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Shanghai and Shenzhen are the other two financial centres in APAC that rank within the global top 10.
Hong Kong has overtaken Singapore to regain third position globally and first in the Asia Pacific region in the Global Financial Centres Index (GFCI) 36 Report published by Z/Yen from the UK and the China Development Institute (CDI) from Shenzhen, moving up one place from the March issue of the index this year.
The overall rating of the SAR increased by eight points, the largest improvement among the top five financial centres.
Hong Kong's scores were rated among the top in various areas of competitiveness, including 'business environment', 'human capital', 'infrastructure', and 'reputational and general'. The rankings in various financial industry sectors also rose significantly, including 'investment management', 'insurance', 'banking' and 'professional services'. Among them, the ranking in 'investment management' advanced to first globally.
Meanwhile, the city's ranking in ‘fintech offerings’ rose five places to ninth, making it among the top 10 fintech hubs along with New York, London, Shenzhen, San Francisco, Washington DC, Los Angeles, Chicago, Singapore, and Seoul.
Globally, New York holds the top position, London remains second, while Shanghai and Shenzhen are the other two financial centres in APAC that rank in the top 10.
Top 10 global financial centres in GFCI 36:
- New York
- London
- Hong Kong
- Singapore
- San Francisco
- Chicago
- Los Angeles
- Shanghai
- Shenzhen
- Frankfurt
Rankings of APAC financial centres in GFCI 36:
There is little change in the ranking of the leading centres, with only Dublin improving more than four rank places – up 11. The average rating across all centres was down 0.42%, with the average rating for centres in Latin America & The Caribbean up 0.65% – the only region in which ratings increased.
As identified by the report, geo-political challenges are seen as the greatest risk facing financial centres and their development in the medium term, mentioned by over 20% of respondents. This is followed by competition from other centres and regulatory requirements, which were cited by 15% and 14% of respondents respectively.
Mike Wardle, Chief Executive of Z/Yen, commented: “However, confidence in leading international financial centres remains strong, and many leading financial centres improved or maintained their rating in GFCI 36, with a high degree of stability in the rankings.”
Images / GFCI 36 Report
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