Who are the twenty top financial centers in the world?

The so-called financial center, in a narrow sense, refers to the financial market that plays a central role in the operation of commodity currencies. Broadly speaking, it refers to large and medium-sized cities that play a central role in financial activities within a macro geographical area. The financial center is formed along with the development of the economic center and is also the highest form of the economic center. Therefore, only when a city's economic strength is very strong and it has become the economic center of a certain region can it generate, accumulate and use huge amounts of funds, laying the foundation for the formation of a financial center.

However, the complexity and diversity of financial activities and the huge role of financial power in economic development make it impossible for financial centers to be as universal as commercial centers and trade centers, that is, not every economic center is Only a few economic centers will develop into financial centers if they have the function of financial centers. In this sense, a financial center is the highest form of an economic center.

On March 17, 2021, the 29th Global Financial Center Index Report (GFCI 29)" published. The status of the financial center and the important attributes of the city are introduced below:

1. New York (score: 764)

Financial status: New York is the most populous city in the United States and the largest in the world. One of the metropolitan areas - the core of the New York metropolitan area. New York exerts tremendous global influence in business and finance. New York is a world-class city that directly affects the global economy, finance, media, politics, education, entertainment and fashion. The United Nations headquarters is also located in the city, so New York is also recognized as the capital of the world. It is worth mentioning that New York’s financial district, led by Lower Manhattan and Wall Street, is known as the financial center of the world and one of the three largest financial centers in the world. Among the world's top 500 companies, 56 are headquartered in New York. The New York Stock Exchange is the second largest stock exchange in the world. It was once the largest exchange, with a global market capitalization of US$15 trillion, until its trading volume was surpassed by Nasdaq in 1996. Times Square in New York is located at the hub of the Broadway Theater District. It is known as the "Crossroads of the World" and is also one of the centers of the world's entertainment industry.

2. London (score: 743)

Financial status: London is the capital of the United Kingdom of Great Britain and Northern Ireland (referred to as the United Kingdom). The financial industry is London's most important economic pillar. London's service industry is very developed.

London is a leading world-class city in the world. It is one of the richest, most economically developed, most commercially prosperous, and one of the cities with the highest living standards in the world. London was once the world's largest financial center, controlling 45% of the world's foreign exchange transactions and the pricing power of gold, silver, crude oil and other bulk commodities. It was also the world's largest banking, insurance, futures and shipping center. London's average daily foreign exchange transaction volume once reached US$2.7 trillion, ranking first in the world, and its residents' total wealth ranked second in the world.

In November 2019, London ranked first in the world for the eighth consecutive year in the World City Comprehensive Strength Ranking (GPCI) released by the Japan Mori Memorial Foundation. In November 2018, London was ranked first among the world's first-tier cities at the Alpha++ level by GaWC. In Forbes' global city influence rankings, London is the most influential city in the world. At the same time, London defeated New York and was elected as the world's largest wealth center. In September 2019, the World Tourism Cities Federation released the 2019 World Tourism Cities Development Ranking, with London ranking first in global city visibility.

3. Shanghai (score: 742)

Financial status: Shanghai is a world-famous financial center and one of the metropolitan areas with the largest population and area in the world. In 2020, the total number of high-tech enterprises in Shanghai reached 15,000, ranking first in Forbes' "Ranking of the Best Business Cities in Mainland China".

Shanghai is China's financial center. Shanghai encompasses almost all financial market elements in China: such as the famous Shanghai Stock Exchange, Futures Exchange, China Financial Exchange, Shanghai Diamond Exchange, Gold Exchange, Financial Derivatives Exchange, Inter-bank bond market, China Foreign Exchange Trading Center, China Funds Lending Market, etc.

4. Hong Kong, China (score: 741)

Financial status: Hong Kong, China, is one of the famous "Four Asian Tigers" and is the world's richest, most economically developed and best living standard. One of the highest areas. Hong Kong, China, was once known as "New York" together with New York and London. It was once the third largest financial center in the world. An important international financial, trade, shipping center and international innovation and technology center. Hong Kong is one of the world's major banking centers. As early as the end of 2017, there were 191 banking institutions recognized by the Hong Kong Monetary Authority. As of the end of December 2020, 77 of the world's top 100 banks were operating in Hong Kong.

5. Singapore (score: 740)

Financial status: Singapore is the capital of the Republic of Singapore. Singapore is the political, economic and cultural center of Singapore. It has always been known as the "Garden City". It is one of the largest ports in the world and an important international financial center. Singapore's financial services industry includes banking, securities (stocks, bonds, futures), insurance, asset management and other categories. Relying on the support of these four major service industries, Singapore has finally established its position as Asia's financial center, shipping center and trade center. status.

