Toronto is one of the top 10 financial centres in the world.
According to the latest report by the Global Financial Centres Index (GFCI), Toronto moved up three spots to earn its 7th place on the list, which is described as “the world’s most authoritative comparison of the competitiveness of the world’s leading financial centres.”
Topping the list are London and New York, which remained in first and second places. Although the leading financial centres in the Asia/Pacific region fell in the ratings, they continued to dominate the top five, with Hong Kong at third, followed by Singapore and Tokyo, respectively.
While it is in second place, it’s interesting to note that New York actually fell by 24 points, the largest fall in the top 15 centres, which is associated with fears over US trade. And the report indicated that the decline of Canadian centres was less severe than the falls of the US centres.
Other Canadian cities on the list include Montreal, which came in at 12th place, and Vancouver in the 17th spot. Calgary was also on the list, but was at number 71.
Over the last 10 years, the GFCI has published two reports per year which have charted the progress of the world’s leading financial centres. For this report, they researched 108 centres, using quantitative measures provided by third parties including the World Bank, The Economist Intelligence Unit, the OECD, and the United Nations.
The instrumental factors used in the GFCI model are grouped into five broad factors of competitiveness that include: business environment, human capital, infrastructure, financial sector development, and reputation.
Check out the top 20 list below.