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London holds onto top spot in financial centres index

The 9th Global Financial Centres Index (GFCI 9) released this month provides profiles and ranking for 75 financial centres throughout the world. The biannual report found the top five centres to be London, New York, Hong Kong, Singapore and Shanghai, respectively. 

Thursday, March 24, 2011
Thursday, March 24, 2011

The Global Financial Centres Index (GFCI) provides profiles, ratings and rankings for 75 financial centres, drawing on two separate sources of data–instrumental factors (external indices) and responses to an online survey.

The GFCI was first produced by Z/Yen Group in March 2007 and has subsequently been updated every six months. This is the 9th edition of GFCI (GFCI 9).

The report found that there remains no significant difference in ratings of London (775), New York (769) and Hong Kong (759), with respondents generally believing that these major centres continue to work well together for mutual benefit.

Confidence amongst financial services professionals, however, has fallen since the previous report, as shown by lower overall ratings–47 centres have lower ratings in GFCI 9, with only 25 centres rated higher (three centres have the same ratings as in GFCI 8).

The report also found that Asia continues to exhibit enhanced competitiveness, with eight centres in the top 20 (against six North American centres and five European ones). In GFCI 1 (March 2007) there were just three Asian centres in the top 20. Seoul was the largest riser moving into 16th place, up 25 points.

Respondents also noted that they expected Asian centres to become more significant in the next few years, especially Beijing, Shanghai, Seoul, Singapore and Hong Kong. These cities were also named as being the places where respondents were most likely to open new branch offices.

In the offshore environment, all centres (with the exception of the British Virgin Islands) fell further than the average, continuing a trend since the financial crises began. Jersey and Guernsey remain the leading offshore centres.

Download or view the full GFCI 9 report here.

The "2011 Futurewealth Report: The Essence of Success" released by Scorpio Partnership in conjunction with Standard Chartered Private Bank and SEI (NASDAQ: SEIC) captures insight from 1,800 high-net-worth individuals who are on the fast track to generating wealth and identifies what it takes to be financially successful. The report is part of the ongoing Futurewealth Project undertaken by Scorpio Partnership. The project is a long-term initiative to uncover the attitudes and aspirations of wealth creators around the world. Download the full report here.

Private international school thanks parents, benefactors and friends for contributions reaching $1 million in 2009-10. The report details recent spending on enhanced programmes, capital improvements, technology and scholarships.

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