6. Beijing (score: 737)

Financial status: Beijing is the capital of the Republic of China, a municipality directly under the Central Government, a national central city, a megacity, and a world-renowned international A metropolis, the national political center, cultural center, international exchange center, scientific and technological innovation center and comprehensive transportation hub. In 2020, the number of high-tech enterprises in Beijing reached 20,183, ranking first in the country. It is more than 10,000 more than Shenzhen, which ranks second, and is far ahead among major cities in my country.

7. Tokyo (score: 736)

Financial status: Tokyo is the hub center of Japan's politics, economy, culture, transportation and many other fields. Tokyo is the economic center of Japan, and many important Japanese companies and global headquarters are concentrated in Tokyo. Tokyo's financial industry and commerce are very developed. Tokyo's comprehensive strength has been evaluated as the first Asian city by many institutions around the world. Conventionally, the international community often regards Tokyo as one of the four leading global cities in the developed world. According to a report by market research company Z/Yen, because Japan's regulatory and tax system is far from meeting global standards, this has prompted financial institutions around the world to turn to Singapore, Hong Kong, and Shanghai because these places are easier to do business.

8. Shenzhen (score: 731)

Financial status: Shenzhen is one of the four first-tier cities in China, a provincial city in Guangdong Province, a city under separate state planning, a sub-provincial city, A national regional central city, a megacity, a national economic center city and an international city positioned by the State Council, a national innovative city, an international science and technology industry innovation center, a global ocean center city, an international comprehensive transportation hub, and one of China's three major national financial centers. one. Shenzhen is one of the national securities capital market centers. The Shenzhen Stock Exchange has entered a new stage of large-scale and market-oriented development.

Shenzhen City was established in 1979 and a special economic zone was established in 1980. It is the first special economic zone established in China, a window for China's reform and opening up and an emerging immigrant city. Shenzhen occupies an important position in China's high-tech industry, financial services, foreign trade exports, maritime transportation, creative culture and other aspects. Shenzhen also shoulders the important mission of experimentation and demonstration in China's institutional innovation and wider opening-up. In 2020, Shenzhen had 18,650 high-tech enterprises, ranking second in the country.

It is worth mentioning that Shenzhen is the city with the most active market economy in China and is also a city where private enterprises are concentrated. In particular, Shenzhen has the highest financial activity in the country.

9. Frankfurt (score: 727)

Financial status: Frankfurt is the fifth largest city in Germany and the largest city in Hesse, Germany. It is an important industrial, commercial, financial and transportation center in Germany and even Europe. center. Frankfurt is the financial center of Europe. It once owned more than 332 banks (194 of which were foreign banks) and 770 insurance companies. The European Central Bank and the Bundesbank are both in Frankfurt. It is worth mentioning that the Frankfurt Stock Exchange was once the third largest exchange in the world after New York and London. It operates 85% of Germany's stock transactions and has Europe's largest international auto show.

10. Zurich (score: 720)

Financial status: The capital, Zurich, is the largest city in the Swiss Federation and the capital of the canton of Zurich. It is the political, economic, cultural and transportation center of Switzerland. , is also the richest city in Europe. Zurich is the representative city of the Swiss banking industry and one of the largest financial centers in the world. Zurich is home to the headquarters of more than 120 banks around the world, more than half of which are major foreign banks, so it is also known as the "European Billionaire City". For example, UBS, Credit Suisse, Zurich Financial Services Group and many European private banks are headquartered in Zurich. The efficient and strict confidentiality capabilities of the Swiss banking industry have made Zurich a major offshore banking center in the world. Financial account transfers account for about a quarter of the entire economic activity in Zurich.

11. Vancouver (score: 719)

Financial status: Vancouver is a coastal city in the Lower Mainland of British Columbia, Canada. It is the third largest city in Canada and the largest city in Western Canada. Vancouver is the industrial, commercial and financial center of Western Canada. South of Vancouver is Seattle, the largest city in the northwest United States. As the Silicon Valley of the North, Vancouver's GDP once exceeded US$400 billion, and it is especially characterized by equity investment. The most prominent representative is the Vancouver Stock Exchange. Moreover, there are many technology giants: such as Google, Amazon, Microsoft, Facebook, Apple, etc., all gathered here.

Vancouver has a developed film production industry and is the third largest production center in North America after Los Angeles and New York. It is known as the Hollywood of the North. Vancouver has frequently ranked at the top of various surveys of the world's best cities to live in recent years. Vancouver also co-hosted the Winter Olympics and Winter Paralympics in 2010 with Whistler. Vancouver hosted the XXI Winter Olympic Games in 2010.

