The Global Financial Centres Index 9 – 2011
The 2011 Global Financial Centres Index is out and it makes very interesting reading. Perhaps of little surprise given the state of many major economies at the moment many financial centres have seen their ratings drop but it’s all far from bad news, especially if you’re based onshore.
It will come as no surprise that the Global Financial Services Index 2011 places the usually 3 suspects at the top. Namely London, New York and Hong Kong. I think it has long been recognised that this 3 centres in particular tend to work together for mutual benefit.
Following up these three the continued force of Asia is still dominant with Singapore, Shanghai and Tokyo all doing well. Reinforced by the most improved financial centre in this report – Seoul. Seoul has not only improved its ranking significantly but also its rating, some achievement when you see how ratings have dropped for other centres. The importance of Asia just cannot be underestimated and it is also prominent in the report looking at where companies are likely to open new offices. The top 6 spots are all filled by Asian cities with London only just scraping it into the top 10.
The offshore centres have seen a continued decline in this report with the Isle of Man falling further behind Jersey and Guernsey in overall ranking and rating. The 3 crown dependencies continue to fill the top 3 spots for offshore financial centres but a historical look clearly shows how mounting pressure has seen a decline in “offshore”. This is only likely to continue what with the recent UK budget looking to place the UK mainland in more direct tax competition with the dependencies.
These are just some of the brief highlights of the report and the complete document comes in at 44 pages long. It’s a very worthy read, you can view the complete Global Financial Centres Index 9 (2011) by following the link (Right click Save As.. to save a copy to your hard disk)
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