HK rose to third place globally in Global Financial Centres Index
Hong Kong ranked third globally in the Global Financial Centres Index (GFCI) 36 Report published today (Sept. 24) by Z/Yen from the United Kingdom and the China Development Institute from Shenzhen, moving up one place from the March issue of the index this year.
Hong Kong also ranked first in the Asia-Pacific region. The overall rating increased by eight points, the largest improvement among the top five financial centres.
A Government spokesman said, "The report clearly affirms Hong Kong's status and strengths as a leading global financial center. Hong Kong's scores were rated among the top in various areas of competitiveness, including 'business environment', 'human capital', 'infrastructure', and 'reputational and general'. Hong Kong's rankings in various financial industry sectors also rose significantly, including 'investment management', 'insurance', 'banking' and 'professional services'. Among them, the ranking in 'investment management' advanced to first globally. In addition, the report assessed the financial centers' fintech offerings, and Hong Kong's ranking rose five places to ninth, making it among the top 10 fintech hubs."
Hong Kong's asset and wealth management business is booming, with assets under management growing by about 2 percent from the previous year to more than HK$31 trillion in the end of2023. Net fund inflows reached HK$390 billion, representing a year-on-year increase of over 3.4 times. The development of the family office business in Hong Kong continues to gain momentum. The New Capital Investment Entrant Scheme has continued to receive overwhelming response since its launch in March, with more than 550 applications received so far. It is expected to bring in more than HK$16.5 billion in investments to Hong Kong.
The spokesman added, "As an international financial centre, Hong Kong brings together the world's top financial institutions and talent, provides professional financial services, and owns a deep and broad capital market. Our regulatory system aligns with those of major overseas markets, with the free flow of information and capital. Under 'one country, two systems', Hong Kong's unique position of having the strong support of the motherland while being closely connected to the world empowers us to fully leverage our role as a 'super connector' and 'super value-adder'.
The GFCI Report is released in March and September every year since 2007. In GFCI 36, 121 financial centres were assessed, and Hong Kong ranked third globally with an overall rating of 749.
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