Hong Kong Hones In On London And New York For Top Banker Spot
By: Ainsley Brown
According to the latest Global Financial Centres Index (GFCI), as conducted by the think tank Z/Yen Group, London and New York City (NYC) remain number one and two respectively as the top financial centres. However, Hong Kong (HK) is closing the gap and is in a respectable third.
The twice yearly index ranks 75 cities based on surveys of industry professional and uses such factors as transportation, office rental rates and airport satisfaction. From its inception in 2005 London has lead the pack followed closely by NYC, the two leaving all other contenders in their wake. But not any more, the gap is closing and closing fast. The latest 1,000 point survey has London and NYC in a dead heat, 772 and 770 respectively, with HK in third at 760 points.
This is a remarkable move forward for HK because as recently as March 2009 it lagged 81 points behind the pack leaders. All of this is good news for HK as it positions itself to become China’s world leader in financial services – according to Au King-chi Hong Kong’s Permanent Secretary for Financial services and Treasury.
On a side note Toronto ranked 12th on the index.
