The Global
Financial Centres
Index 34
September 2023

Financial Centre Futures

In March 2007, Z/Yen and the City Of London released the first edition of the GFCI, which continues toprovide evaluations of competitiveness and rankings for the major financial centres around the world.
We are pleased to present the thirty-fourth edition of the Global Financial Centres Index (GFCI 34).

In July 2016, Z/Yen and the China Development Institute (CDI) in Shenzhen established a strategic
partnership for research into financial centres. We continue our collaboration in producing the GFCI.
The GFCI is updated every March and September and receives considerable attention from the global
financial community. The index serves as a valuable reference for policy and investment decisions.
Z/Yen is the City of London's leading commercial think-tank, founded in 1994 to promote societal
advance through better finance and technology. Z/Yen has built its practice around a core of highpowered project managers, supported by experienced technical specialists so that clients get expertisethey need, rather than just resources available.
The CDI is a leading national think-tank that develops solutions to public policy challenges throughbroad-scope and in-depth research to help advance China’s reform and opening-up to world markets.
The CDI has been working on the promotion and development of China’s financial system since its
establishment in 1989. Based on rigorous research and objective analysis, CDI is committed toproviding innovative and pragmatic reports for governments at different levels in China andcorporations at home and abroad.
The authors of this report, Mike Wardle andProfessor Michael Mainelli, would like to thankBikash Kharel, Sasha Davis, Molly Homer, Carol Feng,
Peng Yu, and the rest of the GFCI team for theircontributions with research, modelling, and ideas.

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Global Financial Centres Index 34

Foreword
Global financial centres play a pivotal role in bringing together global capital, facilitating cultural
exchanges, and acting as essential hubs for countries to enhance international cooperation and foster
new avenues of growth. Presently, the development of global financial centres bears substantial realworld significance within the broader context of humanity’s collaborative response to global
challenges, the pursuit of a world marked by shared prosperity, and the shaping of a brighter future.
The Global Financial Centres Index (GFCI), refreshed every six months, has emerged as a “barometer”
of the development of global financial centres, receiving wide attention from diverse segments ofsociety. Recent editions of the GFCI reveal that, while grappling with challenges such as theconsequences of the COVID-19 pandemic and the geopolitical conflict between Russia and Ukraine, thepath to global economic recovery remains uncertain and fraught with complexities. Nonetheless, theoverall ratings of global financial centres have been on an upward trajectory, with the rankings ofleading financial centres stabilizing, and growing optimism regarding their future development.
In recent years, China’s financial centres have embarked on a continuous journey of deepening
financial reforms, promoting high-level financial opening, and supporting the growth of the real
economy. They have enthusiastically welcomed investment and talent from around the world. Amongthe world’s three major economies, the second quarter of 2023 witnessed a year-on-year GDP growthrate of 2.1% for the United States, 6.3% for China, and 0.6% for Eurozone countries. This points tosubstantial development potential of China’s financial centres.
The Guangdong-Hong Kong-Macao Greater Bay Area, situated along China’s southern coastline, hasbeen a pioneering force in China’s journey of reform and opening up. It stands as a hub of modern
service industries and advanced manufacturing. In the foreseeable future, significant financial demands
are anticipated in domains such as regional development, technological innovation, industrial
upgrading, and wealth management. The Greater Bay Area is home to three major global financial
centres—Hong Kong, Shenzhen, and Guangzhou—offering a diverse cultural environment, abundant
market prospects, and exceptional historical opportunities for global financial institutions andinvestors.

Dr Liu Guohong
Vice President
China Development Institutewww.zyen.com

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Global Financial Centres Index 34

GFCI 34 Summary & Headlines
Overview
We researched 132 financial centres for this edition of the Global Financial Centres Index (GFCI 34).
The number of centres in the main index has increased to 121, with the inclusion of Miami. There are
11 associate centres awaiting potential inclusion in the main index.

The average rating of centres in the index rose 3.63% compared with GFCI 33, with all but twocentres improving in the ratings. This suggests growing confidence in financial centres and the world
economy, notwithstanding the challenges caused by continued supply chain difficulties and theinstability caused by the continuing war in Ukraine.
US centres performed well, with five US centres in the top 10, reflecting the strength of the US
economy. Leading Chinese centres were stable in the rankings. London retains its position in second
place in the index.
Financial centres continue to focus on key priorities, including sustainable finance looking ahead to
COP 28, the development of skills, and the impact of digital technology. These areas are driving
changes to regulatory and development systems. We report in this edition on the strategies needed
to develop the talent pool, with the highest number of respondents to the GFCI survey saying that
continuing professional development is important in ensuring the future strength of talent in the
sector.
GFCI 34 Results
Leading Centres• New York leads the index, with London second, ahead of Singapore in third place, which has
maintained its slight lead over Hong Kong in fourth position.
• Washington DC and Geneva entered the top 10 in this edition, replacing Seoul and Boston.

Western Europe• London continues to lead in the region in second place globally, and gained a little ground on New
York in the ratings.
• Seven Western European centres feature in the top 20 in GFCI 34.
• All but one centre in the region improved their rating, with the average rating for the region 3.17%
higher than in GFCI 33.
• Geneva, Dublin, Isle of Man, Reykjavik, Liechtenstein, and Gibraltar rose 10 or more places in the
rankings.
Asia/Pacific• Asia/Pacific centres performed well in GCI 34, with an average increase in ratings of 3.7%, and withall centres improving in the ratings.
• Singapore continues to lead the region, one rating point ahead of Hong Kong. Shanghai also
features in the world top 10.
• Leading Chinese centres were stable in the rankings, but many other centres in China rose in the
rankings, while outside China, five centres fell 10 or more places in the rankings.

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Global Financial Centres Index 34

North America• Washington DC joined New York, San Francisco, Chicago, and Los Angeles in the world top 10 in thisedition of the index.
• Average ratings rose 9.64% in the region, with all centres improving their rating.
• Miami entered the index for the first time in 24th position.
Eastern Europe & Central Asia
• Astana takes the lead position in the region with Prague and Tallinn in second and third position.
• 11 of 16 centres in the region fell in the rankings in GFCI 34, continuing the trend from the last three
editions of the index.
Middle East & Africa• All centres in the region improved their ratings, with Dubai and Abu Dhabi continuing to take firstand second places in the region.
• Casablanca continues to be the leading African centre, and is third in the region, overtaking Tel Aviv.
• Mauritius, Riyadh, Kigali, Kuwait City, and Nairobi gained 10 or more places in the rankings.
Latin America & The Caribbean• For the third edition of the GFCI in a row, the majority of centres in the region fell in the rankings
although all centres improved their ratings.
• Cayman Islands, Santiago, and Barbados lead the region, with Barbados up 22 rank places.
• Santiago, Bermuda, and Mexico City fell 10 or more places in the rankings.
FinTech• We are able to assess 115 centres for their Fintech offering.
• New York retains its leading position in the Fintech ranking, followed by London, which overtook San
Francisco to take second position. Shenzhen maintained its fourth place in the table.
• Beijing has joined Singapore, Los Angeles, Washington DC, Shanghai, and Chicago in the top 10,
replacing Boston.
• There was a fair amount of dynamism in the rankings, with 22 centres rising 10 or more places in the
FinTech ranking and 29 centres falling 10 or more places.
GFCI 34• GFCI 34 was compiled using 147 instrumental factors. These quantitative measures are provided bythird parties including the World Bank, The Economist Intelligence Unit, the OECD, and the UN.
Details can be found in Appendix 4.
• The instrumental factors were combined with 53,789 assessments of financial centres provided by
9,097 respondents to the GFCI online questionnaire. A breakdown of the respondents is shown inAppendix 2.
• Further details of the methodology behind GFCI 34 are in Appendix 3.

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Global Financial Centres Index 34
Table 1 | GFCI 34 Ranks And Ratings

New York
LondonSingapore
Hong Kong
San Francisco
Los Angeles
Shanghai
Washington DC
ChicagoGenevaSeoul
ShenzhenBeijingFrankfurt
Paris
Luxembourg
BostonZurichAmsterdam
Tokyo
Dubai
SydneyBerlinMiami
DublinMunichSan Diego
Minneapolis / St Paul
Guangzhou

Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29

Rating
763
744
742
741
735
734
733
732
731
730
729
728
727
726
725
724
723
722
721
720
719
718
714
713
712
711
710
709
708

Rank
1
2
3
4
5
6
7
11
8
23
10
12
13
17
14
19
9
20
16
21
22
15
26
New
48
18
39
29
34

Rating
760
731
723
722
721
719
717
713
716
701
714
712
711
707
710
705
715
704
708
703
702
709
698
New
676
706
685
695
690

Change In
Rank
0
0
0
0
0
0
0
▲3
▼1
▲13
▼1
0
0
▲3
▼1
▲3
▼8
▲2
▼3
▲1
▲1
▼7
▲3
New
▲23
▼8
▲12
▲1
▲5

Change In
Rating
▲3
▲13
▲19
▲19
▲14
▲15
▲16
▲19
▲15
▲29
▲15
▲16
▲16
▲19
▲15
▲19
▲8
▲18
▲13
▲17
▲17
▲9
▲16
New
▲36
▲5
▲25
▲14
▲18

Toronto

30

707

25

699

▼5

▲8

Copenhagen
QingdaoBusan
Edinburgh
Abu Dhabi
AtlantaVancouverMontreal
Melbourne
Stockholm
Calgary
Oslo
Osaka
Chengdu
Milan
Stuttgart
LuganoMadridHamburg
Helsinki
Glasgow
JerseyBrusselsCasablanca
Rome
Wellington
Tel Aviv
Guernsey
Isle of Man
AstanaVienna

31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61

706
705
704
703
702
701
700
699
698
697
696
695
694
693
692
691
690
689
688
687
686
684
683
682
681
680
679
678
676
674
673

24
36
37
27
35
30
32
42
28
31
46
33
38
44
50
47
56
40
43
41
45
60
49
57
54
52
53
59
85
66
51

700
688
687
697
689
694
692
682
696
693
678
691
686
680
674
677
668
684
681
683
679
632
675
642
670
672
671
633
606
626
673

▼7
▲4
▲4
▼7
0
▼6
▼5
▲4
▼11
▼9
▲5
▼9
▼5
0
▲5
▲1
▲9
▼8
▼6
▼9
▼6
▲8
▼4
▲3
▼1
▼4
▼4
▲1
▲26
▲6
▼10

▲6
▲17
▲17
▲6
▲13
▲7
▲8
▲17
▲2
▲4
▲18
▲4
▲8
▲13
▲18
▲14
▲22
▲5
▲7
▲4
▲7
▲52
▲8
▲40
▲11
▲8
▲8
▲45
▲70
▲48
0

Centrewww.zyen.com

GFCI 34

GFCI 33

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Global Financial Centres Index 34
Table 1 (continued) | GFCI 34 Ranks And Ratings
CentreGIFT City-Gujarat
Reykjavik
DalianNanjing
MumbaiTaipei
Mauritius
Tianjin
Liechtenstein
Malta
Cayman Islands
LisbonBahrainRiyadhHangzhou
New Delhi
Doha
PragueKuala Lumpur
Kigali
Kuwait City
Johannesburg
MonacoGibraltar
Bangkok
Tallinn
Santiago
Riga
Nairobi
Cape Town
Warsaw
CyprusXi'an
JakartaAthensVilniusBarbados
British Virgin Islands
Wuhan
Sofia
ManilaLagos
Rio de Janeiro
BahamasSao Paulo
Budapest
BermudaAlmatyIstanbul
PanamaBratislava
Mexico City
Moscow
TehranBaku
BogotaSt Petersburg
Trinidad and Tobago
Ho Chi Minh City
Buenos Aires

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GFCI 34
Rank
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121

GFCI 33
Rating
672
671
670
669
668
667
666
665
664
663
662
661
660
659
658
657
656
654
653
651
646
642
641
639
635
633
631
630
629
628
626
625
623
622
621
620
619
618
616
615
614
613
612
611
608
606
605
604
603
602
601
595
593
591
586
583
581
578
577
563

Rank
67
76
72
75
61
63
81
79
89
62
74
55
82
88
80
65
64
68
58
98
102
69
92
104
71
94
77
95
103
73
70
78
105
83
84
106
120
107
111
91
108
109
100
114
99
101
87
96
90
110
93
97
86
118
116
113
115
119
112
117

5

Rating
625
616
620
617
631
629
610
612
602
630
618
669
609
603
611
627
628
624
641
593
589
623
599
587
621
597
615
596
588
619
622
614
586
608
607
585
541
584
571
600
583
577
591
564
592
590
604
595
601
572
598
594
605
549
558
566
563
547
567
557

