Singapore continues to outrank Hong Kong – albeit by a single point – as the top financial centre in Asia, according to the latest edition of the semi-annual Global Financial Centres Index (GFCI).
Singapore and Hong Kong rank third and fourth behind New York and London but ahead of San Francisco as the global top five remains unchanged in the 35th edition of the semi-annual survey, compared with the previous edition in September. Singapore overtook Hong Kong to become Asia’s top financial centre in 2022.
The study by the China Development Institute in Shenzhen and the London think tank Z/Yen Partners covers 133 financial centres. Among the top 20 ranked centres, none moved up or down by more than four spots.
“This suggests no major changes in the economic outlook across the leading economies in the world,” the report said. “New York continues to have a clear lead over second place London in the index. Singapore and Hong Kong rank third and fourth with only one point separating them. San Francisco held on to fifth place.”
By area of competitiveness, Singapore was deemed better than Hong Kong in all of the five criteria used: business environment, human capital, infrastructure, financial sector development and reputational and general.
