Ranking of financial centers in the world

Established financial centers have lost some of their luster in the last decade, conformable Global Financial Centers Index from UK research initiative Long Financewhich has ranked cities for the competitiveness of their financial industries since 2007.

Especially London, whose competitiveness was affected by Brexit, lost pointsbut so are New York and Hong Kong.

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Shanghai and Shenzhen are among the top 10 financial centers in the world. The Chinese locations have been a bit of a roller coaster ride in the last 10 yearswhich is about as long as they have established themselves among the world’s top financial centers. In Long Finance’s first ranking in 2007, both cities ranked only 24th and 36th respectively. Several Chinese cities have recently been added to the rankings and some have also been surprised up. The coastal city of Qingdao, for example, scored 708 points in 2024up from 594 in 2016. Following the Great Depression, US financial centers other than New York fell in the rankings but have since recovered.

Several Asian cities are now trying to make the leap to the top of the list of global financial centers. South Korean capital Seoul, currently ranked 11th, has invested more than $200 million over five years to strengthen the city’s position as a financial center. The plan aims to attract more than 250 foreign financial firms and $30 billion in foreign direct investment by 2030. according to the Korea Herald.

The Long Finance ranking takes into account business environment, financial sector development, infrastructure, human capital and reputational factors, among others.

By Zerohedge.com

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