The British consulting company Z/Yen Group has published the latest Global Financial Centers Index (GFCI) ranking of world financial centers. Moscow worsened its position compared to last year by 22 points, dropping from 51st to 73rd place. It was overtaken by Nur-Sultan (now Astana), Prague and Warsaw. St. Petersburg fell by 17 points – from 97th place to 116th. “As expected, the positions of Moscow and St. Petersburg deteriorated due to (the situation.— “b”) in Ukraine,” the authors of the rating note.
There are also changes in the top 3 rankings. The first two places remained unchanged – they are occupied by New York and London, while Singapore took the third place this year, displacing Hong Kong to fourth place. Also in the top 10 are San Francisco, Shanghai, Los Angeles, Beijing, Shenzhen and Paris. Berlin (up from 42nd to 26th), Stuttgart (from 62nd to 39th) and Sydney (from 23rd to 13th) have greatly improved their positions in the ranking.
The GFCI rating is based on a survey of more than 11,000 respondents from the financial, insurance, investment and other sectors. In addition, the authors of the rating take into account a total of 151 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, labor market flexibility, level of specialized education, its availability, etc.);
infrastructure (transport infrastructure, telecommunications, digital infrastructure, sustainability of infrastructure development, etc.);
development of the financial sector (capital availability, market liquidity, economic potential);
reputation (image of the city, level of innovation development, cultural diversity and cultural attractiveness).