Change In

Change In

Rank
▲5
▲13
▲8
▲10
▼5
▼4
▲13
▲10
▲19
▼9
▲2
▼18
▲8
▲13
▲4
▼12
▼14
▼11
▼22
▲17
▲20
▼14
▲8
▲19
▼15
▲7
▼11
▲6
▲13
▼18
▼22
▼15
▲11
▼12
▼12
▲9
▲22
▲8
▲11
▼10
▲6
▲6
▼4
▲9
▼7
▼6
▼21
▼13
▼20
▼1
▼19
▼16
▼28
▲3
0
▼4
▼3
0
▼8
▼4

Rating
▲47
▲55
▲50
▲52
▲37
▲38
▲56
▲53
▲62
▲33
▲44
▼8
▲51
▲56
▲47
▲30
▲28
▲30
▲12
▲58
▲57
▲19
▲42
▲52
▲14
▲36
▲16
▲34
▲41
▲9
▲4
▲11
▲37
▲14
▲14
▲35
▲78
▲34
▲45
▲15
▲31
▲36
▲21
▲47
▲16
▲16
▲1
▲9
▲2
▲30
▲3
▲1
▼12
▲42
▲28
▲17
▲18
▲31
▲10
▲6

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Global Financial Centres Index 34

Associate Centres

We track centres that have yet to achieve the number of assessments required to be listed in the main
GFCI index. Eleven centres fall into this ‘associate centres’ category, with Karachi and Gothenburgclosest to receiving the 150 assessments required to be listed in the index.
Table 2 | GFCI 34 Associate Centres
CentreNumber Of Assessments In The
Last 24 Months

Mean Of Assessments

109
72
69
58
55
55
46
40
39
18
16

600
650
568
741
587
705
539
590
556
467
581

Karachi
Gothenburg
Turks and Caicos
LabuanAndorraPhiladelphia
Tashkent
Chisinau
KaunasAbuja
Bishkek
Regional Performance

The mean rating of the top five North American centres remains just ahead of the same measure forthe leading Asia/Pacific centres in GFCI 34. Leading Western European centres follow close behind. The
average ratings for the leading centres in all regions recovered compared with GFCI 33, with all regions
improving on this measure.
Chart 1 | Average Ratings Of The Top Five Centres In Each Region

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Global Financial Centres Index 34

The Top Five Centres

New York continues to have a clear lead over second place London in the index. Singapore and Hong
Kong rank third and fourth with only one point separating them. San Francisco held on to fifth place,just six points below Hong Kong.
Chart 2 | The Top Five Centres - GFCI Ratings Over Time

“City reputation and branding are significant factors
influencing the competitiveness of financial centres. The
reputation and branding of a city play a crucial role in thecompetitiveness of financial centres. A positive city
reputation, built through factors such as safety, stability,
cultural offerings, and quality of life can attract businesses,
professionals, and investors. A strong brand identity thataligns with the values and strengths of the financial centre
further enhances its appeal.”
REGIONAL BUSINESS DEVELOPMENT DIRECTOR, FINTECH FIRM, CASABLANCA

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Global Financial Centres Index 34

Future Prospects
The GFCI questionnaire asks respondents which centres they consider will become more significant
over the next two to three years. Seven of the top 15 centres in this group are in the Asia/Pacificregion.
Table 3 | The 15 Centres Likely To Become More Significant

CentreMentions in last 24 months

Seoul

176

Singapore

61

Dubai

56

Hong Kong

50

London47

Shanghai

32

Busan

30

New York

30

Casablanca

29

Paris

24

Abu Dhabi

21

Kigali21

Beijing18

Shenzhen17Frankfurt

16“The foundation of a broad, skilled talent pool frommainstream education and existing financial clusters remains
important, but the pace of change - for example in green
finance and fintech - is such that the ability to quickly andflexibly upskill and reskill the existing workforce is becoming
ever more important for competitiveness. This is an area
where some of the emerging centres are creating a major
unique selling point.”
DIRECTOR OF POLICY AND COMMUNICATIONS, TRADE ASSOCIATION, EDINBURGH

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Global Financial Centres Index 34

Areas Of CompetitivenessThe instrumental factors used in the GFCI model are grouped into five broad areas of competitiveness:
Business Environment, Human Capital, Infrastructure, Financial Sector Development, and Reputation.
These areas and the instrumental factor groups which comprise each area are shown in Chart 3.
Chart 3 | GFCI Areas Of Competitiveness“Labuan IBFC has a robust and comprehensive regulatory
framework and complies with global standards and bestpractices advocated by international standard setting bodies,particularly in the areas of strengthening supervision andregulation and enhancing transparency, as well as exchange
of information. This also includes strengthening Anti-Money
Laundering and Counter Terrorism (AML/CFT) standards touphold the integrity of the Labuan IBFC.”SENIOR EXECUTIVE, REGULATORY BODY, LABUAN

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Global Financial Centres Index 34

To assess how financial centres perform in each of these areas, the GFCI factor assessment model isrun separately for each of the five areas of competitiveness. New York takes the lead position in all fiveareas and Singapore and London share second places. Hong Kong, Beijing, San Francisco, Washington
DC, Luxembourg, and Shenzhen all feature in the top five in one or more of the areas ofcompetitiveness.
Table 4 | GFCI 34 Top 15 Centres By Area Of Competitiveness
Rank

Business Environment

Human Capital

Infrastructure

Financial Sector
Development

Reputational &General1

New York

New York

New York

New York

New York

2

Singapore

LondonSingapore

Singapore

London3

LondonSingapore

LondonLondonSingapore

4

Hong Kong

Hong Kong

Washington DC

Hong Kong

Hong Kong

5

Beijing

San Francisco

Luxembourg

Shenzhen

San Francisco

6

Shanghai

Washington DC

Shenzhen

Shanghai

Washington DC

7

Washington DC

ShanghaiHong Kong

Frankfurt

Shanghai

8

Amsterdam

Seoul

Seoul

Beijing

Seoul

9

San Francisco

Beijing

Beijing

Los Angeles

Beijing

10

Los Angeles

Los Angeles

ShanghaiLuxembourg

Los Angeles

11

ZurichChicagoFrankfurt

Washington DC

Chicago12

Luxembourg

ZurichSan Francisco

San Francisco

Zurich13Frankfurt

Tokyo

Amsterdam

Boston

Tokyo

14

Paris

BostonSydneySeoul

Boston15

ChicagoGenevaLos Angeles

ChicagoGeneva“Clearly Switzerland has a real advantage in terms ofregulatory environment and low levels of corruption.”
FINANCIAL INSTITUTIONS GROUP BANKER, BANKING, ZURICH

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Global Financial Centres Index 34

Industry Sectors
We investigate the differing assessments for relevant industry sectors by building the index
separately using only the responses provided by people working in those industries. This creates
separate sub-indices for Banking, Investment Management, Insurance, Professional Services,
Government & Regulatory, Finance, FinTech, and Trading.

Just as in the areas of competitiveness, New York continues to rank first in every category, with
London second in five sub-indices, and Singapore and Shenzhen taking the other second places.
Leading centres perform well across a range of industry sectors, with Shanghai, Beijing, Hong Kong,
Seoul, Washington DC, Zurich, and Los Angeles also featuring in the top five in one or more of thesectors.
Table 5 | GFCI 34 Top 15 Centres by Industry Sector

Rank

Banking

Investment
Management

Insurance

Professional Government
Services& Regulatory

Finance

FinTechTrading

1

New York

New York

New York

New York

New York

New York

New York

New York

2

ShenzhenLondonLondonSingapore

LondonLondonLondonSingapore3

ShanghaiSingapore

ShenzhenLondonWashington
DC

ShanghaiSingapore

Los Angeles

4

BeijingShanghaiSingapore

Hong Kong

Singapore

ShenzhenHong Kong

London5

LondonBeijingShanghai

Seoul

Seoul

Beijing

ZurichBeijing

6

Singapore

ShenzhenBeijing

Washington
DC

Tokyo

Hong Kong

San Francisco

Seoul

7

Luxembourg

Hong Kong

Los Angeles San Francisco San Francisco San FranciscoFrankfurt

Washington
DC8Hong Kong

GenevaHong Kong

Los Angeles

ShanghaiSingapore

Amsterdam San Francisco

9

Los Angeles San Francisco

BostonLuxembourg

Frankfurt

Washington
DC

10

Washington
DC

Shanghai

Los Angeles

Luxembourg Copenhagen

Hong Kong

11

San Francisco

ChicagoGenevaGenevaHong Kong

Frankfurt

Dubai

Shenzhen

12

GenevaZurichSydneyChicagoLuxembourg

Los Angeles

Washington
DC

Tokyo

13

Chicago

Dubai

Seoul

Frankfurt

ChicagoChicagoGenevaChicago14

BostonLuxembourg

Washington
DC

BostonZurichAmsterdam

BerlinBoston15

Paris

Boston

Miami

Dubai

BostonBerlinShanghai

Miami

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Global Financial Centres Index 34

Size Of Organisation
We have analysed how the leading centres in the index are viewed by respondents working fororganisations of different sizes. Among the top five centres, New York leads across respondents fromall sizes of organisation, with Singapore matching New York in the 100 to 500 group. Singapore takes
second place in three groups, while London is in second place in the other three groups, including in
the groups for the largest firms.
Chart 4 | GFCI 34 Average Assessments By Respondents’ Organisation Size (Number Of Employees)“Casablanca holds a strong reputation as Morocco's economic
and cultural capital. With its bustling markets and diverse
culinary offerings, the city has established itself as a major
tourist destination. In terms of its financial reputation,
Casablanca has emerged as a leading financial centre in
Africa, attracting international businesses and investors. The
city's financial infrastructure, exemplified by the Casablanca
Stock Exchange, has bolstered its reputation as a hub for
financial services.”
MARKETING ANALYST, INVESTMENT FIRM, CASABLANCA

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Global Financial Centres Index 34

Factors Affecting Competitiveness

The GFCI questionnaire asks respondents to indicate which factors of competitiveness they consider
the most important at this time. The number of times that each area was mentioned and the key issues
raised by respondents are shown in Table 6.
Table 6 | GFCI 34 Main Areas Of CompetitivenessArea Of Competitiveness

Number Of
Mentions

Business Environment

241

Human Capital

232

Main Issues
Regulatory transparency and stability are vital for planning. Corruption andlack of rule of law increase the cost of doing business and reduce thereputation of a centre.
Consistent, but flexible regulatory systems are attractive and build business
confidence.
The security provided by a trusted, reliable, and effective court system isimperative to a good business environment.
A dynamic workforce is attractive to investors as they can source the skills thatthey require.
Post-Covid, the mobility of the workforce has become increasingly important.
The pace of change underlines the importance of upskilling and reskilling theworkforce.
Digital infrastructure is increasingly important as business relies on resilient
digital connection.

Infrastructure221

Taxation

241

Reputation

220

Financial Sector Development

202

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Housing, leisure, and transport are important factors in creating a strong,business-friendly environment.
Air transport links remain important as customers value face to faceconnection.
Taxation is less important than other factors, and clear, transparent taxation is
key to understanding the business costs that firms face.
Value for money from taxation is becoming important, as is the effect oftaxation on recruitment of talent.
Reputation is formed by conditions such as financial stability of the country,
legal and political security, tradition, and flexibility of the system.

Branding and reputation may be particularly important to Gen Z - thecustomers of the future.
A cluster of financial services businesses remains important to drive
innovation and talent.
Gaining customer trust is vital in ensuring the continuing development of thefinancial sector.

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Global Financial Centres Index 34

Corruption Perception Index And Economic Freedom
Reputational and Business Environment measures have a significant correlation with financial centre
competitiveness. Chart 5 plots GFCI ratings against the Corruption Perception Index and Chart 6 plots
GFCI ratings against the Economic Freedom of the World Index published by the Fraser Institute.
These charts demonstrate the correlation of these factors with the GFCI 34 ratings (the size of the
bubble indicates the relative GDP of each centre).
Chart 5 | GFCI 34 Rating Against The Corruption Perception Index (Supplied by Transparency
International)

Decreasing Perception Of Corruption

Chart 6 | GFCI 34 Rating Against Economic Freedom Of The World Index (Supplied By The Fraser
Institute)

Increasing Economic Freedom

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Global Financial Centres Index 34

Connectivity
Financial centres thrive when they develop deep connections with other centres. The GFCI allows us
to measure connectivity by investigating the number of assessments given to and received fromother financial centres. Charts 7 and 8 show the different levels of connectivity enjoyed by Singapore
and Tokyo to illustrate the differences. Both centres well-connected with leading global centres, but
Singapore has wider connections with other centres across the world.
Chart 7 | GFCI 34 Connectivity - Singapore

Chart 8 | GFCI 34 Connectivity - Tokyo

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Global Financial Centres Index 34

Financial Centre Profiles

Chart 9| GFCI 34 Profile Elements

Using clustering and correlation analysis we haveidentified three measures (axes) that determine afinancial centre’s profile along different dimensionsof competitiveness.

