Mike Wardle, Professor Michael Mainelli

Published by
Long Finance & Financial Centre Futures (March 2023), 62 pages. Produced by Z/Yen in partnership with CDI.

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The Global Financial Centres Index 33

The thirty-third edition of the Global Financial Centres Index (GFCI 33) was published on 23 March 2023. GFCI 33 provides evaluations of future competitiveness and rankings for 120 financial centres around the world. The GFCI serves as a valuable reference for policy and investment decision-makers.

China Development Institute (CDI) in Shenzhen and Z/Yen Partners in London collaborate in producing the GFCI. The GFCI is updated and published every March and September, and receives considerable attention from the global financial community.

130 financial centres were researched for GFCI 33 of which 120 are in the main index. The GFCI is compiled using 153 instrumental factors. These quantitative measures are provided by third parties including the World Bank, the Economist Intelligence Unit, the OECD and the United Nations.

The instrumental factors are combined with financial centre assessments provided by respondents to the GFCI online questionnaire. GFCI 33 uses 61,449 assessments from 10,252 respondents.

GFCI 33 Results

Leading Centres

  • New York leads the index, with London second, ahead of Singapore in third place, which has maintained its slight lead over Hong Kong in fourth position.
  • Chicago, Boston, and Seoul entered the top 10, replacing Paris, Shenzhen, and Beijing.

Western Europe

  • London continues to lead in the region in second place globally, and was static in the ratings.
  • Seven Western European centres feature in the top 20 in GFCI 33.
  • There was a high degree of stability in the ratings for centres in the region, with the average rating just 0.18% lower than in GFCI 32.
  • Only Guernsey and Reykjavik rose 10 or more places in the rankings.


  • Performance in Asia/Pacific centres was again balanced as in GFCI 32, although the leading 16 centres in the region all fell in the ratings. Eleven of the remaining 14 centres in the region increased their rating.
  • Overall, ratings for centres in Asia/Pacific rose slightly by 0.17% on average.
  • Chengdu fell by 10 rank places.
  • Singapore continues to lead the region, one rating point ahead of Hong Kong. Shanghai and Seoul also feature in the world top 10.

North America

  • Chicago and Boston have joined New York, San Francisco, and Los Angeles in the world top 10 in this edition of the index.
  • Canadian centres performed less well than US centres in this region, although Vancouver rose nine places.
  • Atlanta and San Diego both rose more than 10 places in the rankings, as they did in GFCI 32.
  • Minneapolis/St Paul features in the GFCI for the first time.

Eastern Europe & Central Asia

  • Astana takes the lead position in the region with Prague and Warsaw falling back.
  • 10 out of 16 centres in the region fell in the rankings in GFCI 33, continuing the trend from the last two editions of the index.
  • Athens, Sofia, and Riga rose 10 or more positions in the index, while Moscow and Istanbul fell more than 10 rank places.

Middle East & Africa

  • Dubai and Abu Dhabi continue to take first and second places in the region, although both fell a little in the global ranking, as did a number of leading centres in the region.
  • Casablanca continues to be the leading African centre, again falling a few places in the rankings.
  • Mauritius and Riyadh gained 10 or more places in the rankings.

Latin America & The Caribbean

  • For the second edition of the GFCI in a row, the majority of centres in the region fell in both the rankings and ratings, with only Panama gaining ground in both.
  • Cayman Islands, Santiago, and Bermuda continued to lead the region.
  • Bermuda, Mexico City, Sao Paulo, Rio de Janeiro, British Virgin Islands, and Bogota fell 10 or more places in the rankings.


  • We are able to assess 114 centres for their Fintech offering.
  • New York retains its leading position in the Fintech ranking, followed by San Francisco. London moved up one place to third, and Shenzhen rose three places to take fourth position.
  • Los Angeles, Boston, Chicago, and Shanghai continue to feature in the top 10, while Singapore and Washington enter the top 10 for FinTech, displacing Beijing and Hong Kong.
  • Milan, Luxembourg, Wuhan, Xi’an, and GIFT City-Gujarat each rose 10 or more rank places for FinTech.
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