Global Financial Centres Index

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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. It is compiled and published twice a year by Z/Yen Group and sponsored by the Qatar Financial Centre Authority. It is widely quoted as a source for ranking financial centres.[1][2][3][4]


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 March 27, 2017, the top centres worldwide are:[5]

N.B. Guangzhou is the latest new entry, having not been included in the GFCI 20 ranking.

Financial centre profiles[edit]

This report ranked groups 88 of the financial centres into the following matrix, as of March 27, 2017:[5]

Level Broad & deep
Global Leaders
Relatively broad
Global Diversified
Relatively deep
Global Specialists
Global Contenders
Global China Beijing
United Arab Emirates Dubai
Republic of Ireland Dublin
Germany Frankfurt
Switzerland Geneva
 Hong Kong
United Kingdom London
United States New York City
France Paris
Japan Tokyo
Canada Toronto
United States Washington, D.C.
Switzerland Zürich
Netherlands Amsterdam United Arab Emirates Abu Dhabi
Luxembourg Luxembourg
China Shanghai
Russia Moscow
Level Broad & deep
Established Transnational
Relatively broad
Transnational Diversified
Relatively deep
Transnational Specialists
Transnational Contenders
Transnational United States Boston
United States Chicago
United States Los Angeles
Spain Madrid
Canada Montreal
Germany Munich
United States San Francisco
South Korea Seoul
Sweden Stockholm
Australia Sydney
Canada Vancouver
Belgium Brussels
Denmark Copenhagen
United Kingdom Edinburgh
Turkey Istanbul
 British Virgin Islands
Morocco Casablanca
China Qingdao
China Shenzhen
China Guangzhou
India Mumbai
Level Broad & deep
Established Players
Relatively broad
Local Diversified
Relatively deep
Local Specialists
Evolving Centres
Local Hungary Budapest
Brazil São Paulo
South Korea Busan
Canada Calgary
United Kingdom Glasgow
Finland Helsinki
South Africa Johannesburg
Portugal Lisbon
Australia Melbourne
Italy Milan
Norway Oslo
Italy Rome
Austria Vienna
 Isle of Man
Latvia Riga
Brazil Rio de Janeiro
Taiwan Taipei
Estonia Tallinn
 Trinidad and Tobago
Kazakhstan Almaty
Greece Athens
China Dalian
Qatar Doha
Indonesia Jakarta
Philippines Manila
Iceland Reykjavik
Saudi Arabia Riyadh
Russia Saint Petersburg

Note: Bangkok, the Cayman Islands, Kuala Lumpur, Mexico City, Osaka, Prague, Tel Aviv, Warsaw were deleted from this list.

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.


  1. ^ 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. 
  2. ^ "New York Strips London of Mantle as World’s Top Financial Center". Bloomberg L.P. 17 March 2014. Retrieved 30 May 2015. 
  3. ^ "New York and London vie for crown of world’s top financial centre". The Financial Times. 1 October 2014. Retrieved 24 May 2015. 
  4. ^ "Seoul’s Rise as a Global Financial Center". The Korea Society. 21 September 2012. Retrieved 25 May 2015. 
  5. ^ a b "The Global Financial Centres Index 21" (PDF). Long Finance. March 2017.