Frankfurt has overtaken Paris in the global financial center ranking by the Z/Yen Group. Survey participants believe the city will have greater significance in the future.
Photo: picture alliance / greatif | Florian Gaul
The financial hub Frankfurt has surpassed Paris in the global ranking by the Z/Yen Group. As reported by the London-based consultancy, the City of the Euro climbed from the 17th place to the 14th place in the Global Financial Centres Index , while Paris fell from the 14th to the 15th position., was among the 15 hubs that survey participants expect to gain increased significance. In the separate fintech ranking, Mainhattan climbed from the 23rd to the 16th place.
Since September 2018, New York has maintained the top position, followed by London and Singapore. Both the British metropolis and the Southeast Asian city-state improved their ratings in scores, closing in on the home of Wall Street. Nonetheless, New York still leads London by 19 points.People along the Thames will likely be pleased that the negative publicity following the loss in the competition for thehas seemingly not affected the perception of survey participants.
The GFCI ranking is updated every six months, with the current edition being the 34th. Since the summer of 2016, the British think tank has been working with the China Development Institute from Shenzhen."In international financial centers, confidence has remained strong," said Michael Mainelli, Chairman of Z/Yen.
The survey also questioned which factors are considered most important for competitiveness. This time, the business environment, human capital, and infrastructure were the most frequently mentioned."Proximity and access to a diverse choice of customers and suppliers are essential determinants of a financial center's competitiveness," notes a manager from a fintech firm in Seoul.
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