Shanghai ranks as top pick to become next major financial hub

by NZ Adviser28 Sep 2016
(Bloomberg) -- Shanghai ranks as the top pick among the world’s cities expected to become significant global financial centers in the next few years, according to a survey of finance professionals.

Qingdao, Shenzhen, Dalian and Beijing are the other mainland Chinese cities that are going to rise as financial centers, according to the Global Financial Centers Index which measures cities based on their attractiveness to financial services professionals. The index is based on two inputs: statistical data and a poll of finance professionals. Eight of the top 15 cities that are expected to gain in significance are from the Asia-Pacific region, according to the index created by the Z/Yen group for the City of London.

London, New York, Hong Kong, Singapore and Tokyo remain the five leading global financial centers in this year’s rankings. London was one point ahead of New York, which ranked second, according to the survey, which measured data collected through the end of June, and doesn’t reflect the impact of the U.K.’s decision to leave the European Union. Data collected in July and August show that assessments given to London were down from previous levels, according to the highlights of the survey, suggesting that next year’s rankings may show “significant changes.”

Singapore was 42 points behind New York to rank third, and Hong Kong placed fourth. Tokyo, in fifth place, lagged behind New York by 60 points, the survey showed. The Australian hubs of Sydney and Melbourne jumped in the ratings, with Sydney advancing six places in the past year to rank 11th among global cities, while Melbourne placed 24th on the list.

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