The Global Financial Centres Index (GFCI) is back with its latest rankings. The index, released twice an year, by Z/Yen ranks cities across the world citing their infrastructure for financial activities. While London has retained its top spot in the list, New York city, which dethroned London as the world’s top financial hub in 2013, has maintained its second spot. The British capital has retained its crown despite the UK’s looming departure from the European Union. But even though it lost the top spot to Britain’s capital London, the United States has maintained its domination in the index as four its cities have registered a strong presence in the list. Three Chinese cities have also entered the index with flying colours. However, no Indian city has been able to register its name in the index. The factors taken into account while ranking these cities were: Business environment, Financial sector development, Infrastructure, Human capital, Reputational and general factors. So, here is the list of the best 20 financial hubs in the world:
2. New York
3. Hong Kong
16. San Francisco
As per Z/Yen, financial centres funnel investment toward innovation and growth. Vibrant, competitive financial centres give cities economic advantages in information, knowledge and access to capital. Although financial centres compete with one another, the competition is not a ‘zero sum’ game. A strong financial centre, whether domestic, niche, regional, international or global, connects the wider economy to the global financial community.