Moscow dropped another 28 positions in the ranking of world financial centers

The British consulting company Z/Yen Group published today, September 28, its annual rating world financial centers – Global Financial Centers Index (GFCI). For the sixth time in a row, New York was named the leading financial center of the world, London is in second place, having significantly reduced the gap from the leader, followed by Singapore, Hong Kong and San Francisco with a slight margin.

The first ranking of world financial centers from Z/Yen Group was presented in 2007. It is compiled every six months. During the study, more than 13 thousand people from among the company’s clients and partners were surveyed. In addition, 146 factors are analyzed in such areas as the business environment in a particular city, human capital, infrastructure, financial sector development, and city reputation. The rating compilers take these parameters from assessments of organizations such as the World Bank, OECD, UN and Economist Intelligence Unit. The current ranking includes 121 cities around the world.

Moscow, which last year dropped in the ranking by 22 positions, to 73rd place, this year it continued to move down and ended up in 114th place, between Mexico City (113th) and Tehran (115th). As follows from the rating data, Moscow’s position was most affected by the deterioration of its reputation (city image, level of innovation, cultural diversity and cultural attractiveness); the Russian capital lost 62 points. The fall of St. Petersburg was less dramatic – within a year the city dropped from 114th to 118th place.

The consulting company Z/Yen Group also publishes the Smart Centers Index rating, which assesses the level of investment, regulatory environment and business climate for the development of modern technologies in different cities of the world. More details about this can be found in the Kommersant article. “Cities ranked by intelligence”.

Alena Miklashevskaya