Hong Kong keeps 4th position in global financial center index
Hong Kong remains in fourth place in the latest global ranking of international financial centers, published on Thursday, as the city ramps up efforts to consolidate its financial edge through various initiatives.
The 35th edition of the semi-annual Global Financial Centres Index, released by the Londonbased think tank Z/Yen Group, in collaboration with the China Development Institute in Shenzhen, evaluated 121 financial centers worldwide.
No changes were seen in the top five positions. New York held on to first place as the world’s most competitive financial hub, followed by London, Singapore, Hong Kong, and San Francisco.
A government spokesperson said Hong Kong has maintained its international character and played the role of a bridge connecting the Chinese mainland to the world, while actively integrating into the country’s financial reform and opening-up pattern.
“To this end, a series of policy initiatives have been announced in the 2024-25 Budget, with a view to better integrating a capable government and an efficient market, and promoting the development of Hong Kong’s financial markets to a higher level,” the spokesperson said.
On the Chinese mainland, Shanghai and Shenzhen each moved up one spot, ranking sixth and 11th respectively, while Beijing slid two places to 15th. The four Chinese cities are all listed as “Centers Likely to Become More Significant”.
Additionally, Wuhan, Hangzhou, and Dalian have seen their rankings rise by nine, five, and five places respectively, further enhancing their global profile.
Since 2007, the joint ranking by the British and Chinese think tanks has been released in March and September every year.
The latest index is based on a global online survey and considers 145 instrumental factors provided by third parties, including the World Bank, The Economist Intelligence Unit, the Organization for Economic Cooperation and Development, and the United Nations.
The factors are grouped into five areas — business environment, human capital, infrastructure, financial sector development, and reputation.
The report highlights the strong performance of Asia-Pacific financial centers, with four among the world’s top 10 from the region. Out of the top 15 financial centers in the region, only two cities saw their rankings drop.
Singapore overtook Hong Kong to become Asia’s top financial center in 2022.
To restore Hong Kong’s allure, the city has been acting on multiple fronts, from opening up its virtual asset sector and proceeding with its offshore renminbi business, to wooing ultra-high-networth families.
Deloitte’s latest study showed that Hong Kong hosted 2,703 single-family offices as of the end of last year, with 885 managing assets of at least $100 million each.
Separately, Hong Kong is recognized as the ninth-most attractive regions for business operations over the next five years, while Singapore has retained its top spot, according to the latest business environment rankings by the Economist Intelligence Unit, the research and analysis division of The Economist Group.
Last year, Hong Kong ranked in seventh place.