New York ranked first as the most attractive financial center worldwide as of March 2024. The ranking is based on an index for financial center rating, in which a multitude of factors are integrated. New York had a rating of 764 points, and it was followed by London with a rating of 747.
What are financial centers?
A financial center is a region or city with a strategic location for the financial industry. It is a place where various participants in 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 trade and business grow. According to a survey carried out among financial services professionals in 2024, the most important factors determining the competitiveness of a financial center were the business environment, taxation, and human capital.
The source adds the following information: The ratings for financial centres use a factor assessment model. It involves taking two sets of ratings - one from survey respondents and one generated by a statistical model - and combining them into a single ranking.
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Z/Yen. (March 19, 2024). Leading financial centers globally as of March 2024 [Graph]. In Statista. Retrieved September 20, 2024, from https://www.statista.com/statistics/270228/top-financial-centers-on-the-global-financial-centres-index/?ftag=YHF4eb9d17
Z/Yen. "Leading financial centers globally as of March 2024." Chart. March 19, 2024. Statista. Accessed September 20, 2024. https://www.statista.com/statistics/270228/top-financial-centers-on-the-global-financial-centres-index/?ftag=YHF4eb9d17
Z/Yen. (2024). Leading financial centers globally as of March 2024. Statista. Statista Inc.. Accessed: September 20, 2024. https://www.statista.com/statistics/270228/top-financial-centers-on-the-global-financial-centres-index/?ftag=YHF4eb9d17
Z/Yen. "Leading Financial Centers Globally as of March 2024." Statista, Statista Inc., 19 Mar 2024, https://www.statista.com/statistics/270228/top-financial-centers-on-the-global-financial-centres-index/?ftag=YHF4eb9d17
Z/Yen, Leading financial centers globally as of March 2024 Statista, https://www.statista.com/statistics/270228/top-financial-centers-on-the-global-financial-centres-index/?ftag=YHF4eb9d17 (last visited September 20, 2024)
Leading financial centers globally as of March 2024 [Graph], Z/Yen, March 19, 2024. [Online]. Available: https://www.statista.com/statistics/270228/top-financial-centers-on-the-global-financial-centres-index/?ftag=YHF4eb9d17