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.

In 2024, Dubai was the most attractive financial center in the Middle East and North Africa (MENA) region with a Global Financial Centres Index score of *** points. The private institute Z/Yen has constructed an index for financial center rating, in which a multitude of factors are integrated. Important areas of competitiveness are, among others, business environment, human capital, taxation, and infrastructure. Finance industry in MENA The financial technology (FinTech) industry in the MENA region has been booming recently, especially with the increased smartphone and internet penetration rates. Fintech helps businesses by allowing them to manage their financial operations efficiently using specialized software. The acceleration of fintech adoption can be attributed to the large share of the young population who were adapting to change and high rates of new technology adoption. Fintech had the highest share of startup deals in the region at ** percent in 2020 compared to other industries. The number of fintech companies in the Middle East region was forecast to reach *** firms by 2022, though this value will likely be exceeded. Fintech in the UAE The United Arab Emirates (UAE) was a leader in adopting fintech technology in the MENA region. The number of fintech startups in the UAE was *** in 2020. There were ** Islamic fintech firms in the country in the same year. The free zones ADGM and DIFC in the emirates of Abu Dhabi and Dubai respectively were proactively embracing fintech. The country’s regulatory authority boosted the blockchain sector in 2020 and 2021. Local authorities implemented regulatory laws and legalized the crypto-asset activities. The Dubai Financial Services Authority announced a crypto framework, while the Securities and Commodities Authority legitimized crypto-asset activities and introduced a crypto framework.

Astana, the capital of Kazakhstan, was rated the most attractive financial center among the presented cities in Eastern Europe, Southern Europe, and Central Asia in 2024, with a rating of ***. It was followed by Almaty and Tallinn. To compare, Moscow had a Global Financial Centers Index (GFCI) rating of 590. The rating is based on an index incorporating numerous factors, including business environment, human capital, taxation, and infrastructure, among others. The global financial center ranking is led by New York.

According to a survey conducted in 2024, the business environment was identified as the most important factor for the competitiveness of global financial centers. Respondents were asked to rank the factors they considered most crucial for a financial center's competitiveness. The business environment received *** mentions, making it the top factor, followed closely by human capital, with *** mentions.

Cayman Islands KY: Portfolio Investment Assets: World Minus 25 Significant Financial Centers data was reported at 221.374 USD bn in 2023. This records an increase from the previous number of 85.619 USD bn for 2022. Cayman Islands KY: Portfolio Investment Assets: World Minus 25 Significant Financial Centers data is updated yearly, averaging 105.683 USD bn from Dec 2013 (Median) to 2023, with 11 observations. The data reached an all-time high of 221.374 USD bn in 2023 and a record low of 2.296 USD bn in 2014. Cayman Islands KY: Portfolio Investment Assets: World Minus 25 Significant Financial Centers data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Cayman Islands – Table KY.IMF.CPIS: BPM6: Portfolio Investment Assets: by Country: Annual.

According to a survey carried out in 2024, Sao Paolo was the most attractive financial center in Latin America and the Caribbean in 2024, with a score of ***. The Cayman Islands and Bermuda followed, with *** and *** points, respectively. The ranking is based on an index where a multitude of factors are integrated. Important areas of competitiveness are, among others, business environment, human capital, taxation and infrastructure.

Success.ai’s Company Financial Data for Banking & Capital Markets Professionals in the Middle East offers a reliable and comprehensive dataset designed to connect businesses with key stakeholders in the financial sector. Covering banking executives, capital markets professionals, and financial advisors, this dataset provides verified contact details, decision-maker profiles, and firmographic insights tailored for the Middle Eastern market.

With access to over 170 million verified professional profiles and 30 million company profiles, Success.ai ensures your outreach and strategic initiatives are powered by accurate, continuously updated, and AI-validated data. Backed by our Best Price Guarantee, this solution empowers your organization to build meaningful connections in the region’s thriving financial industry.

Why Choose Success.ai’s Company Financial Data?

