International Financial Centers Ranking, 2023 - CEOWORLD magazine (2024)

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International Financial Centers Ranking, 2023 - CEOWORLD magazine? ›

The top global financial cities are New York City, London, Singapore, Hong Kong, and San Francisco, as determined by the GFCI 34 rankings. Other important financial centers around the world include Shanghai, Frankfurt, Zurich, Tokyo, and Chicago.

The top global financial cities are New York City, London, Singapore, Hong Kong, and San Francisco, as determined by the GFCI 34 rankings. Other important financial centers around the world include Shanghai, Frankfurt, Zurich, Tokyo, and Chicago.

In 2023, New York remained the epicenter for global finance. With $46 trillion in stock market capitalization, it captures 40% of the world's total, thanks to the depth and liquidity of its markets. Domestic and international companies look to list on its exchanges due to their broad investor base.

A dominant global financial center has international connectedness, cultural and educational diversity, and expertise across the full range of financial products and services. We walk you through the top three, New York, London, and Singapore, as ranked in the Global Financial Centres Index (GFCI).

New York City.

New York City remains the largest centre for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. economy. The NYSE and NASDAQ are the two largest stock exchanges in the world.

Read More... New York leads the index, with London second, ahead of Singapore in third place, which has maintained its slight lead over Hong Kong in fourth position. San Francisco remains at number five, with Shanghai overtaking Los Angeles in sixth place, with the latter dropping to eighth.

The “big four banks” in the United States are JPMorgan Chase, Bank of America, Wells Fargo, and Citibank.

Switzerland is one of the world's leading and most competitive financial centres. Roughly a quarter of total global cross-border assets are managed in Switzerland.

Is NYC the financial capital of the world? ›

New York City is not only the financial capital of America but also of the world. While the city's financial dealings grew out of Wall Street, at the southern tip of Manhattan, large financial institutions and companies are now spread out throughout the city.

The only economy to surpass Guyana's economic boom in 2023 is the Chinese Special Administrative Region of Macau. Known as the "Las Vegas of Asia", Macau has become a vibrant center for commerce and entertainment. GDP growth of over 74 percent is mainly driven by industries such as tourism, gambling and real estate.

New York City is typically considered the finance capital of the world.

In a recent ranking by the Global Financial Centres Index (GFCI), seven European cities feature in the world's top 20 financial hubs. While the US dominates the upper end of the list, with New York taking the number one spot, London continues to lead in Europe.

London top global financial centre as new regulations send positive signals to businesses, research finds. London has retained its crown as the top global financial centre as New York City slips to second position, new figures published by the City of London Corporation reveal.

Moderate expansions in Asia Pacific, the Middle East, and Africa will keep the global economy moving forward through 2023. Global real GDP growth is projected to slow from near 3% in 2022 to half that pace in 2023.

New York holds onto its spot as the world's financial capital.

Data and analytics was the top choice, with 56% of responses. The other top results were evenly distributed between financial reporting, accounts payable and receivable, business intelligence and strategic planning and FP&A. In closing, 2023 is all about efficiency and productivity for the CFO.

Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 percent in 2022 to 1.3 percent in 2023. In a plausible alternative scenario with further financial sector stress, global growth declines to about 2.5 percent in 2023 with advanced economy growth falling below 1 percent.