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Wednesday, Oct 05, 2022

Singapore overtakes Hong Kong in finance centre ranking

Singapore overtakes Hong Kong in finance centre ranking

New York remains far and away the world's most favoured financial centre, with London still second and Singapore overtaking Hong Kong to come in third, latest rankings from the Global Financial Centres Index (GFCI) showed on Thursday.
Paris returned to the top 10 to replace Tokyo, but Moscow sank 22 places to 73rd as Western countries severed ties with the capital after Russia's invasion of Ukraine in February, GFCI said.

GFCI, compiled by Z/Yen, a City of London think tank, and the China Development Institute, rated 119 centres using 66,121 assessments from 11,038 financial professionals, and quantitative data.

New York has held the top position among global financial centres ranked by GFCI for four years, overtaking London.

"London's second position looks secure but needs a significant global change to once again challenge for the top place," said Michael Mainelli, chairman of Z/Yen.

New York, San Francisco and Los Angeles topped GFCI's separate fintech sector ratings, with London fourth and Shanghai fifth.

The spokesman of the HKSAR government said in a statement that Hong Kong saw an increase in the overall rating in the GFCI report, without responding directly to Hong Kong being overtaken by Singapore in the ranking.

It wrote that the ranking of Hong Kong in the area of financial sector development leapt by four places as compared with the previous issue.

“The report pointed out as compared to the assessment by financial industry practitioners from other major financial centres on the prospects of the cities in which they were based, practitioners based in Hong Kong were the most confident about the future competitiveness of Hong Kong as an international financial centre,” it added.

"We will continue to listen to views and be bold in taking forward reforms to consolidate and strengthen Hong Kong's capital market and our role as an international financial centre ."
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