Mike Wardle, Professor Michael Mainelli

Published by
Long Finance & Financial Centre Futures (September 2022), 64 pages. Produced by Z/Yen in partnership with CDI.

Share on social media:

CDI_logo_150px zyen.png

The Global Financial Centres Index 32

The thirty-second edition of the Global Financial Centres Index (GFCI 32) was published on 22 September 2022. GFCI 32 provides evaluations of future competitiveness and rankings for 119 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.

128 financial centres were researched for GFCI 32 of which 119 are in the main index. The GFCI is compiled using 151 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 32 uses 66,121 assessments from 11,038 respondents.

GFCI 32 Results

Leading Centres

  • New York leads the index, with London second, ahead of Singapore in third place, which has overtaken Hong Kong in fourth position.
  • Paris returned to the top ten in the index, replacing Tokyo which fell to 16th place, perhaps reflecting a comparatively slow consumer recovery following the Covid-19 pandemic.

Western Europe

  • London continues to lead in the region, and rose 5 points in the ratings.
  • Other leading Western European centres also gained in the ratings. Berlin, Stuttgart, Lugano, Malta, Reykjavik, Guernsey, and Liechtenstein rose more than 10 rank places, while Madrid and Brussels fell more than 10 ranking places.


  • Performance in Asia/Pacific centres was balanced, with half of these centres maintaining or improving their rank, and half falling in the rankings. Leading centres in the region tended to perform better than those in the lower ranks.
  • Singapore has overtaken Hong Kong by just one rating point to take the lead in the region, and third place in the index overall. Shanghai, Beijing, and Shenzhen also feature in the world top ten.
  • Continuing travel restrictions in places like Hong Kong and Tokyo affect their ability to conduct normal levels of business.

North America

  • New York, San Francisco and Los Angeles now feature in the world top 10.
  • Canadian centres performed less well than US centres in this region.
  • Atlanta and San Diego both rose more than 10 places in the rankings.

Eastern Europe & Central Asia

  • Prague, Warsaw, and Nur-Sultan overtook Moscow to take the leading positions in Eastern Europe & Central Asia.
  • Continuing the trend in GFCI 31, the majority of centres in the region fell in the rankings in GFCI 32.
  • Moscow, Istanbul, Almaty, Athens, and St Petersburg fell more than 10 rank places.

Middle East & Africa

  • Dubai and Abu Dhabi take first and second places in the region, with Dubai stable in the rankings at 17th place and Abu Dhabi dropping one ranking place.
  • Casablanca continues to be the leading African centre, maintaining its 54th position overall, while other African centres fell in the rankings.

Latin America & The Caribbean

  • The majority of centres in the region fell in the rankings after a more positive performance in GFCI 31.
  • Cayman Islands, Santiago, and Bermuda overtook Mexico City to lead the region.
  • Mexico City, Sao Paulo, Rio de Janeiro, Bogota, and Bahamas fell over ten places in the rankings.


  • We are able to assess 113 centres for their Fintech offering.
  • New York retains its leading position in the Fintech ranking, followed by San Francisco, Los Angeles, and London, with Shanghai and Beijing in fifth and sixth place.
  • Chinese, US, and German centres performed well in the Fintech ratings, with Atlanta, Chengdu, Berlin, Stuttgart, San Diego, Tianjin, Dalian, Nanjing, Hangzhou, and Wuhan improving more than 10 rank places. Outside of these countries. Helsinki, Oslo, and Lugano also gained more than 10 rank places.

svg.lf_footer_svg{ height: 30px; width: 30px; }