Is Hong Kong still a global financial hub?
While companies are increasingly choosing Singapore as their Asian base, Hong Kong's role as a financial center dwarfs that of its rival. The city continues to be home to the Asian headquarters of Wall Street banks and its $4.8 trillion stock market is the world's fourth largest.
Hong Kong keeps fourth spot in global financial center rankings.
The dominance of New York, London, and Singapore among the top global financial centers reflects their historical significance, strategic geographical positions, and adaptability to modern financial dynamics. New York has its world-renowned stock exchanges and concentration of major banking institutions.
The GFCI Report is released in March and September every year since 2007. In GFCI 35, 121 financial centres were assessed and Hong Kong ranked fourth globally with an overall rating of 741.
Singapore and Hong Kong rank third and fourth behind New York and London but ahead of San Francisco as the global top five remains unchanged in the 35th edition of the semi-annual survey, compared with the previous edition in September. Singapore overtook Hong Kong to become Asia's top financial centre in 2022.
New York, ranked first in the Global Financial Centres Index, is frequently regarded as the world's preeminent financial center. It also consistently ranks as the world's wealthiest.
Hong Kong's status as the world's premier international financial centre is well recognised. With its unique advantage of having the Mainland as hinterland and its extensive global network, Hong Kong has firmly established itself as the dominant gateway to China and a global offshore renminbi business hub.
New York City is not only the financial capital of America but also of the world. While the city's financial dealings grew out of Wall Street, at the southern tip of Manhattan, large financial institutions and companies are now spread out throughout the city.
| Rank | City | Country or Territory |
|---|---|---|
| 1 | London | United Kingdom |
| 2 | New York | United States |
| 3 | Singapore | Singapore |
| 4 | Hong Kong | Hong Kong |
London has retained its crown as the top global financial centre as New York City slips to second position, new figures published by the City of London Corporation reveal.
Is Hong Kong financially stable?
Amid challenging macro-financial conditions, the financial system has remained stable, supported by strong institutional frameworks, in particular high-quality financial sector oversight and substantial capital and liquidity buffers.
The handover of Hong Kong to China was at midnight on 1 July 1997, after 156 years of British rule. Immediately after the handover, Hong Kong was severely affected by several crises.
The pace of decline in Hong Kong's population abated as the city moved to reopen after years of pandemic isolation. The city's population fell by a net 12,900 people in the second half of 2022, down from a decrease of 55,400 in the first six months, according to government data released Thursday.
Many surveys show that Singapore is now the leading financial center in Asia, surpassing Hong Kong in attracting the most financial inflows internationally. Online, some Mainlanders are chiding Hong Kong as the historic site of a once “international financial center”.
Being renowned as the culinary capital of Asia, Hong Kong has some of the best restaurants and chefs for a world-class dining experience. It is also famous for its gastronomic affair. Some of the local dishes to try in Hong Kong are: Sweet and Sour Pork: Sweet and Sour Pork is one of the popular dishes of Hong Kong.
Located on the southern coast of the country and heart of Asia, Hong Kong enjoys fortuitous geographic advantage and is a world city leveraging on the Mainland while engaging the world.
First, China's financial sector is now the largest in the world, with $60 trillion in assets, equating to 340% of GDP.
In recent years, Dallas-Forth Worth has grown to become the second-largest hub for financial workers in the country. The moniker “Wall Street of the South” has been bandied about recently, although DFW actually surpassed the Los Angeles metro during the pandemic in December 2020 in that hierarchy.
LONDON, Sept 28 (Reuters) - New York has easily remained the world's top financial centre with London still second and gaining some ground, but also facing a tougher fight with Singapore and Hong Kong, the Global Financial Centres index showed on Thursday.
Hong Kong's funds industry is calling for a profit tax exemption for private credit assets, as the city is failing to attract a booming business and is losing out to Singapore because of its existing tax regime.
Why does Hong Kong have so much money?
Economic Policies and Low Taxation: Hong Kong has a free-market economy with low taxation and minimal government intervention. This business-friendly environment attracts entrepreneurs and investors who see opportunities for wealth creation.
Hong Kong has highly developed financial markets and a large English-speaking population. These two factors, together with a legal system that is based on English law, have made Hong Kong one of the financial centers of the world.
Given the United States has the largest economy in the world and the U.S. dollar is the dominant global reserve currency, the United States has the most leading financial cities in the world, including the leading financial center in the world in New York City.
New York City, anchored by Manhattan, is the world's leading center of banking, finance, and communication.
Singapore has cemented its position as Asia's top financial center, according to the Global Financial Centers Index produced by Z/Yen Partners.
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