the financial sector.
New York retains its leading position in the FinTech ranking, followed by London, which overtook San Francisco to take second position. Shenzhen maintained its fourth place in the table. Beijing has joined Singapore, Los Angeles, Washington DC, Shanghai, and Chicago in the top 10 for FinTech, replacing Boston.
Professor Michael Mainelli, Chairman of Z/Yen, said:
“Confidence in international financial centres remains strong. Virtually all the centres we track improved their rating in GFCI 34. Skills and talent development is vital for financial centres, increasingly so with new skills required in areas such as AI and ethics. Combining continuing professional development with a formal tertiary education is a key strategy to ensure that the financial sector workforce is fit for the future.”
Z/Yen Trends(11 articles)