Hong Kong dethrones Singapore to emerge as Asia’s top financial centre

Hong Kong is back as Asia’s top financial centre, dethroning Singapore to gain the spot for the first time in the last two years. This means good news for Hong Kong’s finance sector, which is now recovering after being battered by pandemic-related curbs which led many workers to leave the city.

According to the latest Global Financial Centres Index ranking, Hong Kong ranks third globally, treading behind New York and London. Singapore and San Francisco round up the top five with the fourth and fifth positions, respectively. Keep reading to know other key findings of the report.

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Hong Kong reclaims its spot as Asia’s top financial centre

Hong Kong joins Washington DC, Los Angeles, Chicago, Singapore and Seoul in the top 10. Out of the 121 cities compiled in the index, Dublin, Chicago and Dubai saw an improvement in rankings while Shanghai, Beijing and Geneva moved down. Check out the top 20 global financial centres:

1. New York

2. London

3. Hong Kong

4. Singapore

5. San Francisco

6. Chicago

7. Los Angeles

8. Shanghai

9. Shenzhen

10. Frankfurt

11. Seoul

12. Washington DC

13. Geneva

14. Dublin

15. Paris

16. Dubai

17. Zurich

18. Beijing

19. Luxembourg

20.  Tokyo

Here are the region-wise findings of the study: 

• Western Europe: Seven European countries feature in the top 20 rankings, with London leading the region.

• Asia/Pacific: Seven Asia/Pacific regions feature in the world’s top 20. While Sydney, Nanjing, and Tianjin fell 10 places or more, Kuala Lumpur improved by more than 10 places.

• North America: New York, San Francisco, Chicago, and Los Angeles retain spots in the top 10. Montreal rose six places, the largest rise in the region.

• Eastern Europe & Central Asia: Astana leads the region, while Almaty overtakes Tallinn to take second place.

• Middle East & Africa: Dubai and Abu Dhabi fetch first and second places, respectively. Tel Aviv remains third in the region while Casablanca is fourth.

• Latin America & The Caribbean: Bermuda rises dramatically to lead the region. The Cayman Islands and Sao Paulo are in second and third place.

(Hero image credit: blazejosh/ Pixabay, Feature image credit: Jimmy Chan/ Pexels)