Singapore retained its fourth place in the most recent Global Financial Centers Index (GFCI) 38, with a rating of 763 and an extra 13 points on the previous index. The rating was published on Thursday, September 26.
Read also: Singapore and its unbridled economic growth in Southeast Asia
Singapore On The Global Pedestal
Singapore was only one point behind Hong Kong, which currently sits in third place. In September 2022, the previous overtook the once-titled title of the highest-ranked resort in Asia. However, Hong Kong regained the position in 2024.
Singapore was recognized as top-of-the-line when it comes to competitiveness. It took second place within the business environment, third when it comes to status and fourth in three areas: human capital, infrastructure and financial sector development.
The country then became a worldwide leader within the skilled services sector, outperforming major trading cities akin to Zurich, Los Angeles and Toronto.
GFCI survey respondents further cited the country as certainly one of the centers with the brightest future prospects over the following two to 3 years.
The Asia-Pacific economy continued to shine
After Hong Kong and Singapore, 4 other Asia-Pacific hubs made the highest 15 within the GFCI 38: Shanghai (eighth), Shenzhen (ninth), Seoul (tenth) and Tokyo (fifteenth). This is barely greater than in North America, Western Europe or another region on this planet.
The GFCI report detailed that the Asia-Pacific region saw its average rating increase by 1.27%, with just one financial center seeing a decline.
Other Southeast Asian cities that made the predominant list include Kuala Lumpur (forty fifth), Jakarta (91st), Ho Chi Minh City (ninety fifth), Bangkok (102nd) and Manila (104th). Malaysia’s Labuan entered the rating for the primary time at sixtieth place.
Another Vietnamese city, Da Nang, was also among the many 15 Affiliated Centers, or financial cities, that failed to attain the required variety of rankings to be included within the predominant GFCI index.
The 20 best financial cities on this planet
In a broader perspective, GFCI 38 showed that New York remains to be ahead of runner-up London and the above-mentioned Hong Kong and Singapore.
The report indicated that the highest ten rankings were an identical to the previous edition. However, the rankings gap has turn out to be more competitive. Each of the highest 4 centers was separated by just one point.
Below is a listing of the highest 20 financial centers and node distribution in Southeast Asia based on GFCI 38.
| Centers | GFCI Rank 38 | GFCI Rating 38 | Rank change from GFCI 37 |
| New York | 1 | 766 | – |
| London | 2 | 765 | – |
| Hong Kong | 3 | 764 | – |
| Singapore | 4 | 763 | – |
| San Francisco | 5 | 754 | – |
| Chicago | 6 | 753 | – |
| Los Angeles | 7 | 752 | – |
| Shanghai | 8 | 751 | – |
| Shenzhen | 9 | 750 | – |
| Seoul | 10 | 749 | – |
| Dubai | 11 | 748 | +1 |
| Frankfurt | 12 | 747 | -1 |
| Washington | 13 | 746 | – |
| Geneva | 14 | 745 | +1 |
| Tokyo | 15 | 744 | +7 |
| Zurich | 16 | 743 | +5 |
| Boston | 17 | 742 | +2 |
| Paris | 18 | 741 | -1 |
| Luxembourg | 19 | 740 | -3 |
| Dublin | 20 | 739 | -6 |
| Kuala Lumpur | 45 | 714 | +6 |
| Labuan | 60 | 699 | New entry |
| Jakarta | 91 | 668 | +6 |
| Ho Chi Minh | 95 | 664 | +3 |
| Bangkok | 102 | 657 | -6 |
| Manila | 104 | 655 | -1 |
What is the Global Financial Centers Index?
The Global Financial Centers Index (GFCI) is a joint initiative of the London-based think tank Z/Yen Partners and the China Development Institute in Shenzhen. First developed in 2007, it’s now published in March and September.
In its thirty eighth edition, which took place in September 2025, GFCI assessed 135 financial centers around the globe. The index was determined based on a mix of instrumental aspects and online surveys.
More than 140 quantitative aspects were taken into consideration. It was collected from third parties akin to the United Nations, the World Bank and the World Economic Forum (WEF).
4,877 respondents took part in the net questionnaire of the most recent index and provided 28,549 rankings.
Source:
Long funds. Global Financial Centers Index 38. https://www.longfinance.net/publications/long-finance-reports/the-global-financial-centres-index-38/
