Today in Shenzhen, China, Z/Yen Group publishes the eighteenth Global Financial Centres Index (GFCI 18) sponsored by the Qatar Financial Centre Authority. The Index rates 84 financial centres.
London has moved ahead of New York to reclaim the number one position. London climbed 12 points in the ratings to lead New York by eight points. The GFCI is on a scale of 1,000 points and a lead of eight is thus fairly insignificant. We prefer to see London and New York as complimentary rather than purely competitive. It is noticeable that assessments for London have been higher since the general election in May 2015.
London, New York, Hong Kong, and Singapore remain the four leading global financial centres. New York, in second place is now 33 points ahead of Hong Kong in third. Tokyo, in fifth place, is 25 points behind the leaders.
Western European centres show signs of recovery. The leading centres in Europe are London, Zurich and Geneva as in GFCI 17 and Frankfurt has moved up into fourth place just ahead of Luxembourg. Of the 29 centres in this region, 23 centres rose in the ratings with Dublin doing particularly well. Liechtenstein appears in the GFCI for the first time and is ranked 60th. Reykjavik continues to reverse some of its recent decline.
Eastern European and Central Asian centres prosper. The leading centre in this region is now Warsaw in 38th place, just ahead of Istanbul. The top seven centres all saw an increase in their ratings but the largest decline in this region was St Petersburg.
Twelve of the top 15 Asia/Pacific centres see a rise in their ratings. With the exception of Hong Kong and Singapore, the top Asia/Pacific financial centres have all seen their ratings increase in GFCI 18. Hong Kong, Singapore, Tokyo and Seoul remain in the GFCI Top 10.
All North American centres are up in the ratings. However, due to continuing rise of some Asian centres, San Francisco, Chicago, Boston, Vancouver and Calgary and suffered small declines in the ranks. Toronto remains the leading Canadian centre and is now the second North American centre behind only New York.
Sao Paulo and Rio de Janeiro rise strongly. Sao Paulo remains the top Latin American centre in GFCI 18, and along with Rio de Janeiro, made significant progress in the ratings and rankings. Mexico was the only centre that fell in the GFCI ratings. The Cayman Islands and the Bahamas also showed good improvements.
Mark Yeandle, Associate Director at the Z/Yen Group and the author of the GFCI said "Whilst London and New York still lead the field, the next four centres are all Asian. We are launching GFCI 18 in China to mark the success of the Chinese centres in becoming more competitive."
GFCI 18 Top Ten Centres
| 1 | London | 796 |
| 2 | New York | 788 |
| 3 | Hong Kong | 755 |
| 4 | Singapore | 750 |
| 5 | Tokyo | 725 |
| 6 | Seoul | 724 |
| 7 | Zurich | 715 |
| 8 | Toronto | 714 |
| 9 | San Francisco | 712 |
| 10 | Washington DC | 711 |
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