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The 2025 Global Financial Centres Index 37th Edition: Top 10 Financial Centres are New York, London, Hong Kong, Singapore, San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen, Seoul

3rd April 2025 | Hong Kong

Z/Yen has released the 2025 Global Financial Centres Index (GFCI 37th Edition), providing evaluations of future competitiveness and rankings of 119 financial centres around the world.  The top financial centre is New York.  The 2nd ranked financial centre is London.  The 3rd ranked financial centre is Hong Kong.  The top 5 financial centres – New York, London, Hong Kong, Singapore, San Francisco.  The top 10 financial centres – New York, London, Hong Kong, Singapore, San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen, Seoul.  4 of the top 10 are United States cities – New York, San Francisco, Chicago, Los Angeles.  3 of the top 10 are China cities – Hong Kong, Shanghai, Shenzhen.  1 of the top 10 is European city – London. 5 of the top 10 are in Asia-Pacific – Hong Kong, Singapore, Shanghai, Shenzhen, Seoul.  Top financial centre in Asia-Pacific (APAC) is Hong Kong.  The top 10 financial centres in APAC – Hong Kong, Singapore, Shanghai, Shenzhen, Seoul, Beijing, Tokyo, Busan, Busan, Melbourne.  The top 10 financial centres in Europe – London, Frankfurt, Dublin, Geneva, Luxembourg, Paris, Amsterdam, Zurich, Jersey, Edinburg.  The top 10 financial centres in North America – New York, San Francisco, Chicago, Washington DC, Boston, Toronto, Miami, Montreal, Vancouver, San Diego.  The top 10 financial centres in Middle East & Africa – Dubai, Abu Dhabi, Casablanca, Mauritius, Tel Aviv, Riyadh, Kigali, Doha, Bahrain, Kuwait City.  See below for key findings & summary | View report here

“ The 2025 Global Financial Centres Index 37th Edition: Top 10 Financial Centres are New York, London, Hong Kong, Singapore, San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen, Seoul “

 



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The 2025 Global Financial Centres Index 37th Edition: Top 10 Financial Centres are New York, London, Hong Kong, Singapore, San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen, Seoul

New York City, United States

Z/Yen has released the 2025 Global Financial Centres Index (GFCI 37th Edition), providing evaluations of future competitiveness and rankings of 119 financial centres around the world.  See below for key findings & summary | View report here

 

The 2025 Global Financial Centres Index 37th Edition

Summary

  • The top financial centre is New York
  • The 2nd ranked financial centre is London
  • The 3rd ranked financial centre is Hong Kong
  • The top 5 financial centres – New York, London, Hong Kong, Singapore, San Francisco
  • The top 10 financial centres – New York, London, Hong Kong, Singapore, San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen, Seoul
  • 4 of the top 10 are United States cities – New York, San Francisco, Chicago, Los Angeles
  • 3 of the top 10 are China cities – Hong Kong, Shanghai, Shenzhen
  • 1 of the top 10 is European city – London
  • 5 of the top 10 are in Asia-Pacific – Hong Kong, Singapore, Shanghai, Shenzhen, Seoul
  • Top financial centre in Asia-Pacific (APAC) is Hong Kong
  • The top 10 financial centres in APAC – Hong Kong, Singapore, Shanghai, Shenzhen, Seoul, Beijing, Tokyo, Busan, Busan, Melbourne
  • The top 10 financial centres in Europe – London, Frankfurt, Dublin, Geneva, Luxembourg, Paris, Amsterdam, Zurich, Jersey, Edinburg
  • The top 10 financial centres in North America – New York, San Francisco, Chicago, Washington DC, Boston, Toronto, Miami, Montreal, Vancouver, San Diego
  • The top 10 financial centres in Middle East & Africa – Dubai, Abu Dhabi, Casablanca, Mauritius, Tel Aviv, Riyadh, Kigali, Doha, Bahrain, Kuwait City

1) Top 20 Financial Centres

  1. New York
  2. London
  3. Hong Kong
  4. Singapore
  5. San Francisco
  6. Chicago
  7. Los Angeles
  8. Shanghai
  9. Shenzhen
  10. Seoul
  11. Frankfurt
  12. Dubai
  13. Washington DC
  14. Dublin
  15. Geneva
  16. Luxembourg
  17. Paris
  18. Amsterdam
  19. Boston
  20. Beijing

 

