Leading financial centers worldwide 2023
What are financial centers?
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 in 2022, the most important factors determining the competitiveness of a financial center were business environment, taxaction, and human capital.
Financial centers by region
According to the Global Financial Centers Index, the following locations have been distinguished as most attractive financial hubs in North America: New York, San Francisco, Los Angeles, and Chicago. In Latin America and the Caribbean, Cayman Islands, Santiago, and Bermuda were given the highest scores. When financial sector professionals were asked which financial centers were likely to become more significant in the next years, they indicated the following locations: Seoul, Singapore, Kigali.