New York has retained its first place in the twenty-eighth edition of the Global Financial Centres Index (GFCI 28), Global Financial Centres Index 28,although London in second place has made up ground in the ratings, now only four points behind the leader (27 points in GFCI 27).
Prepared in collabioration by China Development Institute (CDI) in Shenzhen and Z/Yen Partners in London, GFCI 28 provides evaluations of future competitiveness and rankings for 111 major financial centres around the world.
121 financial centres were researched for GFCI 28 of which 111 are now in the main index.The instrumental factors used in the GFCI model have been grouped into five broad areas of competitiveness: Business Environment, Human Capital, Infrastructure, Financial SectorDevelopment, and Reputation.
Shanghai moved up one place to third and Tokyo dropped one place to fourth, although only one point separates them in the ratings.
Similarly, Hong Kong moved up a place to rank fifth and Singapore fell one place to sixth, again with only one point separating Hong Kong and Singapore in the ratings.
Shenzhen and Zurich entered the top ten in this edition, replacing Los Angeles and Geneva.Within the top 30 centres, Luxembourg, Boston, Seoul, and Madrid rose by more than five places. Western Europe.
New York leads the FinTech rankings, followed by Beijing, Shanghai, London, and Shenzhen. Five of the top ten centres for FinTech are Chinese.
In Z/Yen Group’s recently published Smart Centres Index, focusing more broadly on innovation and technology, Chinese centres did not feature as strongly as they have in the Fintech rankings. This suggests a particular focus on Fintech in these centres,
Asia/Pacific Centres had a mixed performance in GFCI 28, with ten centres falling in the rankings and 14 rising. This appears to reflect levels of confidence in the stability of Asian centres and in their approach to sustainable finance, which appears to be growing in its effect on the overall rating of centres.
Taipei, Chengdu, and Qingdao all rose more than 30 places in the rankings.
India's financial capital Mumbai has improved its ranking from 45 to 35 while New Delhi has jumped 20 notches from 69 to 49 in the GFCI 28. India's newly developed International Financial Services Centre(IFSC) GIFT City-Gujarat will become more significant over the next two to three years, said the report. .
North American centres showed the least change in ratings across the regions, falling on average just 9 points (1.3%).Boston, Washington DC, and San Diego all improved five or more places in the rankings.Six out of the eleven North American centres are in the top 20, up from four in GFCI 27.
All 13 Centres in the Middle East & Africa performed poorly once again, with all 13 centres falling in the ratings and with only Abu Dhabi, Mauritius and Cape Town improving in the rankings.
After its strong performance in GFCI 27, centres in Western Europe had mixed fortunes in GFCI 28, with 15 centres rising in the rankings and 12 falling. However, the average drop in ratings was only 21 points (3.17%) in this region.