These Are 2023’s Top Global Financial Centers

These Are 2023’s Top Global Financial Centers

For centuries, global financial centers have served as a linchpin for capital market activity.

These hubs share important features, from the infrastructure to facilitate billions of transactions to the regulatory framework to promote more transparent markets.

As economies have evolved, so have centers for global business—however the transition can shift slowly.

Visual Capitalist’s Dorothy Neufeld and Sam Parker created the following graphic, based on rankings from the consultancy group Z/Yen, to show the top global financial centers in 2023.

How Cities Were Ranked

To analyze the strength of each financial center, Z/Yen looked at the following areas of competitiveness:

Financial Sector Development

Business Environment

Human Capital

Infrastructure

Reputation

Each of these categories has four subcomponents, which altogether arrive at a cities score.

The World’s Leading Financial Centers

In 2023, New York remained the epicenter for global finance.

With $46 trillion in stock market capitalization, it captures 40% of the world’s total, thanks to the depth and liquidity of its markets. Domestic and international companies look to list on its exchanges due to their broad investor base.

Roughly 330,000 people work in financial services, however, financial firms are increasingly moving out of the city. Since the end of 2019, $993 billion in assets across 158 companies have moved headquarters driven by lower taxes in other states.

London ranked second given its role as an investment banking and foreign-exchange trading hub. While it remains a dominant center, international banking has waned since Brexit as business has shifted to the euro area.

With a population of six million people, Singapore fell in

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