The Big Apple continues to be the centre of the world – at least when it comes to the world of finance. According to Z/Yen, New York is the largest financial centre in the world. The British think tank has published the 33rd edition of its Global Finance Centres Index (GFCI), in which the US metropolis maintains its leading position. The European financial capital, London, follows in second place. It is followed by Singapore and Hong Kong. The first Chinese city in the ranking, Shanghai, follows in seventh place and the South Korean capital Seoul has just made it into the top 10.
Munich storms into the top 20
One German city is new to the top 20. Munich made up six places, landing in 18th place in the ranking of the largest financial centres in the world. The Bavarian state capital is right behind Frankfurt am Main, which maintains its position as the German financial capital for the time being. From the German-speaking region, Zurich and Luxembourg have also made it into the top 20.
There was even more movement in the top 20. All three Chinese cities (Shanghai, Shenzhen and Beijing) fell in the ranking. The major US cities of Washington D.C., Chicago and Boston went up at least four places each. The rankings of the French capital Paris, as well as the Australian financial metropolis Sydney, fell. All positions at a glance:
1. New York (USA)
2. London (England)
3. Singapore
4. Hong Kong
5. San Francisco (USA)
6. Los Angeles (USA)
7. Shanghai (China)
8. Chicago (USA)
9. Boston (USA)
10. Seoul (South Korea)
11. Washington D.C. (USA)
12. Shenzhen (China)
13. Beijing (China)
14. Paris (France)
15. Sydney (Australia)
16. Amsterdam (Netherlands)
17. Frankfurt am Main (Germany)
18. Munich (Germany)
19. Luxembourg
20. Zurich (Switzerland)
Five categories are decisive for the ranking
Z/Yen focuses on five categories in its ranking. Two of these are the infrastructure and development of the financial sector in a city. Another factor is the reputation of the financial centre. The availability of workers, as well as their quality and training, are also in focus, as is the business environment, in which political stability, tax legislation and macroeconomics play a role.
A further factor in ranking can be roadshows, which most companies carry out in several cities. The rankings show at least some parallels. New York and London are the metropolises, with the most roadshows. However, Frankfurt is significantly further behind in the Z/Yen ranking than in the roadshow ranking. Here, the German city ranks fifth.