Hong Kong Overtakes Singapore in World Financial Centers Ranking
By Katia Dmitrieva
September 24, 2024 at 11:04PM EDT
Pedestrians pass a backdrop of the city skyline on a street in the Central district in Hong Kong, China, on Monday, Nov. 20, 2023. In a bad year for deals globally, the value of mergers and acquisitions in mainland China and Hong Kong has fallen 6% to about $185 billion, Bloomberg-compiled data show. Photographer: Paul Yeung/Bloomberg (Paul Yeung/Bloomberg)
(Bloomberg) -- Hong Kong reclaimed its spot as Asia’s top financial center, knocking Singapore back to second place in the region, according to a survey.
Globally, Hong Kong ranked third, behind New York and London in the latest Global Financial Centres Index released Monday. Singapore placed fourth worldwide. Dublin, Chicago and Dubai moved up in the rankings, while Shanghai, Beijing and Geneva moved down in the index.
It’s welcome good news for Hong Kong’s finance sector, which was battered by pandemic restrictions that prompted many workers to leave the city. The property market, which has failed to recover, has slowed activity and consumer demand. The government is betting that its initiatives and lower interest rates may revive economic activity.
Other findings in the report:
- 58 places fell in the rankings, while 46 improved
- Shenzhen overtook San Francisco to rank third in the fintech ranking
- Chicago and Los Angeles climbed past Shanghai to place sixth and seventh
- Sydney, Nanjing, and Tianjin fell at least 10 places
- Geopolitical challenges were the most pressing risk, mentioned by more than one-fifth of respondents
The index, compiled by researchers Z/Yen Partners and the China Development Institute, assesses 121 financial centers and uses data and survey results from thousands of financial services professionals responding to an online questionnaire.
Here are the top 20 ranked financial centers:
1. New York
2. London
3. Hong Kong
4. Singapore
5. San Francisco
6. Chicago
7. Los Angeles
8. Shanghai
9. Shenzhen
10. Frankfurt
11. Seoul
12. Washington DC
13. Geneva
14. Dublin
15. Paris
16. Dubai
17. Zurich
18. Beijing
19. Luxembourg
20. Tokyo
Hong Kong reclaimed its spot as Asia’s top financial center, knocking Singapore back to second place in the region, according to a survey.
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