The Global Financial Centres Index (GFCI) 2025, published by Z/Yen in partnership with the China Development Institute (CDI), provides a detailed evaluation of the competitiveness and rankings of 119 financial centres worldwide. Released on March 20, 2025, the 37th edition of the GFCI ranks financial hubs based on 140 instrumental factors, including quantitative measures from reputable sources like the World Bank, the OECD, and the United Nations, combined with assessments from 31,314 respondents to an online questionnaire. This article explores the top 10 financial centres in the GFCI 2025, analyzing their strengths, regional significance, and the factors driving their rankings.
Overview of the GFCI 2025 Top 10
The GFCI 2025 ranks the following cities as the top 10 financial centres globally:
- New York, USA
- London, UK
- Singapore
- Hong Kong, China
- San Francisco, USA
- Shanghai, China
- Geneva, Switzerland
- Los Angeles, USA
- Chicago, USA
- Seoul, South Korea
These cities represent a blend of established financial powerhouses and emerging hubs, with North America, Europe, and Asia-Pacific dominating the list. The rankings reflect a combination of business environment, human capital, infrastructure, financial sector development, and reputational factors.
1. New York: The Global Financial Leader
New York retains its position as the top financial centre in the GFCI 2025, a testament to its enduring dominance in global finance. The city excels in all five areas of competitiveness: business environment, human capital, infrastructure, financial sector development, and reputation. New York’s robust regulatory framework, access to a skilled workforce, and advanced infrastructure, including cutting-edge financial technology, solidify its position. Wall Street, the epicentre of global trading and investment, continues to attract top talent and capital. In 2025, New York’s leadership in fintech, banking, and investment management further cements its status, with the city topping the fintech rankings alongside London.
2. London: Europe’s Financial Powerhouse
London holds the second spot in the GFCI 2025, maintaining its position as Europe’s leading financial centre. The city’s strengths lie in its transparent regulatory environment, flexible labour market, and high quality of life, which attract global financial institutions. London’s role as a hub for international banking and trading, coupled with its historical significance in finance, ensures its competitiveness. In 2025, London leads in Western Europe, with seven regional centres featuring in the global top 20. The city’s ability to adapt to geopolitical challenges and maintain strong ratings across all GFCI metrics underscores its resilience.
3. Singapore: Asia-Pacific’s Rising Star
Singapore ranks third in the GFCI 2025, narrowly surpassing Hong Kong to claim the title of Asia-Pacific’s top financial centre in some earlier editions, though it falls behind Hong Kong in the latest report. Singapore’s rise is driven by its business-friendly environment, low tax rates, and advanced infrastructure. The city-state excels in trading and insurance, ranking first in both categories globally. In 2025, Singapore’s stable political climate and strategic location make it a magnet for investment, particularly in fintech and private wealth management. Its consistent performance in the GFCI highlights its growing influence in global finance.
4. Hong Kong: Reclaiming Regional Dominance
Hong Kong secures the fourth position in the GFCI 2025, having overtaken Singapore to reclaim its spot as Asia-Pacific’s leading financial centre in the 36th edition. The city’s rise is notable given its challenges during the pandemic, including strict restrictions and an exodus of talent. In 2025, Hong Kong’s recovery is bolstered by government initiatives and lower interest rates, which have revitalized economic activity. The city ranks highly in investment management and banking, supported by its proximity to mainland China and a well-educated workforce. Hong Kong’s resurgence underscores its importance as a gateway to Chinese markets.
5. San Francisco: The Fintech Hub
San Francisco ranks fifth in the GFCI 2025, maintaining its position as a global leader in fintech and innovation. The city’s proximity to Silicon Valley drives its strength in financial technology, attracting startups and venture capital. San Francisco’s skilled workforce and high quality of life contribute to its strong human capital metrics. In 2025, the city’s infrastructure, including access to cutting-edge technology and office space, supports its ranking. San Francisco’s consistent presence in the top five reflects its role as a hub for innovation-driven finance.
