Financial hubs in emerging markets outperformed developed markets in terms of changes in ratings, according to a GFCI report.
New York was the top financial hub in the world, according to the 35th edition of the «Global Financial Centres Index». This was followed by London, Singapore, Hong Kong and San Francisco.
The index is co-produced by Shenzhen-based China Development Institute and London-based Z/Yen Partners on a semi-annual basis. It rates and ranks 133 financial centers worldwide based on 145 factors, such as the quality of the telecommunications infrastructure or regulatory environment, alongside online assessments from 8,494 respondents.
EM Ratings
In terms of rating changes, hubs based in emerging markets saw relatively greater improvements. In this regard, the leading region was Latin America and the Caribbean, which saw an average rating increase of 3.35 percent. Other notable increases include the Middle East and Africa (2.16 percent) as well as Asia Pacific (1.89 percent).
In contrast, developed market hubs saw relatively lower increases. Ratings in Western Europe and North America rose by just 0.9 percent and 0.68 percent, respectively.