1. Verified Contact Data for Financial Professionals

   • Access verified email addresses, direct phone numbers, and LinkedIn profiles of banking executives, capital markets advisors, and financial consultants.
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2. Targeted Insights for the Middle East Financial Sector

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   • Gain insights into region-specific financial trends, regulatory frameworks, and market opportunities.

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   • Stay ahead of emerging opportunities and align your strategies with evolving market dynamics.

4. Ethical and Compliant

   • Adheres to GDPR, CCPA, and other global privacy regulations, ensuring responsible data usage and compliance with legal standards.

Data Highlights:

• 170M+ Verified Professional Profiles: Engage with decision-makers and professionals in banking, investment management, and capital markets across the Middle East.
• 30M Company Profiles: Access detailed firmographic data, including organization sizes, revenue ranges, and geographic footprints.
• Leadership Contact Information: Connect directly with CEOs, CFOs, risk managers, and regulatory professionals driving financial strategies.
• Decision-Maker Insights: Understand key decision-makers’ roles and responsibilities to tailor your outreach effectively.

Key Features of the Dataset:

1. Decision-Maker Profiles in Banking & Capital Markets

   • Identify and connect with executives, portfolio managers, and analysts shaping investment strategies and financial operations.
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2. Advanced Filters for Precision Targeting

   • Filter institutions by segment (retail banking, investment banking, private equity), geographic location, revenue size, or workforce composition.
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3. Firmographic and Leadership Insights

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4. AI-Driven Enrichment

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Strategic Use Cases:

1. Sales and Lead Generation

   • Offer financial technology solutions, consulting services, or compliance tools to banking institutions and investment firms.
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   • Analyze trends in Middle Eastern banking and capital markets to guide product development and market entry strategies.
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Why Choose Success.ai?

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Financial Services Market Outlook

As per our latest research, the global financial services market size reached USD 26.5 trillion in 2024, demonstrating robust expansion across all major segments. The market is poised for further growth, projected to reach USD 42.1 trillion by 2033, reflecting a steady compound annual growth rate (CAGR) of 5.3% during the forecast period. This sustained momentum is driven by rapid digital transformation, rising financial inclusion, and the increasing adoption of technology-driven solutions across banking, insurance, wealth management, and investment services.

The primary growth factor propelling the financial services market is the sweeping wave of digitalization that has revolutionized traditional financial products and delivery mechanisms. The proliferation of smartphones, internet connectivity, and advanced analytics has enabled financial institutions to offer tailored, customer-centric solutions at scale. Digital banking, mobile payments, and online investment platforms have democratized access to financial products, expanding the addressable market. Furthermore, fintech innovations such as blockchain, artificial intelligence, and machine learning are reshaping risk assessment, fraud detection, and customer engagement, creating new value propositions and operational efficiencies for service providers. This digital shift has also accelerated the entry of non-traditional players, intensifying competition and fostering continuous innovation in the global financial services ecosystem.

Another significant driver is the increasing focus on financial inclusion and regulatory reforms aimed at fostering a more resilient and transparent financial landscape. Governments and regulatory bodies worldwide are implementing policies to promote access to banking, insurance, and investment products for underserved populations. Initiatives such as open banking, instant payment systems, and digital identity verification are lowering entry barriers and enabling more individuals and small businesses to participate in the formal financial system. Additionally, evolving consumer preferences for convenience, speed, and personalized experiences are compelling traditional service providers to invest heavily in technology and customer experience enhancements, thus contributing to the overall market growth.

The market is also buoyed by the rising demand for wealth management and investment services, particularly among the growing middle class and high-net-worth individuals in emerging economies. As disposable incomes rise and financial literacy improves, there is an increased appetite for diversified investment products, retirement planning, and risk management solutions. This trend is further amplified by demographic shifts such as aging populations in developed regions, driving demand for pension funds, annuities, and long-term savings instruments. The integration of robo-advisory platforms and automated portfolio management tools is making wealth management more accessible and cost-effective, thereby expanding the market reach of financial advisors and investment firms.

