20 March 2011

Global Financial Centres Index: London outshines Swiss cities for competitiveness

The main headlines of GFCI 9 are:

• there remains no significant difference between London, New York and Hong Kong in the GFCI 9 ratings; respondents continue to believe that these centres work together for mutual benefit;

• confidence amongst financial services professionals has fallen since GFCI 8, as shown by lower overall ratings – 47 centres have lower ratings in GFCI 9with only 25 centres rated higher (three centres have the same ratings as in GFCI 8). Chart 1 shows the decline in overall ratings.

• Asia continues to exhibit enhanced competitiveness with eight centres in the top twenty (against six North American centres and five European ones). In GFCI 1 (March 2007) there were just three Asian centres in the top twenty. Seoul was the largest riser moving into 16th place, up 25 points in the ratings;

• when questioned about which financial centres are likely to become more significant in the next few years, the top five centres mentioned are all Asian – Shanghai, Singapore, Seoul, Hong Kong and Beijing. Asian cities also fill the top six places when respondents indicate where their organisations are most likely to open new offices.

Press release (Financial News – subscription needed)

Full report

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