Do you believe the city where you live is the world’s top financial centre? Well, unless you live in London, think again.
Britain’s capital is the world’s top financial centre, according to a recent survey by Mastercard.
Among other factors, the report lauded London for its secure legal and economic infrastructure and the transparency of the city’s business regulations.
New York City ranked second, just ahead of Tokyo.
The index of 50 cities, developed by a group of academic business and finance experts, measures six factors associated with commercial strength, including “flows of finance, volumes of business and the creation and dissemination of knowledge.”
Among the survey’s key findings
- London was named the world’s foremost Centre of Commerce. The city was noted for the flexibility of its operating environment for business, robust global financial connections and extremely high levels of international trade, travel and conferences. London beat New York in four out of the six measurement criteria, and scored considerably better than other cities in Europe.
- New York, previously deemed the uncontested financial capital of the world, fell behind London - in part due to the former’s bond market regulations, which impinge on the volume of listed sales. New York’s ranking was also affected by the volatility of the US dollar.
- The survey cited Montreal, Toronto and Vancouver as the “easiest” places in the world for doing business, citing their superior national health care system, outstanding infrastructure, and access to public transportation.
- Eastern and Western Europeans cities continue to reflect an economic division: Rome, Western Europe lowest ranking city scored close to Eastern Europe’s highest ranking, Budapest.
- Not surprisingly, the Asia Pacific region figured prominently on the list, with Tokyo in the number three spot, and Hong Kong, Singapore and Seoul all among the top 10.
- In the Middle East, Dubai was the only city to make the list – placing 37th among the top 50 cities, just behind Bangkok and ahead of Kuala Lumpur.
The index combines measures of production, such as the volume of financial market transactions in equities and bonds, with indicators of business inputs such as the ease of employing staff and opening and closing companies.
Our Client businesses – part of the deVere & Partners Group – have operations in many of the countries in which the top financial centres are based, including Japan, Hong Kong, Singapore, Germany, Spain and Switzerland.
To find out more about living and working in these countries, click on the relevant link above. Or, to view all of the countries in which the Group is recruiting, go to the Countries Available page on this site.
