This statistic presents the most attractive financial centers worldwide as of June 2014. The private institute Z/Yen has constructed an index for financial center rating, in which a multitude of factors are integrated. New York, closely followed by London, proved to be the most attractive financial center in 2014, with 778 points assigned in the Z/Yen report.
Financial centers – additional information
A financial center is a region or city with strategic location to the financial industry. It is a place where various participants of the financial sector, such as banks, trading companies, stock exchanges and other institutions, are concentrated in one area. Financial hubs can be characterized by solid infrastructure, stable regulatory and political environments, attractive taxation rules and the availability of various opportunities to help the trade and business grow.
According to a survey carried out among financial services professionals from June 2012 to June 2014, the most important factors determining the competitiveness of a financial center were business environment, human capital, taxation, infrastructure, reputation and financial sector development.
According to the Global Financial Centers Index constructed by Z/Yen institute, the following locations have been distinguished as most attractive financial hubs in North America: New York, San Francisco, Boston and Washington DC. In Latin America, Sao Paolo, Buenos Aires and Mexico City were given the highest scores. As far as offshore financial centers are concerned, the British Virgin Islands, Gibraltar, the Cayman Islands and Hamilton were ranked highest. An offshore financial center is usually a small country or island with less strict regulatory requirements and a low-tax environment. When financial sector professionals were asked which financial centers were likely to become more significant in the next years as of June 2014, they indicated the following locations: Casablanca, Shanghai, Singapore, Hong Kong and Luxembourg.