London and Recent York continue to dominate global finance, maintaining the top two positions in the latest Global Financial Centres Index (GFCI 38), published on September 25, 2025, by Z/Yen Partners in collaboration with the China Development Institute (CDI).
The index, which evaluates the future competitiveness of 120 financial centres worldwide, assigns a rating of 766 out of 1000 to New York, and 765 to London. Hong Kong holds third place with a score of 764, followed closely by Singapore at 763. The rankings are based on 140 instrumental factors, utilizing quantitative data from organizations including the World Bank, the OECD, and the United Nations, alongside assessments from 4,877 respondents to the GFCI online questionnaire, totaling 28,549 individual evaluations.
San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen, and Seoul remain stable in positions five through ten, respectively. Dubai experienced a notable rise, moving up to 11th place, while Frankfurt and Geneva similarly saw improvements, climbing to 12th and 14th respectively. Tokyo and Zurich occupy the 15th and 16th spots.
Western Europe continues to be well-represented, with seven centres featuring in the top 20. The region experienced an average rating increase of 0.61 percent, although 10 of the 33 European centres assessed saw their ratings decline compared to the previous GFCI 37 report.
The GFCI, published bi-annually in March and September, is considered a key reference point for policymakers and investors, according to Z/Yen. The index has been compiled for the past 16 years, charting the evolution of the world’s leading financial hubs. The current edition, GFCI 38, researched 135 financial centres, ultimately including 120 in the main index.
Z/Yen and CDI are scheduled to release the next edition of the GFCI in March 2026.
