Hong Kong retained its status as Asia’s top financial centre and was the third globally, distancing itself from regional rival Singapore and also closing the gap with top-ranked New York, according to the latest edition of the Global Financial Centres Index.
Hong Kong’s overall rating increased 11 points, while Singapore gained three points to stay fourth worldwide, the semi-annual report released on Thursday showed. Second-placed London improved by 12 points. Almost all centres improved, with Seoul climbing from 11th into the top 10, it said.
The report is published by think tanks Z/Yen Group in London and the China Development Institute in Shenzhen. They rated 119 financial centres based on 140 factors plus assessments by 4,946 respondents to a questionnaire.
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“The report recognises Hong Kong’s leading status and strengths as an international financial centre,” the government said in a statement. Support from the mainland and Hong Kong’s stock market reforms, connectivity with mainland China and promotions in the asset and wealth management business contributed to its success, it added.
Hong Kong reclaimed its top spot in the previous ranking in September, after losing it to Singapore in September 2022.
Hong Kong’s rankings in the areas of human capital, infrastructure and financial sector development rose to second globally, while its rankings in business environment and reputation rose to third worldwide, the report showed. It topped all centres in investment management, insurance, and finance, and was third in banking.
Hong Kong’s Chief Executive John Lee (left) met Singapore’s Prime Minister and Minister for Finance Lawrence Wong (right) in Lima on November 16, 2024. Photo: Handout. alt=Hong Kong’s Chief Executive John Lee (left) met Singapore’s Prime Minister and Minister for Finance Lawrence Wong (right) in Lima on November 16, 2024. Photo: Handout.>
The city also scored high in fintech offerings, rising to fourth from ninth to trail only New York, London and Shenzhen.
Meanwhile, nine of the top 20 global centres maintained their ranking, the index showed, suggesting stronger confidence in the financial sector amid slow but continued economic growth, according to the report.
Hong Kong’s budget, unveiled in February, includes measures to promote wealth management, family offices, stock listings and yuan-denominated business.