From a regional perspective, Asia Pacific stands out as the fastest-growing market, fueled by rapid economic development, a burgeoning digital ecosystem, and supportive government policies. North America continues to hold the largest market share, underpinned by its mature financial infrastructure, high adoption of advanced technologies, and strong presence of global financial institutions. Europe is witnessing steady growth due to regulatory harmonization and the expansion of cross-border financial services. Meanwhile, Latin America and the Middle East & Africa are gradually catching up, driven by increasing investments in financial technology and ongoing efforts to enhance financial inclusion. Each region presents distinct opportunities and challenges, with local market dynamics shaping the competitive landscape and growth trajectory of the global financial services market.

Type Analysis

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In 2020, Shanghai proved to be the most attractive financial center in the Asia Pacific region, scoring *** points in the Z/Yen report. Comparatively, Melbourne scored *** points in the financial center ranking in 2020 to close off the top ten. The private institute Z/Yen has constructed an index for financial center rating, in which a multitude of factors are integrated. Important areas of competitiveness are, among others, business environment, human capital, taxation and infrastructure.

Estonia EE: Portfolio Investment Assets: World Minus 25 Significant Financial Centers data was reported at 13.161 USD bn in 2023. This records an increase from the previous number of 12.554 USD bn for 2022. Estonia EE: Portfolio Investment Assets: World Minus 25 Significant Financial Centers data is updated yearly, averaging 7.730 USD bn from Dec 2013 (Median) to 2023, with 11 observations. The data reached an all-time high of 13.748 USD bn in 2021 and a record low of 1.559 USD bn in 2015. Estonia EE: Portfolio Investment Assets: World Minus 25 Significant Financial Centers data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Estonia – Table EE.IMF.CPIS: BPM6: Portfolio Investment Assets: by Country: Annual.

Emerging markets have an incentive to tighten capital inflow controls during periods of international financial distress.

With a novel database, we examine the evolution of capital flows since the collapse of the Bretton Woods System in the early 1970s. We decompose capital flows into global, regional, and idiosyncratic factors. In contrast to previous findings, which mostly use data from the 2000s, we find that booms and busts in capital flows are mainly explained by regional factors and not the global factor. We link leverage in the financial center to regional capital flows and the cost of borrowing in international capital markets to examine the drivers of capital flow bonanzas and busts.

This study investigates the connection between network centrality and firm growth on a sample of 3224 financial services firms located in the UK in the aftermath of the global financial crisis. The findings, based on a spatial econometric model of long-term firm growth, indicate that firms that span structural holes, engage in co-management appointments and have network connections to related companies in other financial centres grow faster. In contrast, such connections generate substantial negative indirect effects on proximate firms, leading to a divergence of growth rates between globally connected and locally embedded firms.

Malta MT: Portfolio Investment Assets: World Minus 25 Significant Financial Centers data was reported at 53.203 USD bn in Dec 2020. This records an increase from the previous number of 47.415 USD bn for Jun 2020. Malta MT: Portfolio Investment Assets: World Minus 25 Significant Financial Centers data is updated semiannually, averaging 50.501 USD bn from Jun 2013 (Median) to Dec 2020, with 16 observations. The data reached an all-time high of 93.732 USD bn in Jun 2014 and a record low of 1.981 USD bn in Dec 2013. Malta MT: Portfolio Investment Assets: World Minus 25 Significant Financial Centers data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Malta – Table MT.IMF.CPIS: BPM6: Portfolio Investment Assets: by Country: Bi-annual.

Financial Services Market Outlook 2032

The global Financial Services Market size was USD 27.98 Trillion in 2023 and is projected to reach USD 64.38 Trillion by 2032, expanding at a CAGR of 9.7% during 2024–2032. The market is driven by the rapid adoption of digital technologies for enhanced customer experiences and the increasing implementation of blockchain and AI for improved operational efficiency and security.



Rising investments in digital infrastructure by financial institutions signal a transformative era in the financial services sector. Banks and financial entities are deploying advanced technologies such as blockchain and cloud computing to enhance operational efficiency and customer experience.

The adoption of digital wallets and mobile banking applications has surged, reflecting a shift toward a digitalized banking environment. This trend is further supported by regulatory bodies encouraging digital innovation to foster a competitive and inclusive financial ecosystem.