2) Ranking by Industry Sector

  • Top 10 Banking Centres: London, New York, Hong Kong, Shanghai, Los Angeles, Singapore, Washington DC, Shenzhen, Chicago, Frankfurt
  • Top 10 Investment Management Centres: Hong Kong, New York, London, Shenzhen, Singapore, Dublin, Shanghai, Dubai, Chicago, San Francisco
  • Top 10 Trading Centres: New York, Singapore, London, Shanghai, Seoul, Hong Kong, Los Angeles, Chicago, Paris, Geneva, San Francisco, Shenzhen, Dubai, Luxembourg, Washington DC
  • Top 10 Insurance Centres: Hong Kong, New York, London, Singapore, Shenzhen, Beijing, San Francisco, Chicago, Tokyo, Los Angeles
  • Top 10 Finance: Hong Kong, Shenzhen, London, New York, Shanghai, Frankfurt, Washington DC, Seoul, Beijing, Tokyo
  • Top 10 Fintech: New York, London, Singapore, Frankfurt, Dubai, Shanghai, Hong Kong, Dublin, Amsterdam, San Francisco
  • Top 10 Govt & Regulatory: New York, London, Singapore, Zurich, Shanghai, Los Angeles, Frankfurt, San Francisco, Hong Kong, Chicago
  • Top 10 Professional Services: Singapore, New York, London, Seoul, San Francisco, Dubai, Hong Kong, Los Angeles, Chicago, Luxembourg

 

3) Ranking by Area Of Competitiveness

  • Top 5 Business Environment – New York, London, Hong Kong, Singapore, San Francisco
  • Top 5 Human Capital – New York, Hong Kong, London, Singapore, San Francisco
  • Top 5 Infrastructure – New York, Hong Kong, London, Singapore, Shenzhen
  • Top 5 Financial Sector Development – New York, Hong Kong, London, Shanghai, Singapore
  • Top 5 Reputational & General – New York, London, Hong Kong, Singapore, San Francisco

 

4) Top 15 Centres to Become More Significant in the 2 to 3 Years

  1. Dubai 
  2. Seoul
  3. Singapore
  4. Kigali
  5. GIFT City
  6. Mauritius
  7. Hong Kong
  8. Casablanca
  9. Riyadh
  10. Shenzhen
  11. Abu Dhabi
  12. London
  13. Shanghai
  14. Mumbai
  15. New York

 

5) 2025 Top Global Financial Centres Ranking

Cities Rank Previous
1 New York 1 1
2 London 2 2
3 Hong Kong 3 3
4 Singapore 4 4
5 San Francisco 5 5
6 Chicago 6 6
7 Los Angeles 7 7
8 Shanghai 8 8
9 Shenzhen 9 9
10 Seoul 10 11
11 Frankfurt 11 10
12 Dubai 12 16
13 Washington DC 13 12
14 Dublin 14 14
15 Geneva 15 13
16 Luxembourg 16 19
17 Paris 17 15
18 Amsterdam 18 27
19 Boston 19 22
20 Beijing 20 18
21 Zurich 21 17
22 Tokyo 22 20
23 Toronto 23 23
24 Busan 24 25
25 Jersey 25 30
26 Miami 26 36
27 Montreal 27 24
28 Melbourne 28 32
29 Edinburgh 29 29
30 Sydney 30 28
31 Vancouver 31 42
32 Glasgow 32 37
33 Lugano 33 26
34 Guangzhou 34 34
35 Qingdao 35 31
36 San Diego 36 21
37 Berlin 37 43
38 Abu Dhabi 38 35
39 Chengdu 39 39
40 Osaka 40 44
41 Guernsey 41 49
42 Atlanta 42 41
43 Minneapolis / St Paul 43 33
44 Calgary 44 38
45 Hamburg 45 50
46 GIFT City-Gujarat 46 52
47 Copenhagen 47 40
48 Munich 48 45
49 Wellington 49 46
50 Stockholm 50 66
51 Kuala Lumpur 51 59
52 Mumbai 52 54
53 Madrid 53 47
54 Milan 54 51
55 Isle of Man 55 56
56 Casablanca 56 57
57 Rome 57 76
58 Mauritius 58 60
59 Oslo 59 58
60 New Delhi 60 68
61 Helsinki 61 71
62 Brussels 62 61
63 Hangzhou 63 72
64 Astana 64 62
65 Tel Aviv 65 48
66 Stuttgart 66 53
67 Vienna 67 83
68 Malta 68 70
69 Liechtenstein 69 74
70 Taipei 70 73
71 Riyadh 71 63
72 Kigali 72 67
73 Doha 73 64
74 Dalian 74 65
75 Bahrain 75 80
76 Nanjing 76 77
77 Reykjavik 77 55
78 Sao Paulo 78 85
79 Wuhan 79 82
80 Kuwait City 80 69
81 Gibraltar 81 88
82 Tianjin 82 78
83 Monaco 83 98
84 Cape Town 84 84
85 Lisbon 85 87
86 Cayman Islands 86 81
87 Bermuda 87 79
88 Johannesburg 88 75
89 Tallinn 89 91
90 Cyprus 90 92
91 Xi’an 91 94
92 Riga 92 101
93 Barbados 93 89
94 Rio de Janeiro 94 90
95 Almaty 95 86
96 Bangkok 96 95
97 Jakarta 97 97
98 Ho Chi Minh City 98 105
99 Santiago 99 96
100 Nairobi 100 102
101 Warsaw 101 99
102 British Virgin Islands 102 108
103 Manila 103 109
104 Tehran 104 112
105 Lagos 105 100
106 Prague 106 93
107 Istanbul 107 104
108 Trinidad and Tobago 108 114
109 Athens 109 110
110 Mexico City 110 106
111 Bahamas 111 103
112 Panama 112 111
113 Sofia 113 107
114 Budapest 114 113
115 Moscow 115 117
116 Bogota 116 115
117 St Petersburg 117 116
118 Baku 118 118
119 Buenos Aires 119 119