‘Connectivity’ – the extent to which a centre is wellconnected around the world, based on the numberof assessments given by and received by that centre
from professionals based in other centres.
A centre’s connectivity is assessed using a combination of ‘inbound’ assessment locations (the numberof locations from which a particular centre receives assessments) and ‘outbound’ assessment locations(the number of other centres assessed by respondents from a particular centre). If the weighted
assessments for a centre are provided by 52% or more respondents from other centres, this centre isdeemed to be ‘Global’. If the ratings are provided by over 30% of other centres, this centre is deemed
to be ‘International’.
‘Diversity’– the instrumental factors used in the GFCI model give an indication of a range of factorsthat influence the richness and evenness of areas of competitiveness that characterise any particularfinancial centre. We consider this span of factors to be measurable in a similar way to that of thenatural environment. We therefore use a combination of calculations based on existing biodiversity
measures (calculated on the instrumental factors) to assess a centre’s diversity taking account of therange of factors against which the centre has been assessed – the ‘richness’ of the centre’s businessenvironment; and the ‘evenness’ of the distribution of that centre’s scores. A high score means that acentre is well diversified; a low diversity score reflects a less rich business environment.
‘Speciality’ – the depth within a financial centre of the following industry sectors: investment
management, banking, insurance, professional services, and the government and regulatory sector.
A centre’s ‘speciality’ performance is calculated from the difference between the GFCI rating andthe industry sector ratings.
In Table 7, ‘Diversity’ (Breadth) and ‘Speciality’ (Depth) are combined on one axis to create a twodimensional table of financial centre profiles. The 121 centres in GFCI 34 are assigned a profile on
the basis of a set of rules for the three measures: how well connected a centre is, how broad its
services are, and how specialised it is.
The 10 Global Leaders (in the top left of the table) have both broad and deep financial services
activities and are connected with many other financial centres. This list includes four of the top 10
global financial centres in GFCI 34.

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Global Financial Centres Index 34

Table 7 | GFCI 34 Financial Centre Profiles

GlobalBroad & Deep
Global Leaders

Relatively Broad
Global Diversified

Relatively Deep
Global Specialists

Emerging
Global Contenders

Singapore
London
New YorkFrankfurt
ShanghaiTokyo
TorontoAmsterdam
ZurichSydney*

Paris
Seoul
Washington DC
ChicagoLos Angeles
San Francisco

BeijingHong Kong
Dubai*
Luxembourg
Shenzhen
Abu Dhabi
Casablanca*

Moscow

EstablishedInternational

International

Local

International Diversified International Specialists International Contenders

BerlinBangkok*
MadridKuala Lumpur*
Busan
Boston*Stuttgart
Edinburgh
Melbourne
Miami (New)
Hamburg*
DublinGenevaBrussels
Osaka*
Montreal
VancouverStockholm
Milan
Rome

Mexico City
Athens*Guangzhou
Mumbai*New Delhi*
ChengduRiyadh*Dalian*Cayman Islands*
GIFT City-Gujarat
Qingdao
KigaliTaipei
Astana*Jersey*Tel Aviv*
Guernsey*
Liechtenstein*

St Petersburg*
Istanbul
Sao Paulo
Cape Town
PanamaBermuda*Nairobi
British Virgin Islands
Bahrain
Johannesburg
Mauritius
Budapest*
Lagos*
Doha

Established Players

Local Diversified

Local Specialists

Evolving Centres

Warsaw
Atlanta*
MunichOslo
Glasgow
PragueCopenhagen
Minneapolis / St Paul
LisbonCalgary
San Diego
Helsinki
Wellington

Santiago
Vienna*Hangzhou*
Kuwait City*
Tianjin*Nanjing*
Malta
TehranGibraltar
MonacoLuganoIsle of Man*
Reykjavik

Buenos Aires
Baku
Ho Chi Minh City
BogotaTrinidad and Tobago
Almaty*Manila*Bratislava*
Jakarta
Rio de Janeiro
Vilnius*
Cyprus*Bahamas
Wuhan
Sofia*Riga
Xi'an*An asterisk denotes centres that have moved between categories between GFCI 33 and GFCI 34

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Global Financial Centres Index 34

The GFCI 34 World
63

See Detailed

41
37

5

17

9

6

1
8

36
27

Map Below

38

30

28

108

24

54

105

113
72

99
98

111

119

103

113

104

106
91

88
121

The numbers on the map indicate the GFCI 34 rankings.
Broad and Deep

Relatively Broad

Relatively Deep

Emerging

Global Leaders

Global Diversified

Global Specialists

Global Contenders

Established International

International Diversified

International Specialists

International Contenders

Established Players

Local Diversified

Local Specialists

Evolving Centres

Associate Centre

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Global Financial Centres Index 34

118
114

60
110
93

109

116

94

115
57
74
75

64

12

62

20

43

7
65

77

35

76

100
29

21

78

33

32

44

82

11

69

18

67
4

86

66

120

102

80
3

90

81

95

68

83
22
39
56
50
42

51
25

40

89

31

34

87

97
49

19

59
2

23

14

92

53
52

18

16

58

79
46

15
10
18

47

61

70

112
107

45

84

101
55

48
73

96
85
71

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Global Financial Centres Index 34

Regional Analysis
In our analysis of the GFCI data, we look at six regions of the world to explore the competitiveness of
their financial centres. Alongside the ranks and ratings of centres, we look at trends in the leading
centres in each region and investigate the average assessments received by regions and centres inmore detail.

We display this analysis in charts which show:• the mean assessment provided to that region or centre;• the difference in the mean assessment when home region assessments are removed from theanalysis;• the difference between the mean and the assessments provided by other regions;• the proportion of assessments provided by each region.
Charts 10 and 11 show examples of these analyses. Coloured bars to the left of the vertical axis indicatethat respondents from that region gave lower than the average assessments. Bars to the right indicate
respondents from that region gave higher than average assessments. It is important to recognise thatassessments given to a centre by people based in that centre are excluded to remove ‘home’ bias.
The additional vertical axis (in red) shows the mean of assessments when assessments from thehome region are removed. The percentage figure noted by each region indicates the percentage ofthe total number of assessments that are from that region.

“Proximity and access to a diverse range of customers andsuppliers are key determinants of a financial centre's
competitiveness. Financial institutions thrive in environments
where they can easily connect with a broad customer base,both domestically and internationally.”
MANAGER, FINTECH FIRM, SEOUL

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Global Financial Centres Index 34

Chart 10 | Example 1: Assessments Compared With The Mean For Region 4

Chart 11 | Example 2: Assessments Compared With The Mean For An Individual Centre

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Global Financial Centres Index 34

Western Europe
London leads the region, with Geneva and Frankfurt overtaking Paris to take second and third placein the region in GFCI 34. Assessments provided by people in other regions were lowest from thosein Latin America & The Caribbean. Only those from North America and the Middle East & Africa
scored Western European centres above average.

Table 8 | Western European Top 15 Centres In GFCI 34
CentreLondonGenevaFrankfurt
Paris
Luxembourg
ZurichAmsterdam
BerlinDublinMunichCopenhagen
Edinburgh
Stockholm
Oslo
Milan

GFCI 34
Rank
2
10
14
15
16
18
19
23
25
26
31
34
40
42
45

GFCI 33
Rating
744
730
726
725
724
722
721
714
712
711
706
703
697
695
692

Rank
2
23
17
14
19
20
16
26
48
18
24
27
31
33
50

Rating
731
701
707
710
705
704
708
698
676
706
700
697
693
691
674

Change In
Rank
0
▲13
▲3
▼1
▲3
▲2
▼3
▲3
▲23
▼8
▼7
▼7
▼9
▼9
▲5

Change In
Rating
▲13
▲29
▲19
▲15
▲19
▲18
▲13
▲16
▲36
▲5
▲6
▲6
▲4
▲4
▲18

Chart 12 | Top Five Western European Centres Over Timewww.zyen.com

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Global Financial Centres Index 34

Chart 13 | Assessments By Region For Western Europe – Difference From The Overall Mean

Chart 14 | Assessments By Region For London - Difference From The Overall Mean

Chart 15 | Assessments By Region For Geneva - Difference From The Overall Mean

Chart 16 | Assessments By Region For Frankfurt - Difference From The Overall Meanwww.zyen.com

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Global Financial Centres Index 34

Asia/PacificLeading Asia/Pacific centres held onto their rank positions, with Singapore, Hong Kong, and Shanghai
taking the leading places in the region. People in Western Europe and North America rated Asia/Pacificcentres above the world average.
Table 9 | Asia/Pacific Top 15 Centres In GFCI 34
CentreSingapore
Hong Kong
ShanghaiSeoul
ShenzhenBeijingTokyo
SydneyGuangzhou
Qingdao
Busan
Melbourne
Osaka
ChengduWellington

GFCI 34
Rank
3
4
7
11
12
13
20
22
29
32
33
39
43
44
56

GFCI 33
Rating
742
741
733
729
728
727
720
718
708
705
704
698
694
693
680

Rank
3
4
7
10
12
13
21
15
34
36
37
28
38
44
52

Rating
723
722
717
714
712
711
703
709
690
688
687
696
686
680
672

Change In
Rank
0
0
0
▼1
0
0
▲1
▼7
▲5
▲4
▲4
▼11
▼5
0
▼4

Change In
Rating
▲19
▲19
▲16
▲15
▲16
▲16
▲17
▲9
▲18
▲17
▲17
▲2
▲8
▲13
▲8

Chart 17 | Top Five Asia/Pacific Centres Over Timewww.zyen.com

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Global Financial Centres Index 34

Chart 18 | Assessments By Region For Asia/Pacific – Difference From The Overall Mean

Chart 19 | Assessments By Region For Singapore - Difference From The Overall Mean

Chart 20 | Assessments By Region For Hong Kong - Difference From The Overall Mean

Chart 21 | Assessments By Region For Shanghai - Difference From The Overall Meanwww.zyen.com

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Global Financial Centres Index 34

North America
North American centres performed strongly in GFCI 34. New York continues to lead the index, and San
Francisco and Los Angeles, Washington DC and Chicago also feature in the top 10. San Diego again rosesignificantly in the rankings. Miami entered the index for the first time in 24th position. Assessments ofNorth American centres from people in the Asia/Pacific, North American regions, and Eastern
European & Central Asia regionswere above the global average, while assessments from other regions
were lower.
Table 10 | North American Centres In GFCI 34
CentreNew York
San Francisco
Los Angeles
Washington DC
ChicagoBostonMiami
San Diego
Minneapolis/St Paul
TorontoAtlantaVancouverMontreal
Calgary

GFCI 34
Rank
1
5
6
8
9
17
24
27
28
30
36
37
38
41

GFCI 33
Rating
763
735
734
732
731
723
713
710
709
707
701
700
699
696

Rank
1
5
6
11
8
9
New
39
29
25
30
32
42
46

Rating
760
721
719
713
716
715
New
685
695
699
694
692
682
678

Change In
Rank
0
0
0
▲3
▼1
▼8
New
▲12
▲1
▼5
▼6
▼5
▲4
▲5

Change In
Rating
▲3
▲14
▲15
▲19
▲15
▲8
New
▲25
▲14
▲8
▲7
▲8
▲17
▲18

Chart 22 | Top Five North American Centres Over Timewww.zyen.com

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Global Financial Centres Index 34

Chart 23 | Assessments By Region For North America – Difference From The Overall Mean

Chart 24 | Assessments By Region For New York - Difference From The Overall Mean

Chart 25 | Assessments By Region for San Francisco - Difference From The Overall Mean

Chart 26 | Assessments By Region For Los Angeles - Difference From The Overall Meanwww.zyen.com

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Global Financial Centres Index 34

Eastern Europe & Central Asia
Most centres in this region fell in the rankings in GFCI 34 as other centres improved theirperformance. Astana continues to lead the region, with Prague and Tallinn in second and third
position. Other than the local region, only survey respondents from the Middle East & Africa andNorth America rated centres in this region higher than the global average.

