Hong Kong Widens Lead Over Singapore as Asia’s Top Financial Centre, Report Shows
Hong Kong has solidified its position as Asia’s leading financial hub and ranked third globally, extending its lead over regional contender Singapore and narrowing the gap with top-ranked New York, according to the latest Global Financial Centres Index (GFCI) released this week.
The semi-annual report, published jointly by the London-based think tank Z/Yen Group and the China Development Institute in Shenzhen, evaluated 119 financial centres across the world. The comprehensive ranking is based on 140 indicators that include factors such as business environment, infrastructure, human capital, financial sector development, and reputation, along with insights gathered from nearly 5,000 questionnaire respondents.
Hong Kong’s overall score increased by 11 points, whereas Singapore’s improved by 3 points, keeping it firmly in fourth place worldwide. London, which holds the second position, also saw a notable gain of 12 points this round. Additionally, Seoul broke into the top 10 for the first time, rising from 11th place, reflecting a growing confidence across Asia’s financial landscape.
Hong Kong’s government hailed the findings, emphasizing the city’s "leading status and strengths as an international financial centre." Key drivers cited for Hong Kong’s success were strong support from mainland China, recent stock market reforms, enhanced connectivity with the Chinese mainland, and sustained promotion of asset and wealth management sectors.
The city had reclaimed the top spot in Asia in the previous report in September 2024 after losing it to Singapore in September 2022. The latest update highlights Hong Kong’s second-place global rankings for human capital, infrastructure, and financial sector development. Its business environment and reputation ranked third worldwide. The city secured first place among all centres in investment management, insurance, and finance categories and stood third in banking services.
Hong Kong also made significant strides in financial technology, climbing from ninth to fourth place globally—surpassed only by New York, London, and Shenzhen.
The report’s generally stable rankings among the top 20 global centres suggest increasing confidence in financial markets despite ongoing slow but steady economic growth internationally.
Hong Kong’s recent government initiatives further reinforce its financial centre appeal. The budget announced in February introduced policies aimed at boosting wealth management, family offices, stock listings, and yuan-denominated business activities.
Moreover, Hong Kong is on track to become the global IPO hotspot this year, with Financial Secretary Paul Chan Mo-po projecting that initial public offerings could raise between US$17 billion and US$20 billion—an 80% increase compared to 2024. Financial collaboration with mainland China is also deepening. In January, the People’s Bank of China and the Hong Kong Monetary Authority agreed on measures to facilitate cross-border financial access, including improved settlement arrangements under Bond Connect and the launch of an offshore yuan bond repurchase business.
Asset and wealth management links have been strengthened by enhancements to the Wealth Management Connect scheme in the Guangdong-Hong Kong-Macau Greater Bay Area, alongside improvements to Exchange-Traded Fund Connect and the Mainland-Hong Kong Mutual Recognition of Funds.
Looking ahead, the Hong Kong government plans to release a policy statement focusing on the development of virtual assets, as well as initiatives to boost the city’s gold market and establish a broader commodity trading ecosystem.
The city is poised to host several high-profile finance conferences next week, spotlighting its ability to attract wealthy investors and entrepreneurs from around the globe, further underlining Hong Kong’s status as a premier international financial centre.
As global financial centres navigate evolving market dynamics, Hong Kong’s widening lead over Singapore signals the city’s resilient and growing influence in Asia’s—and the world’s—financial ecosystem.