Ten of the largest financial centres in the world
Material posted: Publication date: 09-04-2016
The largest international financial centers, according to the latest GFCI (Global Financial Centres Index)/, have been recognized as London, new York and Singapore. Hong Kong the three did not hit, dropping in the ranking from third to fourth place, reports the Agency "Xinhua".

The GFCI ranking is compiled by the British consulting firm Z/Yen Group, which evaluates financial centres such indicators as the business environment, the level of financial development, human capital, etc.

Among 86 international financial centres, ranked in the GFCI rating, first place went to London, gaining 800 points which is 8 points more than new York. Hong Kong got 753 points -- 2 points less than Singapore, which closes the three leaders. Followed by Hong Kong are Tokyo and Zurich.

Below represents the top 10 international financial centres in the world.

10. Toronto

Points: 707

Toronto is the largest city of Canada, province of Ontario.

Financial district is located in the business district in Toronto, in the heart of the city.

The modern district is the main financial center as the capital of the province of Ontario and across Canada.

The financial district is the most densely built-up quarters employed numerous banks, headquarters of large companies, law and accounting firms, insurance companies and brokerage firms.

9. Boston

Points: 709

Boston is the capital and largest city of Massachusetts in USA. Boston is also the largest city of the region known as New England, and one of the oldest and richest cities in the United States.

The most important sectors of the urban economy are Finance, banking and insurance.

So, in Boston hosted the headquarters of Fidelity Investments, Sovereign Bank and State Street Corporation.

The city is also one of the largest U.S. centers of publishing activity. Here are the publishing houses, such as Houghton Mifflin Harcourt, Bedford-St. Martin's Press and Beacon.

8. San Francisco, CA

Points: 711

The city's economy grew rapidly after appeared in the South Silicon valley that requires the involvement of specialists of high class. In the valley also hosted a biotechnology and biomedical research centre.

Small companies, with fewer than 10 people, account for 85% of all businesses in the city. The number of employees in companies with a staff of more than 1 million people has been halved since 1977

7. Washington

Points: 712

The economy of Washington is primarily determined by employment in public administration and service delivery.

Many organizations, firms, independent contractors, nonprofit organizations, unions, trade groups have their headquarters in Washington or in its surroundings, to be "closer" to the Federal government by lobbying for their interests.

The city has industries that are not directly related to government; it applies primarily to education, Finance, public policy, and research.

Two of the five hundred largest world companies by revenue (Fortune magazine) located in Washington: that the United States Postal service (92-th place with a turnover of $68 billion) and mortgage Agency Fannie Mae (270 place with a turnover of $29 billion).

6. Zurich

Points: 715

The financial sector is one of the most profitable sectors of the Swiss economy. 20% of jobs in the country related to Finance. In Zurich work in the financial sector are approximately 208 thousand people.

During the 2008 crisis, although the financial sector is the backbone of the entire economy of the region, happened the expected breakdown of the banks.

One of the world's major financial centres has successfully passed all the storms of the economic crisis, advantageously distinguished from many other financial monsters.

5. Tokyo

Points: 728

Tokyo is not inferior to new York and London in the volume of currency-exchange operations, the number quoted on the stock exchange types of securities and the volume of sales, but it has weaknesses activities.

In Tokyo less than 100 accredited foreign banks, which is four times less than in new York and London.

4. Hong Kong

Points: 753

The Hong Kong, or Hong Kong — special administrative region of the people's Republic of China, one of the leading financial centres of Asia and the world.

The territory's economy is based on the free market, low taxation and state interference in the economy.

Hong Kong is not an offshore territory, it is a free port and does not levy customs duties on the imports, there is no value added tax or its equivalents.

Excise duties are levied only with the four types of goods irrespective of whether they are imported or locally produced. It alcoholic beverages, tobacco, mineral oil and methyl alcohol.

Hong Kong is an important centre for international Finance and trade, and the level of concentration of headquarters is the highest in the Asia-Pacific region.

Per capita gross domestic product and gross city product, Hong Kong is the richest city in China.

3. Singapore

Points: 755

Singapore is a highly developed country with a market economy and low taxation where an important role is played by transnational corporations. Gross national product per capita one of the highest in the world.

Singapore attractive to investors because of low tax rates. Only in Singapore 5 taxes, of which one income tax, one — on wages.

The total tax rate of 27.1%. Occupies the 5th place in the ranking of tax systems in the world.

All 4 types of imported goods are subject to taxation when imported: alcoholic beverages, tobacco products, petroleum products and cars

2. New York

Points: 792

New York as a financial centre is the city with the largest and most liquid stock markets of the world.

This contributes to the high confidence of investors, resulting in large volumes of foreign direct investment (FDI).

New York chose the location of their headquarters, such financial institutions as Citigroup, J. P. Morgan Chase & Co., American International Group, Goldman Sachs Group, Morgan Stanley, Merrill Lynch, etc.

In addition, the city has headquarters of many large non-financial corporations, including Verizon Communications, Pfizer, Alcoa, News Corp., Colgate-Palmolive, etc.

In the city there are such exchanges as the new York stock exchange, NASDAQ, American stock exchange, new York Mercantile exchange. New York financial industry is concentrated on wall street in lower Manhattan.

1. London

Points: 800

In the battle for the title of the world financial center on the first position goes to London, primarily because of more liberal legislation.

About 80% of investment banking transactions directly or indirectly pass through London, so British capital has rightfully been considered a leading financial center in the world.

Official statistics also suggests that London, apparently, is a leader in the global financial system.

It accounts for 70% of the secondary bond market and almost 50% of the derivatives market.

London is the largest centre of foreign exchange trading, and the market here is growing at 39% annually — much faster than in new York, with its 8% gain. Almost 80% of European hedge funds are managed from London.

Source: http://www.vestifinance.ru/articles/69591

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