Table 11 | Eastern European & Central Asian Centres In GFCI 34

CentreAstanaPragueTallinn
Riga
Warsaw
CyprusAthensVilnius
Sofia
Budapest
AlmatyIstanbul
Bratislava
MoscowBaku
St Petersburg

GFCI 34
Rank
Rating
60
674
79
654
87
633
89
630
92
626
93
625
96
621
97
620
101
615
107
606
109
604
110
603
112
601
114
593
116
586
118
581

GFCI 33
Rank
Rating
66
626
68
624
94
597
95
596
70
622
78
614
84
607
106
585
91
600
101
590
96
595
90
601
93
598
86
605
116
558
115
563

Change In
Rank
▲6
▼11
▲7
▲6
▼22
▼15
▼12
▲9
▼10
▼6
▼13
▼20
▼19
▼28
0
▼3

Change In
Rating
▲48
▲30
▲36
▲34
▲4
▲11
▲14
▲35
▲15
▲16
▲9
▲2
▲3
▼12
▲28
▲18

Chart 27 | Top Five Eastern European & Central Asian Centres Over Timewww.zyen.com

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Global Financial Centres Index 34

Chart 28 | Assessments By Region For Eastern Europe & Central Asia - Difference From The
Overall Mean

Chart 29 | Assessments By Region For Astana - Difference From The Overall Mean

Chart 30 | Assessments By Region For Prague - Difference From The Overall Mean

Chart 31 | Assessments By Region For Tallinn - Difference From The Overall Meanwww.zyen.com

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Global Financial Centres Index 34

The Middle East & Africa
There was a balance of results in this region, with leading centres generally falling back in theindex, and lower-ranked centres seeing an improvement. Dubai and Abu Dhabi continue to leadthe table in the region and Casablanca takes third position and first place in Africa. Mauritius,
Riyadh, Kigali, Kuwait City, and Nairobi rose 10 or more places in the ranking. Assessments fromthe local region, from North America, and from Eastern Europe & Central Asia, were above theglobal average.
Table 12 | Middle Eastern & African Centres In GFCI 34
CentreDubai
Abu Dhabi
Casablanca
Tel Aviv
Mauritius
BahrainRiyadhDoha
Kigali
Kuwait City
Johannesburg
Nairobi
Cape Town
Lagos
Tehran

Rank
21
35
54
57
68
74
75
78
81
82
83
90
91
103
115

GFCI 34
Rating
719
702
682
679
666
660
659
656
651
646
642
629
628
613
591

Rank
22
35
57
53
81
82
88
64
98
102
69
103
73
109
118

GFCI 33
Rating
702
689
642
671
610
609
603
628
593
589
623
588
619
577
549

Change In
Rank
▲1
0
▲3
▼4
▲13
▲8
▲13
▼14
▲17
▲20
▼14
▲13
▼18
▲6
▲3

Change In
Rating
▲17
▲13
▲40
▲8
▲56
▲51
▲56
▲28
▲58
▲57
▲19
▲41
▲9
▲36
▲42

Chart 32 | Top Five Middle East & African Centres Over Timewww.zyen.com

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Global Financial Centres Index 34

Chart 33 | Assessments By Region For The Middle East & Africa — Difference From The Overall
Mean

Chart 34 | Assessments By Region For Dubai - Difference From The Overall Mean

Chart 35 | Assessments By Region For Abu Dhabi - Difference From The Overall Mean

Chart 36 | Assessments By Region For Casablanca - Difference From The Overall Meanwww.zyen.com

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Global Financial Centres Index 34

Latin America & The Caribbean
The leading centres in Latin America & The Caribbean generally performed well in GFCI 34,
although Santiago fell 11 rank places. Lower ranking centres in the region fell further in the
rankings. Cayman Islands, Santiago, and Barbados lead in the region. Assessments of centres in theregion from respondents in Western Europe, Asia/Pacific, and Eastern Europe & Central Asia were
below average.
Table 13 | Latin American & Caribbean Centres In GFCI 34
CentreCayman Islands
Santiago
Barbados
British Virgin Islands
Rio de Janeiro
BahamasSao Paulo
BermudaPanamaMexico City
BogotaTrinidad and Tobago
Buenos Aires

Rank
72
88
98
99
104
105
106
108
111
113
117
119
121

GFCI 34
Rating
662
631
619
618
612
611
608
605
602
595
583
578
563

Rank
74
77
120
107
100
114
99
87
110
97
113
119
117

GFCI 33
Rating
618
615
541
584
591
564
592
604
572
594
566
547
557

Change In
Rank
▲2
▼11
▲22
▲8
▼4
▲9
▼7
▼21
▼1
▼16
▼4
0
▼4

Change In
Rating
▲44
▲16
▲78
▲34
▲21
▲47
▲16
▲1
▲30
▲1
▲17
▲31
▲6

Chart 37 | Top Five Latin American & Caribbean Centres Over Timewww.zyen.com

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Global Financial Centres Index 34

Chart 38 | Assessments By Region For Latin America & The Caribbean – Difference From The Overall

Chart 39 | Assessments By Region For Cayman Islands - Difference From The Overall Mean

Chart 40 | Assessments By Region For Santiago - Difference From The Overall Mean

Chart 41 | Assessments By Region For Barbados - Difference From The Overall Meanwww.zyen.com

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Global Financial Centres Index 34

Home Centre Prospects
While the GFCI is calculated using only assessments from people based in other centres, we ask
survey respondents about the prospects of the centre in which they are based, and specificallywhether their ‘home’ centre will become more or less competitive.
In general, people are more optimistic about the future of their own centre than people outside that
centre. In London, compared with other leading centres, there is both a high proportion of people
who consider that the centre will become much more competitive, and the highest proportion in thefour centres which lead the index who feel that London will become less competitive. Those in Hong
Kong are most confident about the future competitiveness of their centre.
Chart 42 | Home Centre Prospects New York

Chart 43 | Home Centre Prospects London

Chart 44 | Home Centre Prospects Singapore

Chart 45 | Home Centre Prospects Hong Kong

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Global Financial Centres Index 34

Stability
Chart 46 contrasts the ‘spread’ or variance of the individual assessments given to each of the top 40
centres with the sensitivity to changes in the instrumental factors.
The chart below shows three bands . If a centre fell in the top right of the chart, it would have ahigher sensitivity to changes in the instrumental factors and a higher variance of assessments. These
centres have the highest potential for future movement in the index. None of the top 40 centres fallin this area. The stable centres in the bottom left have a lower sensitivity to changes in the
instrumental factors and a lower variance of assessments.
We have only plotted the top 40 centres (for clarity) but it is worth noting that most of the centres
lower in the index would be in the dynamic and unpredictable areas of the chart if plotted.
Chart 46 | Stability Of The Top 40 Centres In GFCI 34“Many cities aspire to become financial hubs because it canlead to the concentration of wealth and an increase in trust,creating a cycle where money continues to flow. However it isimportant to address issues such as tax evasion and ensurebalanced urban development.”
ASSISTANT MANAGER, BANKING, SEOUL

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Global Financial Centres Index 34

In addition, we look at the stability of rankings in the index over time. Chart 47 shows the standard
deviation of index rankings against the variance in assessments over the last 24 months. Some of thecentres in the stable area in the most recent analysis in Chart 46 move into the dynamic or
unpredictable area when their rankings and assessments are considered over time.
Chart 47 | Standard Deviation In Index Rankings And Assessments Over Time

“Liechtenstein is a member of the EEA and implements theentire financial market regulation system of the EU. This not
only ensures that Liechtenstein is a modern, regulated
financial centre, it also secures free market access to theentire EU area. Liechtenstein ensures rapid implementation ofimportant EU law by means of the so-called ‘advance
adoption procedure’. Standards are an important cornerstoneof Liechtenstein's policy.
HEAD OF GOVERNANCE AND COMPLIANCE, BANKING, LIECHTENSTEIN

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Global Financial Centres Index 34

Reputation
We look at reputation in the GFCI model by examining the difference between the weighted averageassessment given to a financial centre and the overall rating in the index.
The first measure reflects the average score a centre receives from financial professionals across theworld, adjusted for time, with more recent assessments given more weight (see Appendix 3 fordetails).
The second measure is the GFCI rating itself, which represents the assessments adjusted to takeaccount of the instrumental factors. If a centre has a higher average assessment than its GFCI rating,this indicates that respondents’ perceptions of a centre are more favourable than the quantitative
measures alone suggest.
Table 14 shows the top 15 centres with the greatest positive difference between the averageassessment and the GFCI rating. Nine of the top 15 centres in terms of reputational advantage are in
the Asia/Pacific region (seven in GFCI 33). Leading centres Singapore, New York, and London also
feature in the list. A high reputational advantage may be due to strong marketing, or awareness of acentre’s existing or emerging strengths.
‘Reputational advantage’ can become a weakness. Centres with a high reputational advantage needto support their successful marketing with genuine improvements in their underlying
competitiveness.
Table 14 | GFCI 34 Top 15 Centres Assessments And Ratings — Reputational Advantage
CentreChengduShenzhen
Guangzhou
GIFT City-Gujarat
QingdaoNanjing
Seoul
DalianSingapore
New York
LondonReykjavik
Casablanca
Liechtenstein
Luxembourg

www.zyen.com

Weighted Average
Assessment

GFCI 34 Rating

GFCI 34 Reputational
Advantage

839
848
813
776
805
755
807
748
811
824
801
727
734
711
766

693
728
708
672
705
669
729
670
742
763
744
671
682
664
724

146
120
105
104
100
86
78
78
69
61
57
56
52
47
42

37

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Global Financial Centres Index 34

Table 15 shows the 15 centres with the greatest reputational disadvantage. This indicates that
respondents’ perceptions of a centre are less favourable than the quantitative measures alone would
suggest. The centres featured might benefit from a stronger marketing effort as well as tackling somecore issues relating to the centre.
Table 15 | GFCI 34 Bottom 15 Centres Assessments And Ratings — Reputational Disadvantage
CentreGlasgow
BogotaBuenos Aires
Bratislava
PragueCopenhagen
Moscow
Lagos
Athens
AlmatyBaku
CyprusAtlantaCalgary
Beijing

Weighted Average
Assessment

GFCI 34 Rating

GFCI 34 Reputational
Advantage

630
526
506
543
594
644
531
549
555
533
515
551
625
608
624

686
583
563
601
654
706
593
613
621
604
586
625
701
696
727

-56
-57
-57
-58
-60
-62
-62
-64
-66
-71
-71
-74
-76
-88
-103

“The Shenzhen Financial Centre benefits from its proximity toa vast and rapidly growing consumer market in China. The
city's strategic location in the Pearl River Delta region
positions it as a gateway to both domestic and international
clients. Shenzhen's financial institutions have the advantageof accessing a large pool of potential clients, including
individuals, businesses, and multinational corporations. This
proximity provides opportunities for financial institutions tooffer a wide range of products and services tailored to thespecific needs of these clients.”
OPERATION AND MARKETING MANAGER, TRADING FIRM, SHENZHEN

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Global Financial Centres Index 34

Talent Pool
We have researched the factors that people in finance consider are the most important in maintaining
and developing the talent pool in a financial centre. The results are shown in chart 48.
Continuing Professional Development is seen as the most important strategy, followed by Special
Immigration Arrangements.
Chart 48 | Most Important Strategies For Maintaining and Developing The Talent Pool

Other strategies suggested by respondents to assist with the development and maintenance of thetalent pool were:• Appropriate salary and benefits packages, relative to local costs;• Incentives for job creation whether through subsidies or support for training;• Introducing finance in the school curriculum and building links between financial firms and schools,
colleges, and universities; and• Ensuring a good quality of life for international talent, alongside flexible immigration policies.