12. San Francisco (score: 718)

Financial status: San Francisco is close to the world-famous high-tech industrial zone Silicon Valley. It is the world's most important high-tech R&D base and the most important in the western United States. financial center and the birthplace of the United Nations. San Francisco's economy is dominated by the service industry, and the financial industry and international trade are also very developed. They account for more than half of the urban employment population, and industry only accounts for 15%. There are more than 26,000 wholesalers and retailers in the city. San Francisco is the financial center of the western United States, with more than 40 banks and 147 branches, especially the headquarters of the Pacific Coast Stock Exchange and Bank of America, one of the largest banks in the United States.

13. Los Angeles (score: 716)

Financial status: Los Angeles is the second largest city in the United States and the largest city in the western United States. It is often called the "City of Angels" . Los Angeles covers an area of ??approximately 1,215 square kilometers and has a population of approximately 3.976 million (2016). Los Angeles is one of the important centers of industry and commerce, international trade, science and education, entertainment and sports in the United States. It is also one of the main bases of the petrochemical, marine, aerospace industry and electronics industries in the United States. Los Angeles also has many world-renowned higher education institutions, such as Caltech, UCLA, University of Southern California, Pepperdine University, etc.

Los Angeles has hosted the 1932 Los Angeles Olympics, the 1984 Los Angeles Olympics, and will host the 2028 Los Angeles Olympics.

Los Angeles is the largest economic center in the western United States, accounting for 30% of California's labor market. The city's output value is about 1/3 of California's, and accounts for more than 25% of California's retail and wholesale volume.

The automobile industry, electronics industry, financial industry and tourism occupy an important position in its economy.

The service industry in Los Angeles is also very developed. Among mid-to-high-end institutions such as lawyers and audit firms, management and technology consulting agencies, and human resources service agencies, Los Angeles alone once employed nearly 200,000 people. The sector is growing faster than other major U.S. cities such as New York, Philadelphia, Detroit and Boston. Los Angeles' service economic output once accounted for approximately 30% of the city's economy.

14. Washington (score: 715)

Financial status: Washington is the political center of the United States, so its economic color is not strong. Washington is where most of the U.S. federal government agencies and foreign countries are stationed. The location of the U.S. Embassy is also the headquarters of international organizations such as the World Bank, the International Monetary Fund, and the Organization of American States.

Washington, DC is one of the few modern large cities in the world that is mainly focused on government administrative functions. There is no industry in Washington, DC. The economic sources are federal government appropriations and agency expenditures, professional industries, commerce, tourism, etc. Among the economic sources of Washington, DC, federal government funding and agency expenditures rank first, contributing 33.9% to GDP. Professional industries and commerce ranked second, contributing 24.2% to GDP.

Washington is the political center of the United States. Many economic elements in Washington, DC, are related to government affairs needs. The federal government has a large number of outsourcing services that require corporate participation, which has driven lobbying companies, legal services, financial services, information services, scientific and technological services, national defense science and industry and other industries. According to the 2016 "Global Financial Center Index Ranking" of Z/Yen Think Tank, Washington, DC has become the second largest financial center in the United States and North America after New York.

15. Chicago (score: 714)

Financial status: Chicago has the largest commercial center and one of the largest futures markets in the United States. The number of new companies in its metropolitan area It has always ranked first in the United States and has been rated as the most balanced economy in the United States. As the third largest city in the United States, Chicago is one of the most influential financial centers in the world.

Chicago is also known as the "Hometown of Skyscrapers." Chicago is one of the most important cultural, scientific and educational centers in the United States, home to the world's top universities such as The University of Chicago (The University of Chicago), Northwestern University (Northwestern University) and the world-renowned Chicago School. Chicago is also a famous tourist destination.

Chicago’s steel industry ranks first in the United States, with the famous U.S. Steel Company and Calais Steel Works. Meat processing also ranks first in the country. Among the 500 largest companies in the United States, 33 are headquartered in Chicago and nearby areas. The more famous ones include Motorola, Amoco and Inland Steel Company.

16. Seoul (score: 713)

Financial status: Seoul, the capital of the Republic of Korea, is the largest city on the Korean Peninsula and one of the major financial cities in Asia; it is also the political and political capital of South Korea. Economic, technological and cultural center. Seoul is one of the most densely populated cities in the world. Although Seoul only accounts for 0.6% of South Korea's area, its GDP accounts for 21% of the country's GDP. Seoul is one of the top ten financial centers in the world and an important economic center in the world. The consumer price index once ranked fifth in the world. It is also a highly digitalized city, ranking first in the world in terms of internet speed and digital opportunity index.

