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, [7] and is widely quoted as a source for ranking financial centres. [2] [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 11, 2017, the top centres worldwide are: [8]

N.B. Wellington, Hamburg, Chengdu, and Buenos Aires are the latest new entries, having not been included in the GFCI 21 ranking.

Financial centre profiles

This report ranked all 92 international financial centers into the following matrix, as of 11 September 2017: [8]

Level Broad & deep Global Leaders Relatively broad Global Diversified Relatively deep Global Specialists Emerging Global Contenders
Global Abu Dhabi Beijing Dubai Frankfurt Geneva Hong Kong London New York City Paris Shanghai Singapore Sydney Tokyo Toronto Zürich Amsterdam Dublin Moscow Washington, D.C. Luxembourg Shenzhen Qingdao
Level Broad & deep Established Transnational Relatively broad Transnational Diversified Relatively deep Transnational Specialists Emerging Transnational Contenders
Transnational Boston Chicago Johannesburg Los Angeles Melbourne Montreal San Francisco Seoul Stockholm Vancouver Bangkok Brussels Busan Copenhagen Edinburgh Istanbul Kuala Lumpur Madrid Milan Munich Rome British Virgin Islands Casablanca Cayman Islands Dalian Guangzhou Jersey Almaty Bahamas Doha Gibraltar Isle of Man
Level Broad & deep Established Players Relatively broad Local Diversified Relatively deep Local Specialists Emerging Evolving Centres
Local Hamburg Osaka Prague Tallinn Tel Aviv Vienna Warsaw Wellington Athens Budapest Calgary Glasgow Helsinki Lisbon Mexico City Oslo Rio de Janeiro São Paulo Bermuda Chengdu Guernsey Liechtenstein Riga Taipei Trinidad and Tobago Bahrain Buenos Aires Cyprus Jakarta Malta Manila Mauritius Monaco Mumbai Panama Reykjavik Riyadh Saint Petersburg

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.

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