March 26, 2023

What happened to the world financial centres during the last 15 years?

Top financial centres and new Asian tigers

Since 2007 the top four financial centres just swapped places: due to Brexit London(2) lost the top spot to New York (1), and Hong Kong (4) declined to Singapore(3).

But if we look closer on the other cities in top-20, the changes are really dramatic: Asian tigers massively entered the top. Shanghaimoved up from 24th to 7th place in the world rankings, Beijing from 36th to 13thplace.

Even more impressive is Seoul's growth from 43rd to 10th place.

And previously unranked Shenzhen reached 12th position.

In Europe, the changes were not so drastic - Luxembourg slightlystrengthened its position from 26th to 19th place, Munich reached the 18thplace.

But 6 cities and territories left the top-20. The most importantfactor is the G7 and OECD policy to counter tax-heavens. The Cayman Islands downgradedfrom 16 to 74th, the Canal Islands (Isle of Man and etc) downgraded from 19 to85th and the Bermudas collapsed from 17th to 87th place.

Some old leaders like Geneva, Toronto and Edinburgh also slightlyfall and  lost their top positions.

In the following posts, we will tell you what the newleaders - Seoul and Shanghai to improve their position and what are the universalrecipes for success.

#luxembourg#seoul #shanghai #munich#economic_growth #financial_centres

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