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Global Financial Centres Index 34

FinTechAlongside the main GFCI index, we analyse financial centres in terms of their FinTech offering. Table 16
shows the centres that received sufficient assessments to feature in the Fintech index, together withthe change in their Fintech rank and ratings since GFCI 33. Chinese and US centres continue to featurestrongly, with seven US centres and seven Chinese centres in the top 20. This reflects their continuing
focus on the development of technology applications. New York and London lead the FinTech rankings,
with San Francisco falling one place to third, Shenzhen maintaining its fourth place, and Singapore
overtaking Los Angeles to take fifth position.
Alongside the ratings, we asked survey respondents to identify the four most important elements ingenerating a competitive environment for FinTech providers. Chart 49 shows the results, with Access
To Finance, An Ecosystem Or Cluster That Encourages Innovation, and ICT Infrastructure seen as theleading elements.
Chart 49 | Most Important Elements In Generating A Competitive Environment For FinTech
Providers

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Global Financial Centres Index 34

Table 16 | GFCI 34 FinTech Ranks And Ratings
GFCI 34

CentreNew York
LondonSan Francisco
Shenzhen
Singapore
Los Angeles
Washington DC
Shanghai
Beijing
ChicagoSeoul
BostonSydneyHong Kong
ParisFrankfurt
AtlantaChengduGuangzhou
Qingdao
Minneapolis / St PaulSan Diego
Busan
TorontoLuxembourg
ZurichVancouver
Melbourne
Dubai
GenevaAmsterdamTokyo
Stuttgart
MunichDalianBerlinMontreal
Abu Dhabi
Miami
Calgary
Milan
Edinburgh
Hamburg
Mumbai
TianjinHangzhouTel Aviv
LuganoRome
Helsinki
Xi'an
Copenhagen
DublinNanjing
Osaka
MadridStockholm
GIFT City-Gujarat

www.zyen.com

GFCI 33

FinTech Rank

FinTech Rating

FinTech Rank

FinTech Rating

Change In
Rank

Change In
Rating

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58

738
724
723
722
721
712
711
710
708
702
701
700
699
698
697
696
695
694
693
692
691
690
689
688
687
686
685
684
683
682
681
680
679
678
677
676
675
674
673
670
669
667
666
665
664
662
661
660
659
658
657
656
655
654
653
652
651
650

1
3
2
4
9
5
10
8
11
7
12
6
15
14
19
23
13
17
16
18
25
33
20
27
49
43
34
24
30
47
22
29
37
21
40
26
41
48
New
46
32
36
31
61
44
55
52
70
45
51
59
28
57
62
42
38
35
65

728
696
701
695
690
694
687
691
686
692
685
693
682
683
677
672
684
680
681
679
669
659
676
667
643
649
658
670
662
645
673
663
655
675
652
668
651
644
New
646
660
656
661
629
648
635
640
620
647
641
631
665
634
628
650
654
657
625

0
▲1
▼1
0
▲4
▼1
▲3
0
▲2
▼3
▲1
▼6
▲2
0
▲4
▲7
▼4
▼1
▼3
▼2
▲4
▲11
▼3
▲3
▲24
▲17
▲7
▼4
▲1
▲17
▼9
▼3
▲4
▼13
▲5
▼10
▲4
▲10
New
▲6
▼9
▼6
▼12
▲17
▼1
▲9
▲5
▲22
▼4
▲1
▲8
▼24
▲4
▲8
▼13
▼18
▼22
▲7

▲10
▲28
▲22
▲27
▲31
▲18
▲24
▲19
▲22
▲10
▲16
▲7
▲17
▲15
▲20
▲24
▲11
▲14
▲12
▲13
▲22
▲31
▲13
▲21
▲44
▲37
▲27
▲14
▲21
▲37
▲8
▲17
▲24
▲3
▲25
▲8
▲24
▲30
New
▲24
▲9
▲11
▲5
▲36
▲16
▲27
▲21
▲40
▲12
▲17
▲26
▼9
▲21
▲26
▲3
▼2
▼6
▲25

41

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Global Financial Centres Index 34

Table 16 (Continued) | GFCI 34 FinTech Ranks And Ratings
CentreNew Delhi
LisbonWuhan
Tallinn
BrusselsCasablanca
AstanaOsloIstanbul
ViennaLagos
Vilnius
Taipei
RiyadhJohannesburg
Cape Town
Riga
Nairobi
Gibraltar
LiechtensteinIsle of Man
Kigali
Kuala Lumpur
Mexico City
PragueWarsaw
Santiago
Kuwait City
Doha
MonacoJerseyTehranSao Paulo
Jakarta
ManilaAthens
AlmatyMalta
Guernsey
Budapest
Buenos Aires
Bangkok
Rio de Janeiro
Mauritius
BogotaSofia
PanamaHo Chi Minh City
CyprusMoscow
Baku
Bahrain
Cayman Islands
BermudaBritish Virgin Islands
St Petersburg
Bahamaswww.zyen.com

GFCI 34

GFCI 33

Rank

RatingRank

Rating

59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115

649
648
647
644
643
642
635
634
633
631
630
628
626
625
624
623
622
621
620
619
618
617
616
615
614
613
612
611
610
609
608
607
606
605
604
603
602
601
600
599
598
597
596
595
594
593
592
591
590
589
588
587
586
585
584
574
571

55
60
58
91
50
87
82
39
64
54
89
94
90
72
63
66
97
92
110
105
109
103
53
71
75
68
69
93
78
108
107
102
81
74
77
76
88
98
106
80
83
67
79
101
86
84
99
100
96
73
104
95
111
112
113
85
114

635
630
632
597
642
602
608
653
626
638
599
594
598
618
627
624
591
596
547
565
552
576
639
619
615
622
621
595
612
554
560
578
609
616
613
614
600
586
561
610
606
623
611
581
603
605
584
582
592
617
572
593
544
543
539
604
517

42

Change In Rank

Change In
Rating

▼4
0
▼3
▲29
▼13
▲23
▲17
▼27
▼3
▼14
▲20
▲24
▲19
0
▼10
▼8
▲22
▲16
▲33
▲27
▲30
▲23
▼28
▼11
▼8
▼16
▼16
▲7
▼9
▲20
▲18
▲12
▼10
▼18
▼16
▼18
▼7
▲2
▲9
▼18
▼16
▼33
▼22
▼1
▼17
▼20
▼6
▼6
▼11
▼35
▼5
▼15
0
0
0
▼29
▼1

▲14
▲18
▲15
▲47
▲1
▲40
▲27
▼19
▲7
▼7
▲31
▲34
▲28
▲7
▼3
▼1
▲31
▲25
▲73
▲54
▲66
▲41
▼23
▼4
▼1
▼9
▼9
▲16
▼2
▲55
▲48
▲29
▼3
▼11
▼9
▼11
▲2
▲15
▲39
▼11
▼8
▼26
▼15
▲14
▼9
▼12
▲8
▲9
▼2
▼28
▲16
▼6
▲42
▲42
▲45
▼30
▲54

www.longfinance.net

Global Financial Centres Index 34

As well as asking survey respondents about the most important elements in generating a competitiveenvironment for FinTech providers, we also ask them about the most important areas of current
FinTech activity. Chart 50 shows the response. Payment Transaction Systems, Cyber Security, and Big
Data Analytics were identified as the most important areas of Fintech activity, with no change fromGFCI 33.
Chart 50 | Most Important Areas Of FinTech Activity“The fact that Mauritius is competitive on tax rates and has
tax agreements with many countries means that it fares wellas it is both stable and compliant.”
OWNER, INVESTMENT FIRM, MAURITIUS

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Global Financial Centres Index 34

Appendix 1: Assessment Details
Table 17 | GFCI 34 Details Of Assessments By Centre
GFCI 34
CentreAssessments

GFCI 34

Rank

RatingNumberAverage

New York
LondonSingapore
Hong Kong
San Francisco
Los Angeles
Shanghai
Washington DC
ChicagoGenevaSeoul
ShenzhenBeijingFrankfurt
Paris
Luxembourg
BostonZurichAmsterdam
Tokyo
Dubai
SydneyBerlinMiami
DublinMunichSan Diego

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27

763
744
742
741
735
734
733
732
731
730
729
728
727
726
725
724
723
722
721
720
719
718
714
713
712
711
710

2,970
1,894
1,335
1,687
495
811
908
745
595
388
443
1,673
801
594
1,045
482
487
598
402
1,822
1,343
777
531
173
283
334
158

824
802
799
727
766
750
717
763
731
746
749
840
628
722
721
767
721
764
711
697
720
710
675
683
696
696
668

St.
Dev
193
180
170
214
189
194
201
200
182
185
184
133
226
207
183
159
198
168
181
204
195
144
206
189
226
140
209

Minneapolis/St
Paul

28

709

122

667

222

Guangzhou
TorontoCopenhagen
QingdaoBusan
Edinburgh
Abu Dhabi
AtlantaVancouverMontreal
Melbourne
Stockholm
Calgary
Oslo
Osaka
Chengdu
Milan
Stuttgart
LuganoMadridHamburg
Helsinki
Glasgow
JerseyBrusselsCasablanca
Rome
Wellington
Tel Aviv
Guernsey
Isle of Man
AstanaVienna

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61

708
707
706
705
704
703
702
701
700
699
698
697
696
695
694
693
692
691
690
689
688
687
686
684
683
682
681
680
679
678
676
674
673

1,717
410
139
1,106
1,844
131
669
158
270
205
252
503
132
288
451
1,614
623
540
87
317
216
142
99
233
236
296
806
148
224
167
147
313
559

806
715
647
805
702
663
667
626
690
708
706
688
602
693
638
829
728
711
705
686
638
645
623
698
657
722
705
667
646
663
672
684
684

134
190
185
119
208
159
211
212
181
188
193
100
188
106
211
147
145
121
185
176
205
173
187
172
192
209
128
174
213
188
196
177
123

www.zyen.com

CentreGIFT CityGujarat
Reykjavik
DalianNanjing
MumbaiTaipei
Mauritius
Tianjin
Liechtenstein
Malta
Cayman Islands
LisbonBahrainRiyadhHangzhou
New Delhi
Doha
PragueKuala Lumpur
Kigali
Kuwait City
Johannesburg
MonacoGibraltar
Bangkok
Tallinn
Santiago
Riga
Nairobi
Cape Town
Warsaw
CyprusXi'an
JakartaAthensVilniusBarbados
British Virgin
Islands
Wuhan
Sofia
ManilaLagos
Rio de Janeiro
BahamasSao Paulo
Budapest
BermudaAlmatyIstanbul
PanamaBratislava
Mexico City
Moscow
TehranBaku
BogotaSt Petersburg
Trinidad andTobagoHo Chi MinhCity
Buenos Aires

44

Assessments

Rank

RatingNumberAverage

St.
Dev

62

672

293

749

204

63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98

671
670
669
668
667
666
665
664
663
662
661
660
659
658
657
656
654
653
651
646
642
641
639
635
633
631
630
629
628
626
625
623
622
621
620
619

90
1,079
960
290
580
242
469
228
176
281
259
201
205
140
246
426
200
272
163
95
233
289
73
349
69
239
100
187
236
129
139
131
183
178
61
78

724
747
756
644
667
685
663
710
638
646
695
610
610
614
627
621
588
622
636
592
624
664
645
584
636
592
589
605
592
578
549
621
584
549
615
588

135
147
140
196
124
207
87
166
181
205
142
202
207
187
208
201
190
162
203
218
202
153
171
208
206
190
208
181
176
177
196
150
175
191
192
211

99

618

294

584

196

100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118

616
615
614
613
612
611
608
606
605
604
603
602
601
595
593
591
586
583
581

146
131
212
152
186
202
316
233
202
83
371
237
60
418
439
180
116
180
156

583
573
583
549
560
574
572
561
585
533
574
559
538
540
537
569
521
523
593

171
190
190
204
188
232
194
179
208
213
185
220
216
203
229
204
171
207
210

119

578

40

525

220

120

577

163

541

192

121

563

188

505

192

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Global Financial Centres Index 34

Appendix 2: Respondents’ Details
Table 18 | GFCI 34 Respondents By Industry Sector
Industry Sector

Number Of Respondents% Of Respondents

Banking

1,327

15%

Finance554

6%

FinTech340

4%

Government & Regulatory

544

6%

Insurance

375

4%

Investment Management

984

11%

Knowledge

695

8%Professional Services

1,789

20%

Trade Association

264

3%

Trading

497

5%

Not Specified

1,728

19%

Total

9,097

100%

Table 19 | GFCI 34 Respondents By Region
RegionNumber Of Respondents% Of Respondents

Western Europe

1,806

20%

China

541

6%

Asia/Pacific

5,224

57%

North America

527

6%

Middle East & Africa

671

7%

Eastern Europe & Central Asia

139

2%

Latin America & The Caribbean

76

1%

Multi-Regional

113

1%

Total

9,097

100%

Number Of Respondents% Of Respondents

Table 20 | GFCI 34 Respondents By Size Of Organisation
Size Of Organisation
Fewer than 50

2,443

27%

50 to 100

1,079

12%

100 to 500

1,253

14%

500 to 1,000

627

7%

1,000 to 2,000

702

8%

2,000 to 5,000

767

8%

More than 5,000

2,226

24%

Total

9,097

100%

Note: Percentages may not add to 100% due to rounding.
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Global Financial Centres Index 34

Appendix 3: Methodology
The GFCI provides ratings for financial centres using a ’factor assessment’ model. The process involves
taking two sets of ratings – one from survey respondents and one generated by a statistical model –and combining them into a single ranking.
For the first set of ratings, the financial centre assessments, respondents use an online questionnaire
to rate each financial centre as a place to do business, using a 10 point scale ranging from very poor to
excellent. Responses are sought from a range of individuals drawn from the financial services sector.
For the second set of ratings, we use a database of indicators, or Instrumental Factors, that contains
quantitative data about each financial centre. We use a machine learning algorithm to investigate thecorrelation between the financial centre assessments and these Instrumental Factors to predict howeach respondent would have rated the financial centres they do not know. These instrumental factors
draw on data from 88 different sources and cover business environment, human capital, infrastructure,
financial sector development, and reputational and general measures. A full list of the instrumental
factors used in the model is in Appendix 4.
Respondents’ actual ratings as well as their predicted ratings for the centres they did not rate, are then
combined into a single table to produce the ranking.
Factors Affecting The Inclusion Of Centres In The GFCIThe GFCI questionnaire lists a total of 132 financial centres which can be rated by respondents.
Financial centres are added to the GFCI questionnaire when they receive five or more mentions in the
online questionnaire in response to the question: ‘Are there any financial centres that might become
significantly more important over the next two to three years?’
A centre is given a GFCI rating and ranking if it receives more than 150 assessments from people basedin other centres in the online survey.
Centres in the GFCI that do not receive 50 assessments in a 24 month period are removed and added
to the associate list until the number of assessments increases.

