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New York keeps top spot among world's financial centers

According to the financial consulting firm, Z/Yen Group Ltd., New York has once again secured the leading position in the ranking of the largest financial hubs on the planet. The city confidently maintains its status.

The Z/Yen Group Ltd., which has been publishing the Global Financial Centers Index (GFCI) for many years, announced that the largest US city has retained its first place among the world's top financial centers. New York has been holding the top position since autumn 2018. According to data released in March 2024, it scored 763 points, losing just one point compared to the previous ranking. London came in second, improving by three points to reach 750 points.

Hong Kong rounds out the top three with 749 points, just ahead of Singapore, which earned 747 points. In the sixth position is San Francisco, followed by Chicago in 7th and Los Angeles in 8th. Shanghai holds 9th place, while Shenzhen completes the top ten.

There have been some shifts since the last ranking. Thus, Frankfurt has replaced Geneva in 10th place, while Shenzhen has overtaken Seoul. Notable results include Dublin, which climbed from 25th to 14th, and Lugano, which jumped nine spots to land at 26th. On the downside, Sydney dropped ten positions to 28th place.

The most impressive growth came from Bermuda, skyrocketing to 27th place, while Doha and Riyadh also made significant gains, moving up to 24th and 21st places, respectively. Unfortunately, Rome and Stockholm experienced major setbacks, losing 22nd and 16th positions.

As for Moscow and St. Petersburg, they remain near the bottom of the list, ranking 119th and 118th, ahead of only Baku and Buenos Aires. Astana continues to lead among financial centers in Eastern Europe and Central Asia, coming in at 62nd place.

Notably, the Global Financial Centers Index was first published in 2007 and is updated twice a year. The latest edition, based on a survey of 8,500 respondents, is the 35th installment.

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