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. The first index was published in March 2007. It has been jointly published twice per year by Z/Yen Group in London and the China Development Institute in Shenzhen since 2015,[1] and is widely quoted as a source for ranking financial centres.[2][3][4][5]


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 12, 2018, the top centres worldwide are:[6]

N.B. Cape Town, GIFT City-Gujarat, Hangzhou, and Sofia are the latest new entries, having not been included in the GFCI 23 ranking.

Financial centre profiles

This report ranked all 100 international financial centers into the following matrix, as of 12 September 2018:[6]

Level Broad & deep
Global Leaders
Relatively broad
Global Diversified
Relatively deep
Global Specialists
Global Contenders
Global United Arab Emirates Abu Dhabi
China Beijing
United Arab Emirates Dubai
 Hong Kong
United Kingdom London
United States New York City
France Paris
China Shanghai
Australia Sydney
Japan Tokyo
Canada Toronto
Switzerland Zürich
Netherlands Amsterdam
Belgium Brussels
United States Chicago
Republic of Ireland Dublin
Germany Frankfurt
Italy Milan
Russia Moscow
United States San Francisco
South Korea Seoul
United States Washington, D.C.
Kazakhstan Astana
China Shenzhen
Luxembourg Luxembourg
China Qingdao
Level Broad & deep
Established International
Relatively broad
International Diversified
Relatively deep
International Specialists
International Contenders
International Thailand Bangkok
United States Boston
Canada Calgary
Switzerland Geneva
Turkey Istanbul
Malaysia Kuala Lumpur
United States Los Angeles
Australia Melbourne
Canada Montreal
Brazil Rio de Janeiro
Canada Vancouver
Denmark Copenhagen
United Kingdom Edinburgh
Germany Hamburg
South Africa Johannesburg
Spain Madrid
Germany Munich
Sweden Stockholm
Poland Warsaw
Kazakhstan Almaty
 British Virgin Islands
Morocco Casablanca
 Cayman Islands
Qatar Doha
China Guangzhou
India New Delhi
Taiwan Taipei
South Korea Busan
China Chengdu
India GIFT City-Gujarat
China Dalian
Level Broad & deep
Established Players
Relatively broad
Local Diversified
Relatively deep
Local Specialists
Evolving Centres
Local Hungary Budapest
Argentina Buenos Aires
United Kingdom Glasgow
Mexico Mexico City
Japan Osaka
Czech Republic Prague
Italy Rome
Brazil São Paulo
Israel Tel Aviv
New Zealand Wellington
Greece Athens
Finland Helsinki
Portugal Lisbon
India Mumbai
Norway Oslo
Austria Vienna
South Africa Cape Town
 Isle of Man
Philippines Manila
Bulgaria Sofia
Russia Saint Petersburg
Estonia Tallinn
Azerbaijan Baku
China Hangzhou
Indonesia Jakarta
Iceland Reykjavik
Latvia Riga
Saudi Arabia Riyadh
China Tianjin
 Trinidad and Tobago

Key areas

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

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


  1. ^
  2. ^ 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 2015.
  3. ^ "New York Strips London of Mantle as World's Top Financial Center". Bloomberg L.P. 17 March 2014. Retrieved 2015.
  4. ^ "New York and London vie for crown of world's top financial centre". The Financial Times. 1 October 2014. Retrieved 2015.
  5. ^ "Seoul's Rise as a Global Financial Center". The Korea Society. 21 September 2012. Retrieved 2015.
  6. ^ a b "The Global Financial Centres Index 24" (PDF). Long Finance. September 2018.

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