New York Ranks First in the List of World’s Top Financial Centres

New York Ranks First in the List of World’s Top Financial Centres

New York is the top financial centre in the world, says a list released by think-tank Z/Yen. The list of top 10 financial centres includes London, Singapore, Hong Kong, San Francisco, Los Angeles, Shanghai, Chicago, Boston and Seoul. Mumbai stands 61st in the list, followed by New Delhi at 65th position and Gujarat’s GIFT City at 67th rank.

Published on 23 March 2023, the thirty-third edition of the Global Financial Centres Index (GFCI 33) evaluated future competitiveness and rankings for 120 financial centres around the world. An initiative of China Development Institute (CDI), Shenzhen and Z/Yen Partners, London, the researchers studied 130 financial centres of which 120 financial centres are in the main index. The GFCI is compiled using 153 instrumental factors. These quantitative measures are provided by third parties, including the World Bank, the Economist Intelligence Unit, the OECD and the United Nations.

Ranking at third place in the list, Singapore has maintained its slight lead over Hong Kong in fourth position. Chicago, Boston, and Seoul have entered the top 10, replacing Paris, Shenzhen, and Beijing. Seven Western European centres feature in the top 20 in GFCI 33. Only Guernsey and Reykjavik rose 10 or more places in the rankings.

In the Middle East and Africa region, Dubai and Abu Dhabi continue to take first and second places. Casablanca is the leading financial centre in Africa. Mauritius and Riyadh have gained 10 or more places in the rankings.