The 38th Global Financial Centres Index (GFCI 38) ranks Hong Kong third worldwide, just one point behind London and two points behind New York.
The thirty-eighth edition of the Global Financial Centres Index (GFCI 38), jointly published by London-based Z/Yen Partners and the China Development Institute in Shenzhen on 25 September 2025, shows Hong Kong strengthening its position as one of the world’s leading financial hubs.
Hong Kong’s overall rating rose by four points to 764, keeping it in third place globally and first in the Asia-Pacific region. The city is now just one point behind London in second place and two points behind New York, which remains in the lead of the index.
The report draws on 140 instrumental factors provided by international organisations such as the World Bank, OECD, and United Nations, alongside 28,549 assessments from 4,877 finance professionals. In total, 135 financial centres were researched, with 120 included in the main index.
Global Highlights
Top 10 Centres: New York, London, Hong Kong, and Singapore retain the top four places. San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen, and Seoul complete the top ten.
Regional Trends:
- Western Europe: London remains the leader, with seven centres in the world’s top 20.
- Asia-Pacific: Six centres rank among the global top 15, with Hong Kong, Singapore, Shanghai, and Shenzhen all in the top ten.
- North America: Four US centres remain in the top 10; Vancouver slipped 11 places.
- Eastern Europe & Central Asia: Astana leads, Istanbul jumped 19 places.
- Middle East & Africa: Dubai rose to 11th overall, maintaining its position as the region’s leader.
- Latin America & Caribbean: Bermuda now leads the region, climbing seven places.
Hong Kong’s Strengths
According to GFCI 38, Hong Kong ranked first globally in FinTech, overtaking New York, with Shenzhen second. The city also secured the top spot in business environment, infrastructure, and reputation & general factors, while ranking second in human capital and third in financial sector development. Key areas such as banking, investment management, insurance, and corporate finance all remain in the global top three.
On the same day, Canada’s Fraser Institute released its Economic Freedom of the World: 2025 Annual Report, once again ranking Hong Kong as the world’s freest economy. The city placed first in “freedom to trade internationally” and third in both “sound money” and “regulation.”
London in Perspective
While London remains the leading financial centre in Europe and continues to rank second globally, the GFCI data shows that the gap with Hong Kong is narrowing. This trend is likely to intensify debates in the UK over how the City of London can maintain its competitiveness, particularly in emerging areas such as digital finance and regulatory innovation.
Additional reporting by zyen.com, HKCNA, CNS.
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