Singapore has overtaken Hong Kong as Asia’s top financial center — and third in the world — according to a new report that ranks New York and London in first and second place.
Hong Kong slipped to fourth place, battered by strict Covid restrictions and an exodus of talent, while San Francisco rose two places to round out the top five in the Global Financial Centers Index.
Hong Kong is struggling to revive its role as a global financial hub as it continues to follow China’s lead and seek to keep Covid cases to a minimum while the rest of the world opens up. A November summit of global bankers aimed at restoring confidence in the city has garnered pledges from some 20 leading companies to send top executives there. However, uncertainty about the easing of quarantine rules, which has kept attendance low, continues to threaten to affect turnout.
Singapore, on the other hand, expects more than 4 million visitors in 2022. A range of high profile events including the Milken Institute Asia Summit, the Forbes Global CEO Conference and the Singapore Grand Prix will help raise the city’s profile as a tourist destination.
The Chinese cities of Shanghai, Beijing and Shenzhen all maintained their spots in the GFCI’s top 10 despite crippling Covid containment measures that effectively cut the country off from the rest of the world.
Other findings of the report were:
- Paris returned to the top 10 while Tokyo slipped to 16th place
- Sydney jumped 10 spots to 13th
- Dubai and Abu Dhabi were the top performers in the Middle East, ranking 17th and 32nd respectively
- Russian financial centers suffered from the war in Ukraine, with Moscow falling 22 places to 73 and St. Petersburg down 17 places to 114
- Barbados, Xi’an and Wuhan were the last three places on the list
The index, compiled by think tanks Z/Yen Partners and the China Development Institute, lists 119 financial centers and uses data collected from thousands of financial service providers who responded to an online questionnaire.
Here are the top 20 financial centers:
- New York, United States
- London, United Kingdom
- Hong Kong
- San Francisco, United States
- Shanghai, China
- Los Angeles, United States
- Beijing, China
- Shenzhen, China
- Paris, France
- Seoul, South Korea
- Chicago, United States
- Sydney, Australia
- Boston, United States
- Washington D.C., United States
- Tokyo, Japan
- Dubai, United Arab Emirates
- Frankfurt, Germany
- Amsterdam, Netherlands
- Geneva, Switzerland
© 2022 Bloomberg