6. Shanghai: China’s Financial Capital
Shanghai holds the sixth position in the GFCI 2025, having been overtaken by other cities in recent editions but remaining a key player in global finance. As one of China’s three top financial centres alongside Hong Kong and Shenzhen, Shanghai benefits from its role in the country’s economic growth. The city’s strengths include its infrastructure and financial sector development, particularly in trading and banking. In 2025, Shanghai’s integration with global markets and adoption of digital financial technologies, such as the digital yuan, enhance its competitiveness.
7. Geneva: Europe’s Boutique Financial Centre
Geneva ranks seventh in the GFCI 2025, a slight decline from previous editions but still a strong showing for a smaller financial centre. Known for its expertise in private banking and wealth management, Geneva benefits from Switzerland’s stable political environment and high quality of life. In 2025, the city’s reputation for regulatory transparency and low corruption levels attracts high-net-worth individuals and financial institutions. Geneva’s niche focus on specialized financial services ensures its place among the top 10.
8. Los Angeles: A Rising Financial Power
Los Angeles climbs to eighth in the GFCI 2025, overtaking Shanghai in earlier editions due to its growing fintech sector and diversified economy. The city’s strengths include its innovative financial services, driven by its proximity to Hollywood and a thriving creative economy. In 2025, Los Angeles attracts significant investments in fintech, with over $296 million in 2023 alone, and benefits from flexible regulatory policies. Its diverse industries, from entertainment to finance, enhance its global competitiveness.
9. Chicago: The Midwest Financial Hub
Chicago secures the ninth spot in the GFCI 2025, reflecting its growing importance as a U.S. financial centre. The city excels in trading and investment management, supported by a robust infrastructure and skilled workforce. In 2025, Chicago’s stable rankings and strong performance in financial sector development make it a key player in North America. The city’s ability to attract global talent and capital ensures its continued relevance in the GFCI.
10. Seoul: Asia’s Emerging Financial Centre
Seoul re-enters the top 10 in the GFCI 2025, highlighting its growing influence in global finance. The city’s rise is driven by its advancements in fintech, trading, and professional services. In 2025, Seoul benefits from South Korea’s technological innovation and government support for financial sector growth. The city’s strong human capital and infrastructure metrics, combined with its strategic location in Asia, position it as an emerging hub.
Regional Insights and Trends
The GFCI 2025 highlights regional dynamics, with North America, Europe, and Asia-Pacific dominating the top 10. North America boasts four cities—New York, San Francisco, Los Angeles, and Chicago—reflecting the U.S.’s financial prowess. Europe is represented by London and Geneva, while Asia-Pacific includes Singapore, Hong Kong, Shanghai, and Seoul. The Asia-Pacific region shows strong growth, with an average rating increase of 2.06%, driven by cities like Hangzhou and Kuala Lumpur. In contrast, Western Europe’s average rating rises by 2.14%, with London leading the region.
Factors Driving Competitiveness
The GFCI 2025 evaluates financial centres based on five key areas:
- Business Environment: Transparency, regulatory complexity, and economic freedom.
- Human Capital: Availability of skilled workers and quality of life.
- Infrastructure: Access to office space and public transport.
- Financial Sector Development: Strength of banking, trading, and investment management.
- Reputation: Global perception and trust in the financial centre.
In 2025, New York, London, Hong Kong, Singapore, and San Francisco lead in these areas, with strong performances in fintech and digital innovation. Geopolitical challenges remain a significant risk, cited by over one-fifth of respondents, emphasizing the need for adaptability.
Conclusion
The GFCI 2025 underscores the enduring dominance of New York and London, alongside the rising influence of Asia-Pacific hubs like Singapore, Hong Kong, Shanghai, and Seoul. San Francisco, Los Angeles, and Chicago highlight the U.S.’s financial diversity, while Geneva maintains Europe’s boutique appeal. As financial centres navigate geopolitical and economic challenges in 2025, their ability to innovate, attract talent, and maintain robust infrastructure will determine their future rankings. The GFCI remains a critical tool for policymakers and investors, providing insights into the evolving landscape of global finance.
