The thirty-fifth edition of the Global Financial Centres Index (GFCI 35) evaluates the future competitiveness and rankings for 121 financial centres around the world.
133 financial centres were researched for GFCI 35 of which 121 are in the main index. The GFCI is compiled using 145 instrumental factors.
These quantitative measures are provided by third parties including the World Bank, the Economist Intelligence Unit, the OECD and the United Nations.
New York held onto the top position in the index and has now been in first place since GFCI 24, published in September 2018.
London remains second, ahead of Singapore in third place, which has maintained its slight lead over Hong Kong in fourth position.
San Francisco remains at number five, with Shanghai overtaking Los Angeles in sixth place, and the latter dropping to eighth.
Geneva climbed to seventh, with Chicago stable in ninth, and Seoul re-entered the top 10 in 10th place.
Middle East & Africa
There was a mix of results in this region, with Dubai and Abu Dhabi continuing to take the lead, followed by Casablanca, Tel Aviv, and Mauritius.
The average rating increase across this region was 2.16%.
Kigali gained 14 places, Cape Town 8, and Mauritius 7, with Doha falling by 10 and Riyadh by 9 places.
The top 30 centres in Middle East & Africa are shown in the table below.
Western Europe
London continues to lead in the region in second place globally, with six Western European centres featuring in the top 20 in GFCI 35.
Although the average rating increase across this region was only 0.9%, Reykjavik, Jersey, Glasgow, and Lugano gained significant ground in comparison with GFCI 34.
On the other hand, Helsinki, Vienna, Guernsey, Oslo, Milan, Stockholm, Amsterdam, Berlin, Munich, and Copenhagen declined in the rankings.
Asia/Pacific
The average increase in ratings for this region is 1.89%, with Singapore continuing to lead in the region, one rating point ahead of Hong Kong. Shanghai and Seoul also feature in the world top 10 at sixth and tenth respectively.
Beijing dropped 2 places, with Osaka, Bangkok, Jakarta, and Taipei also declining in the ratings.
All other centres in the region improved their ratings, notably Wellington (up 15 places), Melbourne (up 11), and Hoi Chi Minh City, which rose 12 places.
North America
New York, San Francisco, Los Angeles, and Chicago remain in the world top 10, with Los Angeles dropping by 2 places.
On average, ratings for centres in this region rose just 0.68%, the lowest average rating rise by region.
Washington DC, Boston, Atlanta, Miami, and Vancouver all declined in the rankings.
Eastern Europe & Central Asia
Astana remains in the lead position in the region. with Tallinn overtaking Prague to rank second.
The average rating increase across this region was 1.75%.
Almaty rose 11 places, with all other centres, aside from Tallinn, declining in the rankings.
Latin America & The Caribbean
This region saw the highest rating increase at 3.35%, with Cayman Islands, Sau Paulo, and Barbados leading and Sao Paulo up 21 rank places.
Barbados gained 11 places, and Rio de Janeiro 10, while the British Virgin Islands dropped 8 places and the Bahamas 6.
FinTech
New York retains its leading position in the Fintech ranking, followed by London, then San Francisco. Shenzhen maintains its fourth place in the table and Washington DC moved ahead to fifth place overtaking Singapore.
Seoul has joined Los Angeles, Singapore, Shanghai, and Chicago in the top 10 FinTech centres, replacing Beijing which has slipped to 11th position.
The top 30 centres in GFCI 35 are shown in the table below.
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