Main Finance Centers are in Europe, Asia and N.America
March 30, 2012 International Tax Cooperation
The most significant financial centers around the world are in Europe, Asia and North America, with London, New York and Hong Kong being ranked as the most important centers around the globe today.
The London based think tank the Z/Yen Group has published the latest edition of its biannual Global Financial Centers Index, which compiles the results of international studies and ongoing public surveys to gauge and rank the international significance of financial centers around the world.
According to the Z/Yen Group, financial centers around Europe and North America are currently the most competitive with the rankings of centers in both regions improving over the last year.
The authors of the report noted a drop in the rankings of financial centers in Asia, pointing to significant declines in the Index score of Shanghai and Hong Kong, however, it was suggested by the Group that the decline in the rankings of Asian financial centers was a temporary “interlude in the long term trend of the increasing importance of the region rather than a fundamental change in fortunes.”
The top five most significant centers in the world in 2011 were London, New York, Hong Kong, Singapore, Tokyo .
The Z/Yen Group regarded London as the most important financial center in the world, and it was also the most significant in Europe, followed by Zurich and Frankfurt, which were ranked as 6th and 13th internationally.
New York was ranked as the second most reputable financial hub in world, and the most significant in North America, followed by Chicago and Toronto which were ranked 7th and 10th in the world.
Hong Kong and Singapore were ranked 3rd and 4th financial centers around the globe, making them the financial capitals of Asia.
The highest ranked cities across Oceania were Sydney and Melbourne, which were ranked as the 16th and 20th around the globe.
Prague and Moscow were the national capitals with the highest international rankings in Eastern Europe, but the two cities were only 56th and 65th in the financial world respectively.
Dubai and Qatar were ranked as the 29th and 38th in the world, and were the top centres in the Middle East.
According to the survey, the centers with the greatest reputational advantages are Seoul, Singapore, Shanghai, New York and Hong Kong, and the international financial centers with the least reputational advantages were Manila, Moscow, Warsaw and Glasgow.
Photo by Matt Carman