The Top 15 Financial Centres According to GFCI 37 and What We Can Learn From Them

This year, the Global Financial Centres Index (GFCI 37) was once again published, offering an up-to-date overview of the world’s most important financial centres. The first fifteen are, for the most part, located outside Europe, with London, Frankfurt, Dublin, and Geneva as the (predictable) exceptions.

This ranking reflects both quantitative performance data (from, among others, the World Bank, OECD, UN) as well as the perceptions of nearly 5,000 surveyed financial professionals. The top 15 are as follows:

• New York
• London
• Hong Kong
• Singapore
• San Francisco
• Chicago
• Los Angeles
• Shanghai
• Shenzhen
• Seoul
• Frankfurt
• Dubai
• Washington D.C.
• Dublin
• Geneva

It is a diverse mixture of territories that often bear little resemblance to one another and have completely different characteristics. Yet, they are all ranked in the top fifteen. Below is a short selection, highlighting their specific features and trends, and what we as lawyers, tax advisors, and entrepreneurs can learn and expect from them in the future.

1. New York

• Strengths: Global hub for capital markets, stock exchanges (NYSE, Nasdaq), and highly flexible financial markets.
• Trend: Despite geopolitical uncertainties, New York remains stable in its number one position.

2. London

• Strengths: Strong tradition in investment banking, foreign exchange, and insurance.
• Trend: London showed the largest increase in GFCI 37 with +12 points, closing in on New York.
• Green focus: London positions itself as a key hub for sustainable finance, filling a gap since Brexit for parties wishing to remain in Europe but not necessarily within the EU.

3. Hong Kong

• Strengths: Highly efficient and stable, strong rule of law (common law), access to China and international capital.
• Trend: Maintains third place in GFCI, showing remarkable resilience despite geopolitical tensions; a gateway to the Asian market, with several excellent bilateral treaties (including with Belgium).

4. Singapore

• Strengths: Political stability, open regulatory environment, Southeast Asian hub for asset management.
• Green movement: Actively promotes sustainable finance, combined with a competitive tax regime.

5. San Francisco

• Strengths: Innovation hub, home to many tech-driven financial services (Fintech).

6. Chicago

• Strengths & trends: Stable position in GFCI; centre for derivatives, futures, and trading exchanges such as CME Group.

7. Los Angeles

• Strengths: Growing as a financial centre closely tied to the entertainment industry.

8. Shanghai

• Strengths: Largest stock exchange in China, strong fintech ecosystems, free-trade zone.

11. Frankfurt

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• Strengths: Leading European financial centre, home to the European Central Bank, regained ground compared to Paris (which ranks only 17th).

12. Dubai

• Strengths: Very attractive corporate tax rates (0%-9%) and for residents (0%); common law; appealing free zone regulations; growing legal and financial stability for its own institutions and actors (real estate, banks, asset management);

15. Geneva

• Strengths: New leap in the GFCI (+29 points); excellent regulatory framework; primary focus on the banking and financial sector; low levels of corruption; close to Europe yet outside the EU; hub for financial and fiscal-legal expertise.

At the same time, within the world’s leading financial centres, a number of clear innovative themes and focal points can be identified, in particular:

Focus on sustainability & green finance

London, Abu Dhabi, and Singapore clearly profile themselves as hubs for sustainable financing, where investments in climate and ESG (Environmental, Social, Governance) play a central role. This is supported by incentives for sustainable investments, adapted regulations, and the issuance of green bonds.

AI rapidly transforming financial services

Artificial Intelligence is rapidly transforming numerous financial services: client advisory, compliance, fraud detection. In most centres, regulation cannot keep pace, leading to risks and uncertainties (privacy, cybersecurity, etc.).

Geopolitical fragmentation and individualisation

Sanctions, tensions, and international conflicts are fostering the emergence of new or alternative networks, or renewed financial independence away from traditional players. The digital currencies that several countries are introducing or preparing, separate from the Dollar or Euro, are a clear example. There is even talk of alternatives to SWIFT…

Know Your Regions

It is becoming increasingly important for international advisors to step up a gear and develop innovative techniques and methods that allow them to accurately, quickly, and fully grasp what is changing around the world, in order to provide precise and specific advice.

Structures must, more than ever before, be designed in such a way that they remain sufficiently flexible in a changing environment (new trends, regulations, geopolitical shifts, reputational factors).

Knowledge of relevant regions is becoming more important, not just for specific tax advantages but also for reasons such as their technological performance (AI, cybersecurity, data governance), their limited exposure to geopolitical risks, their preferred economic sectors or products, the local presence of investment capital, accessibility and connectivity (visa flexibility), quality of life and work, etc.

Vanbelle Law Boutique has specialised for many years in international structuring and is keen to find solutions or improvements for its entrepreneurial clients or families from a global perspective, with excellent knowledge and follow-up of all relevant jurisdictions.

Do not hesitate to contact us before you consider expanding, relocating, or internationalising.