Global Financial Centres Index

The Global Financial Centres Index (GFCI) is a ranking of the competitiveness of financial centres based on over 29,000 financial centre assessments from an online questionnaire together with over 100 indices from organisations such as the World Bank, the Organisation for Economic Co-operation and Development (OECD), and the Economist Intelligence Unit. The first index was published in March 2007. It has been jointly published twice per year by Z/Yen Group in London and the China Development Institute in Shenzhen since 2015,[1] and is widely quoted as a source for ranking financial centres.[2][3][4][5]

Ranking [ edit ]

The ranking is an aggregate of indices from five key areas: "business environment", "financial sector development", "infrastructure factors", "human capital", "reputation and general factors". As of September 19, 2019, the top centres worldwide are:[6]

N.B. Santiago and Nanjing are the latest new entries, having not been included in the GFCI 25 ranking.

Financial centre profiles [ edit ]

This report ranked 104 international financial centers into the following matrix, as of 19 September 2019:[6]

Level Broad & deep

Global Leaders
Relatively broad

Global Diversified
Relatively deep

Global Specialists

Global Contenders
Global United Arab Emirates Abu Dhabi

China Beijing

United Arab Emirates Dubai

  Hong Kong

United Kingdom London

Australia Melbourne

United States New York City

China Shanghai


Australia Sydney

Japan Tokyo

Canada Toronto

United States Washington, D.C.

Switzerland Zürich
Netherlands Amsterdam

United States Boston

Belgium Brussels

Republic of Ireland Dublin

Germany Frankfurt

Spain Madrid

Italy Milan

France Paris

United States San Francisco

South Korea Seoul
Kazakhstan Nur-Sultan

China Dalian

China Guangzhou

China Qingdao

China Shenzhen
China Chengdu

Russia Moscow
Level Broad & deep

Established International
Relatively broad

International Diversified
Relatively deep

International Specialists

International Contenders
International United States Chicago

United Kingdom Edinburgh

Switzerland Geneva

Germany Hamburg

United States Los Angeles

Czech Republic Prague

Germany Stuttgart

Canada Vancouver
Greece Athens

Thailand Bangkok

Denmark Copenhagen

Turkey Istanbul

Malaysia Kuala Lumpur

Portugal Lisbon

Canada Montreal

Germany Munich

Italy Rome

Sweden Stockholm

Austria Vienna
Kazakhstan Almaty



Argentina Buenos Aires

Morocco Casablanca

  Cayman Islands

Qatar Doha

India GIFT City-Gujarat

Brazil Rio de Janeiro

Taiwan Taipei
  British Virgin Islands


China Hangzhou

Indonesia Jakarta


South Africa Johannesburg

Luxembourg Luxembourg

India Mumbai

India New Delhi

China Tianjin
Level Broad & deep

Established Players
Relatively broad

Local Diversified
Relatively deep

Local Specialists

Evolving Centres
Local Canada Calgary

Mexico Mexico City

Japan Osaka

New Zealand Wellington
Hungary Budapest

South Korea Busan

United Kingdom Glasgow

Finland Helsinki

Norway Oslo

Chile Santiago

Poland Warsaw
Azerbaijan Baku

South Africa Cape Town

Kuwait Kuwait City




Brazil São Paulo

Bulgaria Sofia

Russia Saint Petersburg

Israel Tel Aviv



  Isle of Man


Philippines Manila

Kenya Nairobi

China Nanjing


Iceland Reykjavik

Latvia Riga

Saudi Arabia Riyadh

Estonia Tallinn

Key areas [ edit ]

The human capital factors summarise the availability of a skilled workforce, the flexibility of the labour market, the quality of the business education and the skill-set of the workforce, and quality of life. The business environment factors aggregate and value the regulation, tax rates, levels of corruption, economic freedom and how difficult in general it is to do business. To measure regulation an online questionnaire has been used. The financial sector development factors assess the volume and value of trading in capital markets and other financial markets, the cluster effect of the number of different financial service companies at the location, and employment and economic output indicators. The infrastructure factors account for the price and availability of office space at the location, as well as public transport. Reputation and General considers more subjective aspects such as innovation, brand appeal, cultural diversity and competitive positioning.

Industry sectors [ edit ]

The index provides sub-rankings in the main areas of financial services – banking, investment management, insurance, professional services, government and regulation.

References [ edit ]

  1. ^
  2. ^ See, for example, Yoshio Okubo, Vice Chairman, Japan Securities Dealers Association (October 2014). "Comparison of Global Financial Center". Harvard Law School, Program on International Financial Systems, Japan-U.S. Symposium. Retrieved 30 May 2015.CS1 maint: multiple names: authors list (link)
  3. ^ "New York Strips London of Mantle as World's Top Financial Center". Bloomberg L.P. 17 March 2014. Retrieved 30 May 2015.
  4. ^ "New York and London vie for crown of world's top financial centre". The Financial Times (subscription required). 1 October 2014. Retrieved 24 May 2015.
  5. ^ "Seoul's Rise as a Global Financial Center". The Korea Society. 21 September 2012. Retrieved 25 May 2015.
  6. ^ a b "The Global Financial Centres Index 26"(PDF). Long Finance. September 2019. Retrieved 3 October 2019.
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