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| Singapore's financial district |
The Global Financial Centers Index (GFCI) has recently assessed the rising competitiveness of top Asian financial centers that includes Singapore, Hongkong and Shanghai. The GFCI is an annual competitiveness ranking of the world’s primary financial hubs based on the global financial environments. According to the index, these cities are raising prominence in the world’s financial centers after New York and London. These two cities still remain the leading global financial centers.
Hongkong, Singapore and Tokyo hold the third to the fifth spots according to the report. Shanghai gain ground by settling at sixth place. The report affirmed the influence of these Asian cities in the world’s financial environment. The cities of Chicago, Zurich, Geneva and Sydney completed the top 10 financial centers in the world. Major Chinese cities of Beijing, Shenzen and Shanghai are regarded as most reputable financial centers in the list.
The index report was conducted online based on 7,270 assessments by the Centre for the Study of Financial Innovation from January and June this year. The study dwelled on the following factors: business environment, people, quality and availability of IT and transportation, and market access.
The GFCI also reported that offshore centers, known as tax havens, have declined in the rankings as it drives for greater transparency. The Isle of Man declined by eight notches to rank 32; the Cayman Island dropped to 34th spot and the Bahamas to number 64. According to one financial analyst in New York, the Caymans and the Bahamas which are doing good business at present still have their bad reputation as financial hubs in the world.
With this current trend in the financial environment and the strong economy shown by most Asian countries, New York and London might be dislodged in the future surveys as top financial hubs in world.
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