Global Financial Centres Index

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 25, 2020, the top centres worldwide are:[6]

Rank Change Centre Rating Change 1 New York City 770 1 2 London 766 24 3 1 Shanghai 748 8 4 1 Tokyo 747 6 5 1  Hong Kong 743 6 6 1  Singapore 742 4 7 Beijing 741 7 8 San Francisco 738 6 9 2 Shenzhen 732 10 10 4 Zurich 724 5 11 1 Los Angeles 720 3 12 6 Luxembourg 719 4 13 4 Edinburgh 718 2 14 5 Geneva 717 12 15 10 Boston 716 8 16 3 Frankfurt 715 5 17 5 Dubai 714 7 18 3 Paris 713 5 19 5 Washington, D.C. 712 3 20 4 Chicago 711 6 21 2 Guangzhou 710 4 22 5 Amsterdam 701 2 23 5 Stockholm 700 2 24 2 Vancouver 698 13 25 8 Seoul 695 1 26 Montreal 694 10 27 6 Melbourne 693 19 28 15 Madrid 692 14 29 Hamburg 690 9 30 4 Brussels 686 5 31 8 Toronto 684 26 32 12 Sydney 682 31 33 6 Abu Dhabi 681 1 34 4 Dublin 679 19 35 10 Mumbai 678 6 36 1 Copenhagen 674 15 37 5 Stuttgart 672 24 38 4 Milan 670 9 39 20 Osaka 665 9 40 11 Busan 664 41 3 Kuala Lumpur 663 14 42 33 Taipei 662 22 43 31 Chengdu 659 18 44 13 Wellington 657 40 45 9 Tel Aviv 656 32 46 5 Casablanca 655 25 47 52 Qingdao 654 44 48 11 Munich 653 34 49 20 New Delhi 652 6 50 11 Oslo 651 3 51 11 Calgary 649 32 52 13 Glasgow 648 2 53 Rome 643 19 54 16 Vienna 640 45 55 6  Jersey (CD) 637 29 56 8 Doha 627 42

Rank Change Centre Rating Change 57 7 Warsaw 618 47 58 Bangkok 617 40 59 17 Lisbon 608 31 60 21 San Diego 605 29 61 2  Bermuda (BOT) 601 51 62 9 Moscow 600 44 63 1  Mauritius 598 53 64 15 Istanbul 595 41 65 3 Helsinki 594 53 66 20 Prague 593 78 67 13 Cape Town 592 43 68 14  Liechtenstein 591 70 69 36  Bahamas 590 9 70 8 Mexico City 589 48 71 4  Cyprus 588 60 72 12  British Virgin Islands (BOT) 587 68 73 34  Malta 586 2 74 2 Nur-Sultan 585 58 75 11  Monaco 580 46 76 10 Vilnius 578 71 77  Isle of Man (CD) 577 61 78 31  Cayman Islands (BOT) 575 95 79 6  Guernsey (CD) 574 68 80 3 São Paulo 569 63 81 12 Jakarta 568 49 82 GIFT City-Gujarat 563 70 83 27  Bahrain 562 97 84 6  Gibraltar (BOT) 561 60 85 4 Rio de Janeiro 560 62 86 22  Barbados 559 24 87 NR Bratislava 552 NR 88 36 Tallinn 551 112 89 12 Nanjing 550 58 90 5 Johannesburg 549 78 91 3  Panama 548 68 92 4 Athens 547 67 93 11 Santiago 546 57 94 12 Buenos Aires 543 49 95 33 Sofia 540 113 96 9 Nairobi 539 86 97 27 Riga 538 107 98 41 Baku 537 121 99 44 Almaty 536 124 100 8 Reykjavik 535 83 101 17 Budapest 531 97 102 7 Tehran 528 87 103 12 Kuwait City 524 96 104 7 Saint Petersburg 523 90 105 NR Xi'an 506 NR 106 3 Manila 491 115 107 19 Riyadh 486 138 108 8 Tianjin 477 132 109 11 Hangzhou 463 149 110 8 Dalian 455 152 111 NR Wuhan 420 NR

N.B. Bratislava, Xi'an, and Wuhan are the latest new entries, having not been included in the GFCI 27 ranking.

