Index finds Asian financial centres competitiveness is growing
Asia’s growing importance in global economic affairs has been further evidenced in the latest edition of a half-yearly financial centres index.
The Z/Yen Group’s Global Financial Centres Index (GFCI), which measures the competitiveness of financial centres, placed Hong Kong for the second time-running on a level playing field with London and New York. This cements the position it first rose to in the previous index, published last September.
In addition to Hong Kong, there are seven other Asian financial centres in the top 20. This compares to six in North America and five in Europe and demonstrates Asia’s growing influence.
Furthermore, when respondents were asked which financial centres were likely to become more significant in the next few years, the top five centres mentioned were all Asian. They were Shanghai, Singapore, Seoul, Hong Kong and Beijing.
Z/Y’s findings also showed Asian cities occupied the top six places when respondents were asked indicate where their organisations were most likely to open new offices.
Mark Yeandle, associate director of the Z/Yen Group, said: “The rise in importance of the Asian centres continues. London and New York have long been considered the top global financial centres and retain their positions. However, financial services professionals around the globe now see Asia as the main area for growth.”
In the Middle East, Dubai was rated the top regional financial centre, and 28th globally, followed by Qatar. However, Z/Yen noted the points gap between the two had halved since last time and now stood at eight.
According to Z/Yen, the GFCI uses a combination of online polls and external data, including other indices, to rate the competitiveness of 75 financial centres globally.