 

 

6) Top 15 Financial Centres – Asia-Pacific

Cities Rank Global
1 Hong Kong  1 3
2 Singapore  2 4
3 Shanghai  3 8
4 Shenzhen  4 9
5 Seoul 5 10
6 Beijing 6 20
7 Tokyo 7 22
8 Busan 8 24
9 Melbourne 9 28
10 Sydney 10 30
11 Guangzhou 11 34
12 Qingdao 12 35
13 Chengdu 13 39
14 Osaka 14 40
15 GIFT City-Gurajat 15 46

 

 

7) Top 15 Financial Centres – Western Europe

Cities Rank Global
1 London  1 2
2 Frankfurt 2 11
3 Dublin 3 14
4 Geneva 4 15
5 Luxembourg 5 16
6 Paris 6 17
7 Amsterdam 7 18
8 Zurich 8 21
9 Jersey 9 25
10 Edinburgh 10 29
11 Glasgow 11 32
12 Lugano 12 33
13 Berlin 13 37
14 Guernsey 14 41
15 Hamburg 15 45

 

 

8) Top 10 Financial Centres – North America

Cities Rank Global
1 New York  1 1
2 San Francisco 2 5
3 Chicago 3 6
4 Washington DC 4 7
5 Boston 5 13
6 Toronto 6 19
7 Miami 7 23
8 Montreal 8 26
9 Vancouver 9 27
10 San Diego 10 31

 

 

9) Top 10 Financial Centres – Middle East & Africa

Cities Rank Global
1 Dubai 1 12
2 Abu Dhabi 2 38
3 Casablanca 3 56
4 Mauritius 4 58
5 Tel Aviv 5 65
6 Riyadh 6 71
7 Kigali 7 72
8 Doha 8 73
9 Bahrain 9 75
10 Kuwait City 10 80

 

 

The Global Financial Centres Index 37

The thirty-seventh edition of the Global Financial Centres Index (GFCI 37) was published on 20 March 2025. GFCI 37 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.  133 financial centres were researched for GFCI 37 of which 119 are in the main index. The GFCI is compiled using 140 instrumental factors. These quantitative measures are provided by third parties including the World Bank, the OECD, and the United Nations. The instrumental factors are combined with financial centre assessments provided by respondents to the GFCI online questionnaire. GFCI 37 uses 31,314 assessments from 4,946 respondents.

Z/Yen is the City of London’s leading commercial think-tank, founded in 1994 to promote societal advance through better finance and technology. Z/Yen has built its practice around a core of high- powered project managers, supported by experienced technical specialists so that clients get expertise they need, rather than just resources available.   In March 2007, Z/Yen and the City Of London released the first edition of the GFCI, which continues to provide evaluations of competitiveness and rankings for the major financial centres around the world. We are pleased to present the thirty-fifth edition of the Global Financial Centres Index (GFCI 35).   In July 2016, Z/Yen and the China Development Institute (CDI) in Shenzhen established a strategic partnership for research into financial centres. We continue our collaboration in producing the GFCI. The GFCI is updated every March and September and receives considerable attention from the global financial community. The index serves as a valuable reference for policy and investment decisions.  The China Development Institute (CDI)is a leading national think-tank that develops solutions to public policy challenges through broad-scope and in-depth research to help advance China’s reform and opening-up to world markets. The CDI has been working on the promotion and development of China’s financial system since its establishment in 1989. Based on rigorous research and objective analysis, CDI is committed to providing innovative and pragmatic reports for governments at different levels in China and corporations at home and abroad. 




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