The Global Financial Centres Index 35

The thirty-fifth edition of the Global Financial Centres Index (GFCI 35) was published on 21 March 2024. GFCI 35 provides evaluations of future competitiveness and rankings for 121 financial centres around the world. The GFCI serves as a valuable reference for policy and investment decision-makers.

China Development Institute (CDI) in Shenzhen and Z/Yen Partners in London collaborate in producing the GFCI. The GFCI is updated and published every March and September, and receives considerable attention from the global financial community.

133 financial centres were researched for GFCI 35 of which 121 are in the main index. The GFCI is compiled using 145 instrumental factors. These quantitative measures are provided by third parties including the World Bank, the Economist Intelligence Unit, the OECD and the United Nations.

The instrumental factors are combined with financial centre assessments provided by respondents to the GFCI online questionnaire. GFCI 35 uses 48,365 assessments from 8,494 respondents.

GFCI 35 Results

Leading Centres

• New York leads the index, with London second, ahead of Singapore in third place, which has maintained its slight lead over Hong Kong in fourth position.
• San Francisco remains at number five, with Shanghai overtaking Los Angeles in sixth place, with the latter dropping to eighth.
• Geneva climbed to seventh, with Chicago stable in ninth, and Seoul entering at number 10.

Western Europe

• London continues to lead in the region in second place globally, with six Western European centres featuring in the top 20 in GFCI 35.
• Although the average rating increase across this region was only 0.9%, Reykjavik, Jersey, Glasgow, and Lugano gained significant ground in comparison with GFCI 34.
• On the other hand, Helsinki, Vienna, Guernsey, Oslo, Milan, Stockholm, Amsterdam, Berlin, Munich, and Copenhagen declined in the rankings.

Asia/Pacific

• The average increase in ratings for this region is 1.89%, with Singapore continuing to lead in the region, one rating point ahead of Hong Kong. Shanghai and Seoul also feature in the world top 10 at sixth and tenth respectively.
• Beijing dropped 2 places, with Osaka, Bangkok, Jakarta, and Taipei also declining in the ratings.
• All other centres in the region improved their ratings, notably Wellington (up 15 places), Melbourne (up 11), and Hoi Chi Minh City, which rose 12 places.

North America

• New York, San Francisco, Los Angeles, and Chicago remain in the world top 10, with Los Angeles dropping by 2 places.
• On average, ratings for centres in this region rose just 0.68%, the lowest average rating rise by region.
• Washington DC, Boston, Atlanta, Miami, and Vancouver all declined in the rankings.

Eastern Europe & Central Asia

• Astana remains in the lead position in the region. with Tallinn overtaking Prague to rank second.
• The average rating increase across this region was 1.75%.
• Almaty rose 11 places, with all other centres, aside from Tallinn, declining in the rankings.

Middle East & Africa

• Dubai and Abu Dhabi continue to take first and second places in the region.
• Tel Aviv has gained 9 places, moving to third, with Casablanca the leading African centre and fourth in the region.
• The average rating increase across this region was 2.16%.
• Kigali gained 14 places, Cape Town 8, and Mauritius 7, with Doha falling by 10 and Riyadh by 9 places.

Latin America & The Caribbean

• This region saw the highest rating increase at 3.35%, with Cayman Islands, Sau Paulo, and Barbados leading and Sao Paulo up 21 rank places.
• Barbados gained 11 places, and Rio de Janeiro 10, while the British Virgin Islands dropped 8 places and the Bahamas 6.

FinTech

• We are able to assess 116 centres for their Fintech offering, with Wellington entering the Fintech rankings for the first time in 23rd place.
• New York retains its leading position in the Fintech ranking, followed by London, then San Francisco. Shenzhen maintains its fourth place in the table and Washington DC moved ahead to fifth place overtaking Singapore.
• Seoul has joined Los Angeles, Singapore, Shanghai, and Chicago in the top 10, replacing Beijing which has slipped to eleventh.
• In the Fintech rankings, 17 centres dropped 10 or more places with 12 centres rising 10 or more places.