17. Luxembourg (score: 712)

Financial status: Luxembourg is located in northwest Europe. It is a small landlocked country with an area equivalent to a county in China. It is also the only remaining Grand Duchy in continental Europe today, with its capital being Luxembourg City. Because of its small territory and many ancient castles, it is also known as the "Pocket Kingdom" and the "Kingdom of Thousand Castles". Due to its varied terrain and historically located at the strategic crossroads between Germany and France, it has always been an important military fortress in Western Europe and is known as Gibraltar in the North.

Luxembourg is a highly developed industrial country, the most important private banking center in the Eurozone, and the second largest investment trust center in the world after the United States. Finance, radio and television, and steel are its three major economic pillar industries. Luxembourg's financial industry is very developed and there are many banks. The capital, Luxembourg City, is an important financial investment center in Europe, once ranking eighth in the world. Luxembourg once had the world's second largest fund management center after the United States and Europe's largest.

18. Sydney (score: 711)

Financial status: Sydney is the capital of the Australian state of New South Wales and the largest and most populous city in Australia. Sydney, Australia, has highly developed financial, manufacturing and tourism industries. Among them, the headquarters of the world's top multinational companies and domestic and foreign financial institutions are all based in Sydney. At the same time, Sydney is also the home of the Australian Stock Exchange, the Reserve Bank of Australia and the American 20th Century Fox studio. The Reserve Bank of Australia and the Australian Securities Exchange are both in Sydney. There are 53 banks in Australia, 40 of which are headquartered in Sydney. Three-quarters of the largest 100 companies have set up corporate headquarters or branches in Sydney. Almost all international business people who visit Australia usually visit Sydney. At the same time, most of the world's world-famous multinational companies also have branches or offices in Sydney.

19. Dubai (score: 710)

Financial status: Dubai is the most populous city in the United Arab Emirates, the richest city in the Middle East, and the economic and financial center of the Middle East. It is the "trade capital" of the Middle East and North Africa. Dubai is one of the world's international financial centers and has become a bridge between capital markets in the East and West. It has also become an important logistics, trade, transportation, tourism and shopping mall. It has the world's first seven-star hotel (Burj Al Arab), the world's tallest skyscraper (Burj Khalifa), the world's largest shopping mall, the world's largest indoor ski resort, etc., with active real estate, events, talks, etc. The near-world record feature attracted the attention of the world. The 2020 World Expo will be held here.

Dubai has not only become an important tourist attraction and port (the Jebelari Artificial Port is the largest artificial port in the world), but also an industrial center for information technology and finance, and will have the Dubai International Financial Center (DIFC). ). Dubai is a major transportation hub for passengers and goods in the Middle East. Oil revenues fueled Dubai's early development. It is worth mentioning that after 2010, the oil industry only accounted for less than 5% of Dubai's GDP. After oil, Dubai's economy mainly relies on tourism, aviation, real estate and financial services.

20. Geneva (score: 709)

Whose financial status: Geneva, Switzerland is the second largest city in Switzerland. Geneva is the watch capital of the world, and the watch industry and banking industry have become Geneva's two major economic pillars. Geneva's high international profile is largely due to its numerous international organizations, including the United Nations Office at Geneva.

Geneva is a famous international city. Between the two world wars, the headquarters of the League of Nations was established here. Today, many international organizations still have their headquarters or offices in Geneva, including the headquarters of the Red Cross. Organizations belonging to the United Nations include the World Health Organization and others. As early as 2006, Geneva ranked second in the world in the selection of the world's best cities to live.

It is worth mentioning that in the Global Financial Center Index (GFCI) previously released by the City of London, Geneva was once among the top ten in terms of ranking and score in major indicators. Geneva is among the world's financial centers. It is one of the "global leaders" in China, with outstanding performance in various financial sub-industries such as banking, securities, and insurance. It has strong influence and radiation in the world and has long enjoyed the world's famous reputation. Private banking center and asset management center status.

Geneva has a long tradition in international investment, dating back to the 17th century. It is worth mentioning that Geneva is a highly international financial center. According to statistics, two-thirds of the 130 banks in Geneva are foreign banks.

About half of the 20,000 banking industry employees work for foreign banks; about 10% of the world's cross-border savings private assets are managed in Geneva. Due to its high degree of professionalism, Geneva is in a leading position in the international trade and finance industry and has become an "expert" in the international trade and finance industry. For example, 3/4 of Russian oil trade is handled by Geneva.