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The United States has five financial centers in the world’s top 10, while Europe has only two. But how are European cities ranked?
advertisementIn a rapidly evolving global financial landscape, European cities are looking to establish themselves as strong financial centers that could bring significant investment from business owners and high attention from policy makers. There is fierce competition.
A recent ranking by the Global Financial Centers Index (GFCI) places seven European cities in the top 20 of the world’s financial hubs.
The United States dominates the list, with New York taking the number one spot, while London continue to lead Europe.
Compared to previous rankings, it is now slightly closer to the Big Apple, ranking second in the world, but only slightly ahead of Singapore and Hong Kong, which are in third and fourth place respectively.
How are other European cities doing? And what makes them competitive financial centres?
Geneva skyrocketing
Geneva, Switzerland, is the only other European city to join the UK capital in the top 10.
According to GFCI, Geneva has improved its rating by 29 points in the past year, jumping from 23rd to 10th place, leapfrogging its financial rivals.
The Swiss city is just five points behind San Francisco in fifth place.
Analysts cite Switzerland’s regulatory environment and low corruption as major advantages for cities’ financial strength.
EU financial capital overtakes Paris
Headquarters Frankfurt european central bankin the latest report, snatched the top spot from Paris in 3rd place in Europe.
Frankfurt, known as the City of the Euro, is also the home of Germany’s central bank, the Bundesbank.
Germany’s financial hub rose from 17th to 14th in the world on the GFCI, while Paris fell from 14th to 15th. However, he only has one rating point that separates them.
Frankfurt is also among the 15 cities that survey participants expect to be important.
European cities in the top 20 are Luxembourg (16th), Zurich (18th) and Amsterdam (19th).
Germany has 5 cities in the top 50
Germany is strongest country in europe Looking at the rankings by country.
Although none of them are in the top 10, Germany has five cities in the world’s top 50 list, the most of any European country.
In addition to Frankfurt, Berlin rose from 26th to 23rd place, while Munich dropped from 18th to 26th place.
Stuttgart rose slightly from 47th to 46th place, while Hamburg dropped from 43rd to 49th place.
advertisementSwitzerland is the next European country with the most cities in the top 50, with Lugano ranked 47th. The UK has two, with Edinburgh in 34th place.
Other European cities in the top 50 are Dublin, Ireland (25th), Stockholm, Sweden (40th), Oslo, Norway (42nd), Milan, Italy (45th), and Madrid, Spain (48th). (ranked 50th) and Helsinki, Finland (ranked 50th).
Their individual scores are closely grouped, suggesting potential changes in the next GFCI report.
Dependencies of the British Crown are expanding, but the disparity between East and West is remarkable.
Also noteworthy are three British Crown Dependencies, each ranking within the top 60. Jersey, Guernsey and the Isle of Man are ranked 52nd, 58th and 59th respectively. They are not part of the United Kingdom, but are autonomous properties of the British Crown.
The GFCI divides Europe into two groups: Western Europe, Eastern Europe and Central Asia, with a clear distinction between East and West.
advertisementThe top 60 best European financial hubs on the list all belong to the Western Europe group.
Astana, Kazakhstan, is ranked 60th and remains the highest ranked city in the Eastern Europe and Central Asia group. Prague is next in 79th place, followed by Tallinn in 87th place.
Outside of Europe, the United States scores highly, with five financial centers in the top 10, reflecting the strength of the American economy. China’s leading centers also made it into the top 20.
What makes a good financial hub?
According to GFCI 34, a city’s reputation and business environment have a significant correlation with its financial competitiveness.
The report found that the Corruption Perceptions Index and the Global Economic Freedom Index showed a relationship. A city’s reputation as a financial center increases with increasing economic freedom and decreasing perceptions of corruption.
advertisementCity branding is also an important factor influencing the competitiveness of financial centres.
Analysts say a city’s positive reputation, built through factors such as safety, stability, cultural services and quality of life, can attract businesses, professionals and investors. Masu.
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