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News : Global Economy Last Updated: Mar 26, 2015 - 7:33 AM


New York, London, HK & Singapore top global financial centres index; Dublin recovers
By Michael Hennigan, Finfacts founder and editor
Mar 23, 2015 - 8:53 AM

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New York, London, Hong Kong, and Singapore remain the four leading global financial centres. All four centres gained points and retain their relative ranks in a biannual global financial centres index. New York remains the top centre, though by only one point on the 1,000 point scale. Tokyo, in fifth place, is 32 points behind the leaders.

Dublin's financial services centre climbed furthest, up 18 places to 52nd. This reverses some significant falls over past years. Prior to 2010, Dublin was always within the top 30 GFCI centres and in 2008 it was within the top 20 centres. Other notable rises include Bermuda up 17 places, the Cayman Islands up 15 places, and the British Virgin Islands up 13 places.

Today in Busan, Korea, Z/Yen Group published the seventeenth Global Financial Centres Index (GFCI 17) sponsored by the Qatar Financial Centre Authority. The index rates 82 financial centres.

Western European centres are a mixed bunch. The top five European centres are in the same rank order as in GFCI 16 ­ London, Zurich, Geneva, Luxembourg, and Frankfurt. Dublin sees the largest increase in ratings. The Channel Islands regain ground lost in GFCI 16. Rome, Madrid, Lisbon, and Reykjavik languish as the Eurozone crisis continues.

Eastern European and Central Asian centres decline. Istanbul, Almaty, Prague and Warsaw all saw their ratings decline. Uncertainty in Ukraine has undoubtedly cast a shadow over this region. Eleven of the top twelve Asia/Pacific centres see a rise in their ratings and rankings. Busan had the largest rise, followed by Shenzhen and Taipei. The Chinese centres all rose. Dalian, a new addition to the index, entered in 51st place.

Ireland: Financial services 'strategy' a menu of 30 steps; 24,000 or 35,000 jobs?

GFCI 17 uses 28,494 financial centre assessments completed by 3,527 financial services professionals. Since 2007, well over 120,000 assessments from over 9,500 respondents have built the index. GFCI is updated regularly and ratings change as assessments and instrumental factors change.

Mark Yeandle, associate director at the Z/Yen Group, a London consultancy, and the author of the GFCI said "The average rating of the top five Asian centres is now higher than the average rating of the top five Western centres". The variance of the ratings is also shrinking rapidly ­ things are certainly getting more competitive."

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