Seoul Ranks 12th in Global Financial Competitiveness... Achieves All-Time High 3rd Place in Financial Infrastructure Sector
Financial Infrastructure Ranked 3rd, City Ranked 2nd for High Potential Future Growth Evaluated
[Asia Economy Reporter Lim Cheol-young] Seoul announced on the 24th that it ranked 12th among 126 cities worldwide in the Global Financial Centres Index (GFCI), a representative index measuring the financial competitiveness of major cities around the world. This result marks a one-rank rise from 13th place announced last September, continuing an upward trend over the past two years after falling to 36th in 2019, following the full-scale relocation of financial institutions to local areas starting in 2015.
The Global Financial Centres Index (GFCI) is an index evaluating international financial competitiveness, published twice a year in March and September since 2007 by the UK consulting group Z/Yen. The GFCI is calculated by combining five evaluation categories assessed by external organizations such as the International Institute for Management Development (IMD) and the World Economic Forum (WEF)?namely, ▲business environment ▲financial industry development ▲infrastructure ▲human resources ▲city reputation?along with results from an online survey of financial professionals worldwide. Among the top-ranking cities, the advanced financial city New York ranked 1st, London 2nd, followed by Hong Kong (3rd) and Shanghai (4th).
Seoul showed progress despite the prolonged COVID-19 situation, ranking 3rd in infrastructure, 9th in financial industry development, and 7th in city reputation among the five evaluation categories.
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Hwang Bo-yeon, Director of Economic Policy, explained, “Although Seoul is relatively disadvantaged compared to other overseas financial cities in terms of financial infrastructure and tax aspects, the rising trend in the GFCI index reconfirmed Seoul’s competitiveness and potential for development. We will continue to build Seoul as a global financial hub city.”
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