As of September 2024, New York ranked as the world's most attractive financial center, earning a score of *** on a comprehensive financial center rating index that considers multiple factors. London followed closely in second place with a rating of ***. What are financial centers? A financial center is a city or region that serves as a strategic hub for the financial industry, bringing together banks, trading firms, stock exchanges, and other financial institutions. These hubs are typically distinguished by strong infrastructure, a stable regulatory and political environment, favorable taxation policies, and ample opportunities for business and trade growth. According to a 2024 survey of financial services professionals, the key factors influencing a financial center's competitiveness were the business environment, human capital, and infrastructure. Financial centers by region According to the Global Financial Centers Index, the most attractive financial hubs in North America are New York, San Francisco, and Chicago. In Latin America and the Caribbean, Bermuda, the Cayman Islands, and Sao Paulo received the highest scores. When financial sector professionals were asked which financial centers were likely to become more significant in the next years, they pointed to Seoul, Singapore, Dubai.

London was the most attractive financial center in Western Europe as of September 2024. According to five broad areas of competitiveness that the ranking was built on (business environment, human capital, infrastructure, financial sector development, and reputation), London received *** points. Frankfurt ranked second, with a rating of ***. According to the Global Power City Index (GPCI), London was also the most attractive city worldwide for its economy, research and development, cultural interaction, livability, environment, and accessibility. Financial employment in the UK In 2022, the value added in the finance and insurance services sector in the United Kingdom as a percentage of total GDP was one of the largest in Europe. However, total employment in the financial services sector overall decreased since 2008. The mean weekly wage of full-time employees in the financial and insurance sector also dropped and never recovered from a sharp decrease in 2018. Largest European financial institutions In 2023, HSBC topped the list of the largest European banks in terms of total assets. With more than *** trillion U.S. dollars, the UK-based giant ranked before BNP Paribas, the largest banking institution in France.

DBS Bank retained its spot as the top brand in Singapore based on brand value in 2022, with a brand value of around *** billion U.S. dollars. DBS, formerly known as the Development Bank of Singapore Limited, is Southeast Asia's largest bank in terms of assets. Meanwhile, UOB retained the second position in the same year. Brand value and its significance
Brand value is an estimation of how much a brand would be valued if it were to be sold in the market. It is a driving force for companies to be more innovative and dedicated to their customers. Brand value will in turn generate customer loyalty, brand visibility, and brand association for the company. On a broader scope, by having three of its major banks sitting on the top three of most valuable brands in Singapore since 2016, Singapore may reinforce its eagerness to be the center of financial services internationally. Singapore as Asia’s financial services hub
Factors relating to business environment, human capital, reputation, infrastructure, and financial sector development were important for a country or region to be attractive as a financial center. According to a survey conducted in 2021, Singapore was among other financial centers globally that were predicted to be more noteworthy in the following years. In addition, due to its strategic geographical location as well as its title as one of the leading financial centers in the world, Singapore aims to be Asia’s number one financial services hub.