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  The American Bankers Association's October 2023 survey revealed that 48% of customers favor mobile apps for banking, followed by 23% using online banking via computers. Branch visits (9%), ATMs (8%), and phone banking (5%) were less common.

  
  

Increasing consumer expectations for tailored financial solutions are reshaping the financial services landscape. Financial institutions are leveraging big data analytics and machine learning to offer personalized banking and investment products.



This approach improves customer satisfaction and boosts customer retention rates. Personalized financial advice and customized investment strategies are becoming standard offerings, driven by the wealth of customer data available to financial institutions.



Environmental, social, and governance (ESG) criteria are becoming integral to investment decisions, propelling the gro

Hong Kong Trade Finance Market size was valued at USD 65 Billion in 2024 and is projected to reach USD 111.18 Billion by 2032, growing at a CAGR of 7% from 2026 to 2032.

Hong Kong Trade Finance Market Drivers

Strategic Financial Hub: Hong Kong's role as a leading international financial center facilitates efficient cross-border payments and financing services, supporting trade and investment in the Asia-Pacific region.

RMB Internationalization: The use of RMB in trade finance is gaining momentum in Hong Kong, driven by companies seeking cost efficiencies and supply chain diversification amid global economic shifts.

Emerging Market Opportunities: Hong Kong banks are targeting trade financing opportunities in emerging markets, including Southeast Asia and the Middle East, amid shifting supply chains and supportive government measures.

Digital Transformation: The integration of digital technologies, such as blockchain and AI, is enhancing efficiency and transparency in trade finance operations, aligning with global trends towards digitalization.

Latvia DIA: Stock: extra EU: Offshore Financial Center (OF) data was reported at 43.000 EUR mn in Mar 2018. This records an increase from the previous number of 22.000 EUR mn for Dec 2017. Latvia DIA: Stock: extra EU: Offshore Financial Center (OF) data is updated quarterly, averaging 8.120 EUR mn from Mar 2000 (Median) to Mar 2018, with 73 observations. The data reached an all-time high of 183.280 EUR mn in Sep 2000 and a record low of 0.010 EUR mn in Jun 2005. Latvia DIA: Stock: extra EU: Offshore Financial Center (OF) data remains active status in CEIC and is reported by Bank of Latvia. The data is categorized under Global Database’s Latvia – Table LV.O004: Direct Investment Abroad: Stock: by Country.

Palau PW: Portfolio Investment Assets: World Minus 25 Significant Financial Centers data was reported at 0.000 USD mn in 2020. This stayed constant from the previous number of 0.000 USD mn for 2018. Palau PW: Portfolio Investment Assets: World Minus 25 Significant Financial Centers data is updated yearly, averaging 0.000 USD mn from Dec 2014 (Median) to 2020, with 6 observations. The data reached an all-time high of 0.000 USD mn in 2020 and a record low of 0.000 USD mn in 2020. Palau PW: Portfolio Investment Assets: World Minus 25 Significant Financial Centers data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Palau – Table PW.IMF.CPIS: BPM6: Portfolio Investment Assets: by Country: Annual.

The historical money and capital market data base contains both more than 100.000 pension market data (interest rates as well as stock prices and associated income returns)and stock market data from the period of the German Empire´s establishment 1871 up to the outbreak of the First World War in the year 1914. This data base was developed by the Institut for capital market research (CFS, Center for Financial Studies) of the Johann Wolfgang Goethe - University of Frankfurt/Main in the context of the DFG priority programme titeled „Empirical Capital Market Research“. The data were gathered by extensive searches at the german financial centres at that time, which were Berlin, Frankfurt/Main, Hamburg, Leipzig, Cologne and Munich. They ensure thus under geographical criteria a comprehensive and representative overview of the money and capital market situation in Germany before the First World War. Topics Timeseries are available via the downloadsystem HISTAT: The data of the individual stock exchange centres are arranged according to industries:Banks, insurance, traffic, electrical industry, mechanical engineering, metal industry, mining industry, building and propberty, chemistry, paper, glass and ceramic(s), breweries, other ones, textile and leather.