leading global cities are characterized by:

metropolitan leaders are abandoning their path dependent focus on the U.S. metropolitan areas to benefiting from engaging in growing markets abroad.Īware of the enormous untapped opportunities offered through trade and global engagement, many U.S. This fundamental shift has both challenged the United States with greater global competition but also offered the prospect of all U.S. The global economy no longer revolves around a handful of dominant states and their national urban centers. 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.Swift global integration, the rapid expansion of a global consumer class, and the rise of urban regions as the engines of global economic growth have ushered in a new era. In Latin America and the Caribbean, Cayman Islands, Santiago, and Bermuda were given the highest scores. 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.Īccording 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. 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. 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. New York had a rating of with 760 points during that time, followed by London with 731 points.Ī financial center is a region or city with strategic location to the financial industry. The ranking is based on an index for financial center rating, in which a multitude of factors are integrated.

New York ranked first as the most attractive financial centers worldwide as of March 2023.

Leading global cities are characterized by: