Global Financial Centres Index: The eurozone languishes and the Nordic Centres shine through
25 September 2011
According to an index of 75 financial centres compiled by think tank Z/Yen Group, capital cities of the weaker euro economies are clearly suffering. Examples include Madrid which is down 11 places in the rankings, Dublin down 10 and Milan down nine. Paris fell four places and Frankfurt slipped two.
Today the Z/Yen Group published the tenth Global Financial Centres Index (GFCI 10) covering 75 financial centres. The big changes from GFCI 9 in March 2011 are:
-
The Nordic and Eastern European centres - now getting strong support. Centres such as Tallinn (up 118 points in the ratings), Istanbul (up 86 points), Moscow (up 75 points), Helsinki (up 72 points), Copenhagen (up 55 points and St Petersburg (up 50 points) all demonstrate strong increases in competitiveness;
-
The eurozone - capital cities of the weaker euro economies are clearly suffering - examples include Madrid down 11 places in the rankings, Dublin down ten places and Milan down nine places;
-
More clarity in Asia - the strongest centres are strengthening and consolidating their positions - Hong Kong is up 11 points, Singapore is up 13, Shanghai is up 30 points and Seoul is up 28. Certain Asian centres are now perceived as weaker - Tokyo, Beijing, Taipei and Shenzhen have all fallen in the ranks;
-
The three top centres are now only four points apart (there was a gap of 16 points between first and third in GFCI 9). There is no significant difference between London, New York and Hong Kong in the ratings;
-
Middle East - Dubai's reputation continues to suffer and Qatar rises 39 points to become the leading centre in the Middle East for the first time;
-
Offshore centres - beginning to recover reputations - Guernsey has risen 28 points, the Isle of Man, Hamilton and the British Virgin Islands have all risen 27 points, and Jersey has risen 26. The Cayman Islands and Gibraltar have also risen. Jersey and Guernsey remain the leading offshore centres.
GFCI 10 uses 28,604 financial centre assessments completed by 1,887 financial services professionals. Since 2007, well over 100,000 assessments from over 6,000 respondents have built the index. GFCI is updated regularly and ratings change as assessments and instrumental factors change. To view the GFCI 10 report or to participate in GFCI 11 by rating the financial centres with which you are familiar, please click here.
Press release
© Z/Yen
