British consulting company Z / Yen Group has published the latest rating of the world’s financial centers (MFC) Global Financial Centers Index (GFCI). The rating is compiled on the basis of a survey of almost 13 thousand respondents from among the company’s clients and partners, as well as on the basis of an analysis of 146 factors, which are grouped into five main groups:
- business environment (tax regime, rule of law, political stability, macroeconomic situation, etc.);
- human capital (availability of qualified personnel, flexibility of the labor market, the level of specialized education, its availability, etc.);
- infrastructure (transport infrastructure, telecommunications, digital infrastructure, sustainability of infrastructure development, etc.);
- development of the financial sector (availability of capital, market liquidity, economic potential);
- reputation (city image, level of innovation development, cultural diversity and cultural attractiveness).
These parameters are taken from the ratings of such organizations as the World Bank, OECD, UN and Economist Intelligence Unit.
Compared to the previous year, the final indicators of many cities, especially in Asia, have become lower – mainly due to the consequences of the COVID-19 pandemic, which negatively affected the economic situation around the world. However, in top 10 hit:
- New York
- Hong Kong
- San Francisco
- Los Angeles
Moscow is in 50th place in the MFC rating – between Israeli Tel Aviv and Canadian Calgary. The compilers of the rating note that the region “Eastern Europe and Central Asia has shown relatively good dynamics after a noticeable decline in indicators two years ago. This allowed Moscow and eight other cities in the region, such as Warsaw and Istanbul, to significantly improve their performance. “