Top 20 financial centers in the world in 2023

For centuries, global financial centers have served as the “backbone” for capital market operations. These hubs share important characteristics, from the right infrastructure to execute billions of transactions, to a legal framework that promotes market transparency.

The graph below shows the 20 global financial centers in 2023 as ranked by consulting company Z/Yen. This ranking is based on five competitive categories including financial sector development, business environment, human capital, infrastructure and reputation.

Accordingly, in 2023, New York City continues to be the number one financial center in the world. With a stock market capitalization of 46 trillion USD, the city’s two stock exchanges account for 40% of the total global capitalization. However, with nearly 330,000 employees working in the financial services sector, financial companies are tending to move out of this city. From the end of 2019 until now, about $993 billion in assets at 158 ​​companies have moved out of New York due to reduced tax rates in other states.

Following New York is the British capital London. Although London remains a major center of the world’s banking industry, financial activities here have declined since the UK left the European Union (EU).

With a population of 6 million people, Singapore ranks third in the rankings. Political neutrality helps Singapore become the “Switzerland of Asia”, attracting both Western and Asian companies to do business. Many giant technology companies such as Google and Alibaba have their Asian headquarters in this country.

In 2023, Hong Kong ranked 4th in the rankings, followed by San Francisco and Los Angeles. The Chinese city of Shanghai (ranked 7th) is home to Asia’s largest stock exchange with a capitalization of 6.6 trillion USD. However, the city, along with China’s other major financial centers (Shenzhen and Beijing), all dropped in rankings last year.

Top 20 financial centers in the world in 2023 - Photo 1

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