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Dubai jumps to 16th place globally as best financial centre according to Financial Centres Index Z/Yen Partners China Development Institute.
According to Bloomberg, the index evaluates 121 financial centers, using data and survey results from thousands of financial services professionals who responded to an online questionnaire..
Dubai ranked first regionally, and rose 4 places in the rankings, having been ranked 20th..
Globally, Hong Kong ranked third, behind New York and London, and Singapore ranked fourth. Hong Kong has regained its position as Asia’s top financial hub, pushing Singapore into second place in the region. That’s good news for Hong Kong’s finance sector, which has been hit hard by pandemic restrictions that have sent many workers fleeing the city. The property market, which has failed to recover, has slowed activity and consumer demand. The government is betting that its initiatives and low interest rates can revive economic activity..
Other findings in the report include 58 financial centers falling in the rankings while 46 improved. Dublin, Chicago and Dubai moved up the rankings, while Shanghai, Beijing and Geneva fell in the index. Shenzhen overtook San Francisco to take third place in the fintech rankings. Chicago and Los Angeles climbed above Shanghai to take sixth and seventh places. Sydney, Nanjing and Tianjin dropped at least 10 spots..
Here are the top 20 financial centers::
1. New York
2. London
3. Hong Kong
4. Singapore
5. San Francisco
6. Chicago
7. Los Angeles
8. Shanghai
9. Shenzhen
10. Frankfurt
11. Seoul
12. Washington DC
13. Geneva
14. Dublin
15. Paris
16. Dubai
17. Zurich
18. Beijing
19. Luxembourg
20. Tokyo