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Global Financial Centres Index 34

Financial Centre Assessments
The GFCI questionnaire has been running continuously since 2007. A link to the questionnaire isemailed to a target list of respondents at regular intervals. Other interested parties can complete thequestionnaire by following the link given in GFCI publications.
In calculating the GFCI:• the score given by a respondent to their home centre, and scores from respondents who do not
specify a home centre, are excluded from the model – this is designed to prevent home bias;• financial centre assessments are included in the GFCI model for 24 months after they have been
received – we consider that this is a period during which assessments maintain their validity;• respondents rating fewer than three or more than half of the centres are excluded from the model;
and• financial centre assessments from the month when the GFCI is created will be given full weightingwith earlier responses given a reduced weighting on a logarithmic scale as shown in Chart 51 - thisrecognises that older ratings, while still valid, are less likely to be up-to-date.
Chart 51 | Reduction In Weighting As Assessments Get Olderwww.zyen.com

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Global Financial Centres Index 34

Instrumental Factor Data

For the instrumental factors, we have the following data requirements:• indices should come from a reputable body and be derived by a sound methodology; and• indices should be readily available (ideally in the public domain) and be regularly updated.
The rules for the use of instrumental factor data in the GFCI model are as follows:• updates to the indices are collected and collated every six months;• no weightings are applied to indices;• Indices are entered into the GFCI model as directly as possible, whether this is a rank, a derived
score, a value, a distribution around a mean, or a distribution around a benchmark;• if a factor is at a national level, the score will be used for all centres in that country; nation-based
factors will be avoided if financial centre (city) - based factors are available;• if an index has multiple values for a city or nation, the most relevant value is used (and the method
for judging relevance is noted);• if an index is at a regional level, the most relevant allocation of scores to each centre is made (andthe method for judging relevance is noted);• if an index does not contain a value for a particular city, a blank is entered against that centre (noaverage or mean is used).
Details of the methodology can be accessed at https://www.longfinance.net/programmes/financialcentre-futures/global-financial-centres-index/gfci-methodology/. The process of creating the GFCI isoutlined in Chart 52.
Chart 52 | The GFCI Process

www.zyen.com

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Global Financial Centres Index 34

Appendix 4: Instrumental Factors
Table 21 | Top 30 Instrumental Factors By Correlation With GFCI 34
Instrumental Factor
The Global Green Finance Index
Urban Mobility Readiness Index
Global Innovation Index
World Talent Rankings
Logistics Performance Index
Government EffectivenessAverage Wages
International IP Index
Quality Of Roads
Best Countries for Business
World Competitiveness Scoreboard
Cost of Living City Rankings
Smart City Index
Safe Cities
IESE Cities In Motion Index
Purchasing Power Index
Corruption Perception Index
Rule Of Law
Fintech Activity Index
Quality Of Domestic Transport Network
Best Countries
Sustainable Cities Index
JLL Real Estate Transparency Index
Adjusted Net National Income Per Capita
Control Of Corruption
Business Environment Rankings
Agility Emerging Markets Logistics Index
Household Net Financial Wealth
Global Power City Index
Innovation Cities Global Index

www.zyen.com

R-squared
0.743
0.626
0.602
0.588
0.561
0.543
0.538
0.533
0.531
0.525
0.521
0.520
0.509
0.506
0.499
0.491
0.487
0.483
0.480
0.478
0.470
0.467
0.463
0.459
0.455
0.454
0.446
0.439
0.426
0.419

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Global Financial Centres Index 34

Table 22 |Top 30 Instrumental Factors By Correlation With FinTech Rankings In GFCI 34
Instrumental Factor
The Global Green Finance Index
Agility Emerging Markets Logistics Index
Global Innovation Index
Fintech Activity Index
Urban Mobility Readiness Index
JLL Real Estate Transparency Index
Average Wages
Cost of Living City Rankings
Household Net Financial Wealth
Logistics Performance Index
Safe Cities
International IP Index
IESE Cities In Motion Index
Number Of International Association Meetings
Domestic Credit To Private Sector (% Of GDP)
Quality Of Domestic Transport Network
World Talent Rankings
OECD Country Risk Classification
Quality Of Roads
Liner Shipping Connectivity Index
Global Power City Index
Buildings Energy Efficiency Policies Database (Y/N)
Best Countries
World Competitiveness Scoreboard
Financial Secrecy Index
Best Countries For Business
Smart City Index
Innovation Cities Global Index
Government Effectiveness
Purchasing Power Index

www.zyen.com

R-squared
0.681
0.680
0.633
0.580
0.571
0.545
0.531
0.521
0.517
0.493
0.472
0.460
0.460
0.451
0.434
0.429
0.429
0.418
0.417
0.417
0.411
0.391
0.372
0.368
0.368
0.365
0.352
0.348
0.347
0.346

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Global Financial Centres Index 34

Table 23 | GFCI 34 Business Environment Factors
Instrumental Factor

SourceBusiness Environment Rankings

EIU

Operational Risk Rating

EIU

Real Interest Rate

The World Bank

Global Services Location

AT Kearney

Corruption Perception Index
Average Wages

ChangeSince
GFCI 33

WebsiteY

http://country.eiu.com/All
http://www.eiu.com/site_info.asp?
info_name=VW2_RISK_nib&page=rk&page_title=Risk%
20tablehttps://databank.worldbank.org/reports.aspx?
source=world-development-indicators&series=FR.INR.RINR
https://www.kearney.com/digital/article/?/a/the-2021kearney-global-services-location-index

Transparency
International
OECD

N
N
N

https://www.transparency.org/en/cpi/2022Yhttps://data.oecd.org/earnwage/average-wages.htm

Yhttps://home.kpmg/xx/en/home/services/tax/tax-toolsand-resources/tax-rates-online/corporate-tax-ratestable.html
https://home.kpmg.com/xx/en/home/services/tax/taxtools-and-resources/tax-rates-online/individual-income-taxrates-table.html

Corporate Tax Rates

KPMG

Individual Income Tax Rates

KPMG

Personal Tax Rates

OECD

https://stats.oecd.org/index.aspx?DataSetCode=TABLE_I6

Y

The World Bank

https://databank.worldbank.org/reports.aspx?
source=2&series=GC.TAX.TOTL.GD.ZS&country=#

N

OECD

http://www.oecd.org/ctp/exchange-of-tax-information/
taxinformationexchangeagreementstieas.htm

N

Fraser Institutehttps://www.fraserinstitute.org/economic-freedom/map?
geozone=world&page=map&year=2019https://www.imf.org/external/datamapper/
GG_DEBT_GDP@GDD/SWE
http://www.oecd.org/trade/topics/export-credits/
documents/cre-crc-current-english.pdf

NN

https://www.visionofhumanity.org/maps/#/Y

http://www.financialsecrecyindex.com/

http://worldjusticeproject.org/rule-of-law-index

N
N
N
N

https://rsf.org/en/index?year=2023

Yhttps://www.six-group.com/en/products-services/financialinformation/data-standards.html#scrollTo=currenthistorical-lists

N

Tax Revenue As Percentage Of GDP
Bilateral Tax Information Exchange
Agreements
Economic Freedom Of The World
Government Debt As % Of GDP

IMF

OECD Country Risk Classification

OECD

Global Peace Index
Financial Secrecy Index
Government EffectivenessOpen Government
Regulatory Enforcement
Press Freedom Index
Currencies

Commonwealth Countries
Common Law Countries
Inflation, GDP Deflator
Rule Of Law
Political Stability And Absence Of
Violence/Terrorism
Regulatory Quality
Control Of Corruption
Best Countries For Business
Lloyd's City Risk Index 2015-2025
Global Cybersecurity Index

Institute for Economics &Peace
Tax Justice Network
The World BankWorld Justice ProjectWorld Justice Project
Reporters Without
Borders (RSF)
Swiss Association forStandardization (SNV)The Commonwealth
CIA
The World Bank
The World Bank

http://info.worldbank.org/governance/wgi/

http://worldjusticeproject.org/rule-of-law-index

N

N

Y

http://info.worldbank.org/governance/wgi/

N
N
Y
N

The World Bank

http://info.worldbank.org/governance/wgi/N

http://info.worldbank.org/governance/wgi/

http://www.itu.int/en/ITU-D/Cybersecurity/Pages/GCI.aspx

N
N
N
N
N

http://survey.internationalbudget.org/#download

N

Democracy Index

The World Bank
The World Bank
ForbesLloyd's
ITU
International Budget
Partnership
The Economist

Y

FATF AML Effectiveness

FATF

https://www.eiu.com/n/campaigns/democracy-index2022/
http://www.fatf-gafi.org/publications/mutualevaluations/documents/assessment-ratings.html

Global Business Complexity Index

TMF GroupY

Fintech Activity Index

World Bank

https://www.tmf-group.com/en/news-insights/
publications/2023/global-business-complexity-index/
https://documents.worldbank.org/en/publication/
documents-reports/
documentdetail/099735504212234006/
p1730060695b370090908c0bf80ed27eba6World Risk Report

Bundis Entwicklung Hilft

Open Budget Survey

www.zyen.com

51

http://thecommonwealth.org/member-countries
https://www.cia.gov/the-world-factbook/countries/
https://data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG

http://info.worldbank.org/governance/wgi/
https://www.forbes.com/best-countries-for-business/list/
https://lloyds.spub7.com/locations

https://reliefweb.int/report/world/worldriskreport-2022focus-digitalization

Y

N

N

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Global Financial Centres Index 34

Table 24 | GFCI 34 Human Capital Factors
ChangeSince
GFCI 33

Instrumental Factor

SourceGraduates In Social Science,
Business And Law (As % Of Total
Graduates)

The World Bank

http://databank.worldbank.org/data/reports.aspx?
source=Education%20Statistics&series=UIS.FOSGP.5T8.F400

N

Gross Tertiary Graduation Ratio

The World Bank

http://databank.worldbank.org/data/reports.aspx?
source=Education%20Statistics&series=SE.TER.CMPL.ZS

NHenley Passport Index

Henley Partners
UN Development
Programme

https://www.henleypassportindex.com/passportN

https://hdr.undp.org/content/human-development-report-2021-22

N

Purchasing Power Index

Numbeohttps://www.numbeo.com/quality-of-life/rankings.jsp?
title=2023&displayColumn=1

Y

Number of High Net WorthIndividuals

Capgemini

https://www.worldwealthreport.com/

N

Homicide Rates

UN Office of Drugs &Crime

https://dataunodc.un.org/content/data/homicide/homicide-rate

N

Top Tourism Destinations

Euromonitor

https://go.euromonitor.com/white-paper-travel-211202-top-100-citydestinations-index.html

N

Average Precipitation In Depth(mm Per Year)

The World Bank

http://databank.worldbank.org/data/reports.aspx?source=worlddevelopment-indicators&series=AG.LND.PRCP.MM

N

Quality Of Living City Rankings

Mercer

https://mobilityexchange.mercer.com/Insights/quality-of-livingrankings

N

Health Care Index
Global Skills Index

NumbeoCoursera

http://www.numbeo.com/health-care/rankings.jsp

Linguistic Diversity

Ethnologue

https://www.ethnologue.com/guides/countries-most-languages

N

Global Terrorism Index

Institute for Economics& Peacehttps://www.visionofhumanity.org/wp-content/uploads/2022/03/GTI-2022-web-09062022.pdf

