Financial centers are a fundamental pillar of the modern economy, channeling capital, facilitating trade and stimulating innovation around the world.
A visualcapitalist.com analysis presents the 40 most competitive financial centers in the world (out of a total of 119 analyzed), according to the 37th edition of the Global Financial Centers Index (GFCI 37). The GFCI 37 was created by analyzing 140 quantitative measures from sources such as the World Bank, OECD and UN. These measures are combined with ratings collected from respondents to an online GFCI survey. In total, the GFCI 37 used 31,314 ratings from 4,946 respondents.
According to the cited source, little has changed at the top of the ranking, with New York, London and Hong Kong continuing their long-standing dominance. Thus, New York, located in first place, has a GFCI rating of 769, London, which occupies second place, a rating of 762, and Hong Kong, the center in third place, 760. Next, up to 20th place, are Singapore (750), San Francisco (749), Chicago (746), Los Angeles (745), Shanghai (744), Shenzhen (743), Seoul (742), Frankfurt (741), Dubai (740), Washington DC (739), Dublin (738), Geneva (737), Luxembourg (736), Paris (735), Amsterdam (734), Boston (733), Beijing (732).
Places 21-30 look like this: Zurich (731), Tokyo (730), Toronto (729), Busan (728), Jersey (727), Miami (726), Montreal (725), Melbourne (724), Edinburgh (723), Sydney (722).
The quantitative measures used in the GFCI model are grouped into five areas of competitiveness: business environment - transparency and stability of systems, complexity of regulations; human capital - access to qualified professionals, investment in education; infrastructure - quality of physical and digital infrastructure; financial sector development - accessibility to customers, development of digital solutions; reputation - reliability of legal and regulatory systems.
• North America has four financial centers in the Top 10
The cited source highlights that North America has four centers in the Top 10: New York, San Francisco, Chicago and Los Angeles. In the region, the centers that have recorded the most improvements are Miami and Vancouver, both climbing more than ten places in the ranking.
At the same time, the average rating in Western Europe increased by 2.14%, and London is the dominant center of the region, with seven other cities included in the Top 20. Asia-Pacific has six centers in the Top 20, four belonging to China (Hong Kong, Shanghai, Shenzhen, Beijing). Elsewhere in Asia-Pacific, Hangzhou, New Delhi, Kuala Lumpur, Ho Chi Minh City and Manila all climbed six or more places in the rankings.
In the Middle East and Africa, the main centres are Dubai and Abu Dhabi, with Dubai climbing four places to 12th in the GFCI 37 Index. In contrast, Tel Aviv, Kuwait City and Johannesburg each fell more than 10 places.
In Latin America and the Caribbean, Sao Paulo climbed seven places this year, becoming the leading financial centre in the region.
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