This report ranked 111 international financial centers into the following matrix, as of 25 September 2020:[6]

Level	Broad & deep Global Leaders	Relatively broad Global Diversified	Relatively deep Global Specialists	Emerging Global Contenders
Global	Beijing Dubai Geneva  Hong Kong London New York City San Francisco Shanghai Shenzhen  Singapore Tokyo	Amsterdam Brussels Chicago Dublin Frankfurt Los Angeles Moscow Paris Seoul Zürich	Abu Dhabi Chengdu Guangzhou Qingdao	Dalian GIFT City-Gujarat Hangzhou
Level	Broad & deep Established International	Relatively broad International Diversified	Relatively deep International Specialists	Emerging International Contenders
International	Athens Boston Budapest Busan Edinburgh Hamburg Milan Montreal Rome Stuttgart Tel Aviv Washington, D.C.	Istanbul Madrid Mexico City Munich Sydney Toronto Vienna	Almaty  Bermuda  British Virgin Islands Buenos Aires Casablanca  Cyprus Luxembourg  Mauritius Mumbai Nanjing  Panama Riga Taipei Vilnius	Doha Nur-Sultan Tianjin Wuhan
Level	Broad & deep Established Players	Relatively broad Local Diversified	Relatively deep Local Specialists	Emerging Evolving Centres
Local	Bangkok Calgary Glasgow Helsinki Kuala Lumpur Lisbon Melbourne Osaka Prague San Diego Santiago Stockholm Vancouver Warsaw Wellington	Copenhagen Johannesburg Oslo	Bahamas  Bahrain Baku  Barbados Bratislava  Cayman Islands  Gibraltar  Guernsey  Isle of Man  Jersey Kuwait City  Liechtenstein  Malta  Monaco Nairobi New Delhi Reykjavik Saint Petersburg Sofia Tallinn Tehran Xi'an	Cape Town Jakarta Manila Rio de Janeiro Riyadh São Paulo

This is run for five separate areas of competitiveness to assess how financial centres perform in each of the areas.[6]

Level	Business Environment	Human Capital	Infrastructure	Financial Sector Development	Reputational and General
1	New York City	New York City	New York City	New York City	New York City
2	London	London	London	London	London
3	Hong Kong	Hong Kong	Singapore	Singapore	Singapore
4	Singapore	Luxembourg	Tokyo	Zürich	Hong Kong
5	Frankfurt	Singapore	Hong Kong	Frankfurt	Oslo
6	Zürich	Shanghai	Geneva	Hong Kong	Tokyo
7	Chicago	Beijing	Zürich	Geneva	Paris
8	Geneva	Paris	Stockholm	Amsterdam	Dublin
9	Toronto	Chicago	Shanghai	Shanghai	Shanghai
10	Montréal	Dubai	San Francisco	Tokyo	Beijing
11	Oslo	Tokyo	Beijing	San Francisco	Zürich
12	Edinburgh	Brussels	Dubai	Paris	Amsterdam
13	Copenhagen	San Francisco	Paris	Dubai	Frankfurt
14	Amsterdam	Frankfurt	Sydney	Luxembourg	Edinburgh
15	Dublin	Los Angeles	Vancouver	Copenhagen	Sydney

This creates separate sub-indices: Banking, Investment Management, Insurance, Professional Services, and Government & Regulatory sectors.[1]

Level	Banking	Investment Management	Insurance	Professional Services	Government and Regulatory Sectors
1	New York City	New York City	Luxembourg	New York City	New York City
2	Shanghai	Shanghai	New York City	London	London
3	London	Singapore	London	Hong Kong	Luxembourg
4	Hong Kong	London	Singapore	Dubai	Hong Kong
5	Tokyo	Hong Kong	Zürich	Singapore	Singapore
6	Singapore	Beijing	Geneva	Shanghai	Shanghai
7	Beijing	Frankfurt	Frankfurt	Toronto	Tokyo
8	San Francisco	Toronto	Hong Kong	Geneva	Zürich
9	Geneva	San Francisco	Abu Dhabi	Frankfurt	Frankfurt
10	Shenzhen	Boston	Shanghai	Beijing	Los Angeles
11	Sydney	Dubai	Los Angeles	Zürich	Tel Aviv
12	Melbourne	Tokyo	Toronto	Tokyo	Beijing
13	Frankfurt	Luxembourg	Chicago	Tel Aviv	San Francisco
14	Paris	Shenzhen	Beijing	Sydney	Vilnius
15	Guangzhou	Zürich	Dubai	San Francisco	Geneva

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.

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

• "Launch Of The Global Financial Centres Index 28" on YouTube