NWorld Talent Rankings

IMD

https://www.imd.org/centers/world-competitiveness-center/rankings/world-competitiveness/N

Cost Of Living City Rankings

Mercer

https://www.mercer.com/our-thinking/career/cost-of-living.html

Y

Quality Of Life Index
Crime Index
Adjusted Net National Income Per
CapitaNumbeoNumbeohttp://www.numbeo.com/quality-of-life/rankings.jsp
http://www.numbeo.com/crime/rankings.jsp#

YY

The World Bank

https://data.worldbank.org/indicator/NY.ADJ.NNTY.PC.CD

Y

Household Net Financial WealthOECD

https://stats.oecd.org/Index.aspx?DataSetCode=BLIN

The World Bank

https://data.worldbank.org/indicator/SE.TER.CUAT.BA.ZS

NThe World Bank

https://data.worldbank.org/indicator/SP.DYN.LE00.IN

N

OECD

https://stats.oecd.org/Index.aspx?DataSetCode=BLI

N

Cato Institute
Nuclear Threat
Initiative, Johns
Hopkins Center for
Health Security, andEconomist Impact

https://www.cato.org/human-freedom-index

Yhttps://www.ghsindex.org/

NPatent Applications, Residents

The World Bank

https://data.worldbank.org/indicator/IP.PAT.RESD?
end=2020&start=1980

N

English Proficiency

Education First

https://www.ef.com/wwen/epi/

N

Ecological Threat Index

Vision Of Humanity

https://www.visionofhumanity.org/maps/ecological-threat-report/#/N

Global Gender Gap Report

World Economic Forumhttps://www.weforum.org/reports/global-gender-gap-report-2023

Y

Human Development Index

Educational Attainment, At Least
Bachelor's Or Equivalent,
Population 25+, Total (%)
Life Expectancy At Birth, Total
Employees Working Very Long
Hours
Human Freedom Index

Global Health Security Index

www.zyen.com

Websitehttps://www.coursera.org/skills-reports/global

52

Y
New

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Global Financial Centres Index 34

Table 25 | GFCI 34 Infrastructure Factors
WebsiteChangeSince
GFCI 33

CBRE Researchhttps://www.cbre.com/research-and-reports/GlobalPrime-Office-Occupancy-Costs-2019

NKnight Frankhttps://www.knightfrank.com/research/reportlibrary/the-wealth-report-2023-10000.aspx

Y

Jones Lang LaSalle

https://www.jll.co.uk/en/trends-and-insights/
research/global-real-estate-transparency-index

N

Telecommunication Infrastructure Index

United Nations

N

Quality Of Domestic Transport Network

World Economic Forum

Quality Of Roads

World Economic Forum

Roadways Per Land AreaCIA

https://publicadministration.un.org/egovkb/en-us/
Data-Center
http://reports.weforum.org/travel-and-tourismcompetitiveness-report-2019/rankings/#series=TRSPEFFICY
http://reports.weforum.org/travel-and-tourismcompetitiveness-report-2019/rankings/#series=EOSQ057
https://www.cia.gov/the-world-factbook/field/
roadways/country-comparison

CIAhttps://www.cia.gov/the-world-factbook/field/
railways/country-comparison

N

Agility Emerging Markets Logistics Index

Agilityhttps://www.agility.com/en/emerging-marketslogistics-index/rankings/

Y

Energy Sustainability Index

World Energy Council

https://trilemma.worldenergy.org/

N

Metro Network Length

Metro Bits

http://mic-ro.com/metro/table.html

Y

Environmental Performance Index

Yale University

https://epi.yale.edu/epi-results/2020/component/epi

N

Global Sustainable Competitiveness Index Solability

http://solability.com/the-global-sustainablecompetitiveness-index/the-index

N

Logistics Performance Index

The World Bank

http://lpi.worldbank.org/international/global

Y

Tomtom Traffic Index

TomTomhttps://www.tomtom.com/en_gb/traffic-index/
ranking/

Y

Proportion Of Population Using SafelyManaged Drinking-Water Services (%)

WHO

https://www.who.int/data/gho/publications/worldhealth-statisticsN

INRIX Traffic Scorecard

INRIX

http://inrix.com/scorecard/

N

World Bank

http://databank.worldbank.org/data/reports.aspx?
source=2&series=AG.LND.FRST.ZS&country=

N

CO2 Emissions Per Capita

World Bank

https://databank.worldbank.org/reports.aspx?
source=2&series=EN.ATM.CO2E.PC&country=#N

Buildings Energy Efficiency Policies
Database (Y/N)

IEA

https://www.iea.org/policies

N

4G Availability

Open Signal

https://www.opensignal.com/reports/2020/05/global-state-of-the-mobile-network

N

Worldwide Broadband Speed League

Cable

https://www.cable.co.uk/broadband/speed/worldwide-speed-league/

N

People Near Services

ITDP

https://pedestriansfirst.itdp.org/

Y

Pollution Index

Numbeohttps://www.numbeo.com/pollution/rankings.jsp

Y

Smart City Index

IMD

https://www.imd.org/smart-city-observatory/smartcity-index/

N

Share Of Wind And Solar In Electricity
Production

Enerdata Statistical Yearbook

https://yearbook.enerdata.net/download/

Y

Energy Intensity Of GDP

Enerdata Statistical Yearbook

https://yearbook.enerdata.net/download/Y

Enerdata Statistical Yearbook

https://yearbook.enerdata.net/download/

Y

UNFCCC

https://climateaction.unfccc.int/

YWorld Economic Forumhttps://www.weforum.org/reports/1edb4488-deb44151-9d4f-ff355eec499a/in-full/rankings

N

Urban Mobility Readiness Index

Oliver Wyman

N

The Green Future Index

MIT Technology Review

https://www.oliverwymanforum.com/mobility/urbanmobility-readiness-index/rankings.html
https://
www.technologyreview.com/2023/04/05/1070581/
the-green-future-index-2023/

Instrumental Factor

SourceOffice Occupancy Cost
Prime International Residential Index
JLL Real Estate Transparency Index

Railways Per Land Area

Forestry Area

Share Of Renewables In Electricity
Production
City Commitment To Carbon Reduction(Cooperative Action)
Energy Transition Index

www.zyen.com

53

N
N
N

Y

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Global Financial Centres Index 34

Table 26 | GFCI 34 Financial Sector Development Factors
Change Since
GFCI 33

Instrumental Factor

SourceWebsiteCapitalisation Of Stock Exchanges

The World Federation of Stock https://focus.world-exchanges.org/issue/april2023
Exchanges

Y

Value Of Share Trading

The World Federation of Stock https://focus.world-exchanges.org/issue/april2023
Exchanges

Y

Volume Of Share Trading

The World Federation of Stock https://statistics.world-exchanges.org/
ReportGenerator/Generator#
Exchanges

Y

Broad Stock Index Levels

The World Federation of Stock https://focus.world-exchanges.org/issue/april2023
Exchanges

Y

Value Of Bond Trading

The World Federation of Stock https://statistics.world-exchanges.org/
ReportGenerator/Generator#
Exchanges

Y

Domestic Credit To Private Sector (% Of
GDP)

The World Bank

https://data.worldbank.org/indicator/
FS.AST.PRVT.GD.ZS?
most_recent_value_desc=false

Y

Percentage Of Firms Using Banks To
Finance Investment

The World Bank

http://databank.worldbank.org/data/reports.aspx?source=world-developmentindicators&series=IC.FRM.BNKS.ZS

N

Total Net Assets Of Regulated Open-End
Funds

Investment Company Institute http://www.icifactbook.org/

Y

Islamic Finance Country Index

Islamic Banks and Financial
Institutions

http://www.gifr.net/publicationsN

Net External Positions Of Banks

The Bank for International
Settlements

http://www.bis.org/statistics/annex_map.htm

Y

External Positions Of Central Banks As A
share Of GDP

The Bank for International
Settlements

http://www.bis.org/statistics/annex_map.htm

YLiner Shipping Connectivity Index

The World Bank

http://databank.worldbank.org/data/reports.aspx?
source=2&series=IS.SHP.GCNW.XQ

YGlobal Connectedness Index

DHL

https://www.dhl.com/global-en/spotlight/
globalization/global-connectedness-index.html

Y

Economic Performance Index

The Brookings Institution

https://www.brookings.edu/research/globalmetro-monitor-2018/#rank

NSustainable Stock Exchanges (Y/N)

UN Sustainable Stock Exchange
https://sseinitiative.org/members/
Initiative

Y

Green Bond Segments on Stock Exchanges
Climate Bonds Initiative(Y/N)

https://www.climatebonds.net/green-bondsegments-stock-exchanges

N

The Global Fintech Index

Findexable

https://findexable.com/

N

The Global Green Finance Index

Z/Yen

https://www.longfinance.net/programmes/
financial-centre-futures/global-green-financeindex/

Y

Climate Change Performance Index

Germanwatch, NewClimate
Institute & Climate Action
Networkhttps://ccpi.org/download/the-climatechange-performance-index-2021/

N

Sovereign Green Bond (Y/N)

Climate Bonds Initiative

https://www.climatebonds.net/2021/11/
cop26-briefing-sovereign-green-bond-issuance-takes-start-long-boomNwww.zyen.com

54

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Global Financial Centres Index 34

Table 27 | GFCI 34 Reputation Factors
Change Since
GFCI 33

Instrumental Factor

SourceWorld Competitiveness Scoreboard

IMD

https://www.imd.org/centers/wcc/worldcompetitiveness-center/rankings/worldcompetitiveness-ranking/2023/

Y

Global Competitiveness Index

World Economic Forum

http://reports.weforum.org/global-competitivenessreport-2019/competitiveness-rankings/

N

Foreign Direct Investment Inflows

UNCTADhttp://unctadstat.unctad.org/wds/TableViewer/
tableView.aspx?ReportId=96740

N

GDP Per Person Employed (Constant 2017
The World Bank
PPP $)

https://databank.worldbank.org/reports.aspx?
source=world-developmentindicators&series=SL.GDP.PCAP.EM.KD

N

Global Innovation Index

WIPO

http://www.globalinnovationindex.org/
content.aspx?page=GII-HomeN

U.S. Chamber of Commercehttps://www.uschamber.com/intellectualproperty/2023-international-ip-index

Y

RPI (% Change On Year Ago)The Economist

https://www.economist.com/economic-andfinancial-indicators/2023/06/22/economic-datacommodities-and-markets

Y

Consumer Prices

IMF

https://data.imf.org/regular.aspx?key=63087884

Y

Number Of International Association
Meetings

World Economic Forum

http://reports.weforum.org/travel-and-tourismcompetitiveness-report-2019/rankings/#series=NRFAIREXN

Innovation Cities Global Index

2ThinkNow Innovation Cities

https://innovation-cities.com/world-city-rankings/

Y

Big Mac Index

The Economist

https://www.economist.com/big-mac-index

Y

Sustainable Economic Development

Boston Consulting Grouphttps://www.bcg.com/en-gb/publications/2021/
prioritizing-societal-well-being-seda-report

N

Level Of Internet Freedom

Freedom Househttps://freedomhouse.org/countries/freedom-net/scoresN

Good Country Index

Good Country Party

https://www.goodcountry.org/index/resultsN

Legatum Prosperity Index

Legatum Institutehttp://www.prosperity.com/#!/ranking

Y

IESE Cities In Motion Index

IESE

http://citiesinmotion.iese.edu/indicecim/?lang=en

N

FDI Inward Stock (In Million Dollars)

UNCTADhttps://unctad.org/publication/world-investmentreport-2023

N

Sustainable Cities Index

Arcadishttps://www.arcadis.com/en/global/ourperspectives/sustainable-cities-index-2018/citizencentric-cities/

N

Global Cities Index

AT Kearneyhttps://www.kearney.com/global-cities/2022

N

Quality Of Nationality Index

Henley Partners

https://nationalityindex.com/#

N

Best Countries

U.S.News

https://www.usnews.com/news/best-countries/
overall-rankings

N

Global Power City Index

http://mori-m-foundation.or.jp/english/ius2/gpci2/
The Mori Memorial Foundation index.shtml

N

TRACE Bribery Risk Matrix

Trace International

https://matrixbrowser.traceinternational.org/

N

Jurisdictions Participating In The
Convention On Mutual Administrative
Assistance In Tax MattersOECDhttps://www.oecd.org/ctp/exchange-of-taxinformation/Status_of_convention.pdf

Y

Safe Cities

Economist

https://safecities.economist.com/

N

Economic Freedom

The Heritage Foundation

https://www.heritage.org/index/ranking

Y

The Global Green Economy Index

Dual Citizen

https://dualcitizeninc.com/global-green-economyindex/

N

Global Green Growth Index

GGGI

https://greengrowthindex.gggi.org/wp-content/
uploads/2022/12/2021-Green-Growth-Index-1.pdf

N

Bloom Consulting

https://www.bloom-consulting.com/en/pdf/
rankings/
Bloom_Consulting_Country_Brand_Ranking_Tourism.pdf

NInternational IP Index

Country Brand Ranking

www.zyen.com

Website55

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Global Financial Centres Index 34

Vantage Financial Centres is an exclusive network of financial centres around the world run by Z/Yen Partners fororganisations looking for a deeper understanding of financial centre competitiveness. Members receive enhanced
access to GFCI data, marketing opportunities, and training for centres seeking to enhance their profile and reputation.

