Edinburgh Slips In League of World Financial Centres

Submitted by edg on Wed, 23 Sep '09 5.28pm

Edinburgh has slipped in a survey of the top global financial centres to 27th in the world.

The Global Financial Centres Index (GFCI) was first produced by the Z/Yen Group for the City of London in March 2007 and now reports every six months with a league table of the top financial centres of the world in terms of competitiveness. It is compiled using the results of a continuously running online questionnaire. In total, 36,497 financial centre assessments were completed by 1,802 financial services professionals for the latest survey.

The questionnaire asks respondents to rate financial competitiveness of financial centres on a scale of 1 to 10, what cities have suffered most from the financial crisis, what cities will become more competitive in the future, what cities organisations are likely to move offices to, and such like.

Edinburgh, like many financial centres has recuperated somewhat from the financial crisis of 2008 and early 2009, but less vigorously than Asian cities which are beginning to make their presence more strongly felt on the index.

The sixth GFCI rates and ranks 75 global financial centres in the world. London topped the chart, with New York close behind, but Edinburgh dropped seven places down the rankings to 27th global financial centre. It comes 7th in the rankings for european financial centres.

Edinburgh's GFCI6 rating increased 5 points to 605, while London increased 9 to 790. Dublin was one of only 3 financial centres to receive a lower score but still ranks higher than Edinburgh in 23 place with a score of 613. Glasgow fared worse sliding from 31st to 49th place in the GFCI rankings with a score of 550, down 4 points.

The survey also includes industry sector sub-indices for the Banking, Asset Management, Insurance, Professional Services and Government & Regulatory sectors using only the questionnaire responses from respondents working in the relevant industry sectors.

Edinburgh did well in the asset management sub-indice coming in 15th place against 27th in the overall GFCI.

Top 10 European Financial Centres/Score:

  1. London - 790
  2. Zurich - 676
  3. Geneva - 660
  4. Frankfurt - 649
  5. Paris - 630
  6. Dublin - 613
  7. Edinburgh - 605
  8. Munich - 588
  9. Amsterdam - 586
  10. Stockholm - 569

Top 10 Global Financial Centres/Score:

  1. London - 790
  2. New York - 774
  3. Hong Kong - 729
  4. Singapore - 719
  5. Shenzhen - 695
  6. Zurich - 676
  7. Tokyo - 674
  8. Chicago - 661
  9. Geneva - 660
  10. Shanghai - 655

Source: Global Financial Centres Index 6 (September 2009)