Dubai International Financial Centre (DIFC) is the leading global
financial centre in the Middle East, Africa and South Asia
(MEASA) region, which comprises 72 countries with apopulation of three billion and GDP of USD 8 trillion.

Established in 2001, the Financial Services Commission,
Mauritius ('FSC') is the integrated regulator for the non-bankfinancial services sector and global business and is mandated tolicense, regulate, and supervise the conduct of businessactivities in the non-bank financial services sector and global
business.

With a 17-year track record of facilitating trade and investment
flows across MEASA, the Centre connects these fast-growing
markets with the economies of Asia, Europe and the Americas
through Dubai.

Our vision is to be an internationally recognised financial
supervisor committed to the sustained development ofMauritius as a sound and competitive financial services centre.

DIFC is home to an internationally recognised, independent
regulator and judicial system with an English common law
framework, as well as the region’s largest financial ecosystemof almost 30,000 professionals working across over 3,600 active
registered companies – making up the largest and most diverse
pool of industry talent.

The FSC aims to:• promote the development, fairness, efficiency andtransparency of financial institutions and capital markets;• suppress crime and malpractices so as to provide
protection to members of the public investing in nonbanking financial products; and• ensure the soundness and stability of the financial system
in Mauritius.

The Centre’s vision is to drive the Future of Finance (FoF)
through cutting-edge technology, innovation, and partnerships.
The global FoF and Innovation Hub offers one of the region’s
most comprehensive FinTech and venture capitalenvironments, including licensing solutions, fit-for-purpose
regulation, innovative accelerator programmes, and funding for
growth-stage start-ups.
www.difc.ae
Twitter @DIFC

fscmauritius@intnet.mu
www.fscmauritius.org

AIFC is an all-around financial centre located in Astana, thecapital of Kazakhstan, which offers ample opportunities forbusinesses to grow. AIFC provides greater access to world-classcapital markets and the asset management industry. It also
promotes financial technology and drives the development ofniche markets such as Islamic and green finance in the region.

Seoul is a rising star among the financial cities of the world. It isalready one of the top 10 cities in the world based on various
indices, and it has many more opportunities to offer as afinancial hub and great growth potential. Seoul believes global
financial companies are our true partners for growth. There aremany incentives provided to global financial companies thatenter into Seoul, such as the financial incentives provided
when moving into IFC, so that we can all jointly work towards
the growth and development of the financial market.

AIFC provides unprecedented conditions and opportunities for
its participants and investors: legal system based on theprinciples of English law, independent judicial system,
regulatory framework consistent with internationallyrecognised standards, wide range of financial services andinstruments, simplified visa and labour regimes, zero corporate
tax rate, and English as a working language.

It is sure that Seoul will become a top star of global financial
hubs in the near future! Pay close attention to Seoul's
potentials and pre-emptively gain a foothold in the Seoul
financial hub. Seoul is the gateway to Northeast Asia and theworld.

Located in the heart of Eurasia, AIFC is striving to become thegateway to the Eurasian Economic Union, Central Asia andCaucasus, and play a key role in the Belt and Road Initiative.
AIFC is already gaining tremendous recognition as a leading
financial hub in the region: recently, Asiamoney Awards
recognised it as the best Belt and Road Initiative project of2019.

Jiyeon Lee at jiyeon.lee@seoul.go.kr
www.seoul.go.kr/main/index.jsp

Daniyar Kelbetov at d.kelbetov@aifc.kz
www.aifc.kz

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Please find out more at: www.vantagefinancialcentres.net or by contacting Mike Wardle at mike_wardle@zyen.com

Approved by China’s State Council, China Development
Institute (CDI) was founded in 1989 with 116 representatives
from the government, academia and business in China. Being
an independent think tank, CDI is committed to develop policy
solutions via research and debates that help to advance China’sreform and opening-up. After years of development, CDI has
become one of the leading think tanks in China. CDI focuses on
the studies of open economy and innovation-driven
development, regional economy and regional development,
industrial policies and industrial development, urbanization
and urban development, business strategies and investment
decision-making. Via conducting research, CDI provides policy
recommendations for the Chinese governments at various
levels and develops consultation for corporate sectors at home
and abroad. CDI organizes events in different formats thatevokes dialogue among scholars, government officials, businesspeople and civil society members around the globe. Based in
Shenzhen, Southern China, CDI has one hundred and sixty staff,
with an affiliated network that consists of renowned experts
from different fields.
Carol Feng at carolf@cdi.org.cn
www.cdi.org.cn

Finance Montréal’s mandate is to promote Montréal as aworld-class financial hub and foster cooperation among its
member institutions to accelerate the industry’s growth. With
renowned research capacities in artificial intelligence and abooming fintech sector, Montréal offers an experienced,
diversified and innovative pool of talent as well as a stable, lowcost and dynamic business environment.
For financial institutions searching for an ideal location to set
up an intelligent service centre and operationalize their digitaltransformation, Finance Montréal can advise on theadvantageous tax incentives aimed at facilitating theestablishment and development of financial services
corporations in the city.
info@finance-montreal.com
www.finance-montreal.com/en

Luxembourg for Finance (LFF) is the Agency for theDevelopment of the Financial Centre. It is a public-private
partnership between the Luxembourg Government and the
Luxembourg Financial Industry Federation (PROFIL). Founded in
2008, its objective is to develop Luxembourg’s financial
services industry and identify new business opportunities.

Global Times Consulting Co. is a strategic consultancy with afocus on China. We help Chinese (local) governments at alllevels to build their reputation globally, providing strategic
counsel, stakeholder outreach and communications to support
their sustainable development. We also partner withmultinational companies operating in this dynamic but
challenging market, serving as a gateway to China. In addition,
we help Chinese companies extend their reach overseas.

LFF connects international investors to the range of financial
services provided in Luxembourg, such as investment funds,
wealth management, capital market operations or advisory
services. In addition to being the first port of call for foreign
journalists, LFF cooperates with the various professional
associations and monitors global trends in finance, providing
the necessary material on products and services available in
Luxembourg.

Global Times Consulting Co. adopts a research and knowledgebased approach. With extensive contacts and deep insights
into China’s political and economic landscape, we develop andexecute integrated programs for stakeholder relations andreputation management. Our extensive relationship withmedia and government organizations in China and worldwide
helps us successfully execute programs and achieve desired
goals.

Furthermore, LFF manages multiple communication channels,organises seminars in international business locations, andtakes part in selected world-class trade fairs and congresses.
lff@lff.lu
luxembourgforfinance.com

Daniel Wang at danielwang@globaltimes.com.cn
www.globaltimes.com.cn

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Vantage Financial Centres is an exclusive network of financial centres around the world run by Z/Yen Partners fororganisations looking for a deeper understanding of financial centre competitiveness. Members receive enhanced
access to GFCI data, marketing opportunities, and training for centres seeking to enhance their profile and reputation.

Since 2009 Busan Metropolitan City has been developing afinancial hub specialising in maritime finance and derivatives.
With its strategic location in the center of the southeast
economic block of Korea and the crossroads of a global logistics
route, Busan envisions growing into an international financial
city in Northeast Asia. Busan Finance Center (BFC) will continue
to develop and implement measures to promote Busan as thefinancial hub and bolster the local financial industry, whileworking together with various local economic players to pursue
sustainable growth of the financial sector including FinTech.
These efforts will enable BFC to play a leading role in taking
Busan to the next level and become the international financial
center and maritime capital of Northeast Asia.

The Long Finance initiative grew out of the London Accord, a2005 agreement among investment researchers to shareenvironmental, social and governance research with policymakers and the public. Long Finance was established moreformally by Z/Yen Group and Gresham College from 2007 withthe aim of exploring long-term thinking across a global networkof people.

BFC offers an attractive incentive package to global financial
leaders and cooperation network of Busan Metropolitan City,
and Busan Finance Center will support you to identify
opportunities in Busan, one of the fastest developing cities inAsia.

We work on researching innovative ways of building a moresustainable financial system. In so doing, we try to operate
openly and emulate scientific ideals. At the same time, we arelooking to create a supportive and caring community where
people can truly question the accepted paradigms of risk andreward.

info@kbfc.or.kr
www.kbfc.or.kr/eng/

www.longfinance.net

Casablanca Finance City is an African financial and business hub
located at the crossroads of continents. Recognized as the leading financial center in Africa, and partner of the largest financial
centers in the world, CFC has built a strong and thriving community of members across four major categories: financial
companies, regional headquarters of multinationals, service
providers and holdings.

Supported by the industry, the Financial Services Development
Council (FSDC) is a high-level, cross-sectoral advisory body to
the Hong Kong Special Administrative Region Government.
FSDC formulates proposals to promote the further
development of Hong Kong’s financial services industry and tomap out the strategic direction for the development. As of
March 2020, 110 of the 137 policy recommendations had been
adopted by the Government and relevant regulators since
FSDC’s inception in 2013. On top of research, FSDC also carries
out market promotion and human capital development
functions.

CFC offers its members an attractive value proposition and a
premium “Doing Business” support that fosters the deployment of their activities in Africa. Driven by the ambition to cater to its community, CFC is committed to promoting its members expertise across the continent, while enabling fruitful business and partnership synergies through its networking
platform.

Among others, FSDC focuses on topics including Mainland andinternational connectivity, green and sustainable finance,
FinTech, as well as asset and wealth management.

Manal Bernoussi at manal.bernoussi@cfca.ma
www.casablancafinancecity.com

www.zyen.com

enquiry@fsdc.org.hk
https://www.fsdc.org.hk/en58

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PRODUCED BY Z/YEN

www.zyen.com
Z/Yen helps organisations make better choices – our clients consider us a commercial think-tank thatspots, solves and acts. Our name combines Zen and Yen – “a philosophical desire to succeed” – in aratio, recognising that all decisions are trade-offs. One of Z/Yen’s specialisms is the study of thecompetitiveness of financial centres around the world. A summary of this work is published every six
months as the Global Financial Centres Index. Z/Yen also publishes the Global Green Finance Index thatseeks to encourage financial centres to become greener and develop financial services in a way thatenables society to live within planetary boundaries. Most recently we have developed the Smart
Centres Index, which tracks commercial and financial centres’ offerings in technology and innovation.
CO-PRODUCED BY CHINA DEVELOPMENT INSITUTE

en.cdi.org.cn
Approved by China’s State Council, China Development Institute (CDI) was founded in 1989 with one
hundred and sixteen representatives from the government, academia and business in China. Being an
independent think tank, CDI is committed to develop policy solutions via research and debates that
help to advance China’s reform and opening-up. After years of development, CDI has become one of
the leading think tanks in China. CDI focuses on the studies of open economy and innovation-driven
development, regional economy and regional development, industrial policies and industrial
development, urbanization and urban development, business strategies and investment decisionmaking. Via conducting research, CDI provides policy recommendations for the Chinese governments
at various levels and develops consultation for corporate sectors at home and abroad. CDI organizes
events in different formats that evokes dialogue among scholars, government officials, business people
and civil society members around the globe. Based in Shenzhen, Southern China, CDI has one hundredand sixty staff, with an affiliated network that consists of renowned experts from different fields.
PUBLISHED BY LONG FINANCE AND FINANCIAL CENTRE FUTURES

www.longfinance.net

www.globalfinancialcentres.net

Long Finance is a Z/Yen initiative designed toaddress the question “When would we know
our financial system is working?” This
question underlies Long Finance’s goal to
improve society’s understanding and use offinance over the long-term. In contrast to theshort-termism that defines today’s economic
views the Long Finance timeframe is roughly
100 years.

Financial Centre Futures is a programme within
the Long Finance Initiative that initiates
discussion on the changing landscape of global
finance. Financial Centre Futures comprises the
Global Financial Centres Index, the Global
Green Finance Index and other research
publications that explore major changes to theway we will live and work in the financial
system of the future.