By Peggy Sito

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Hong Kong maintained its position as the world’s third-ranked financial hub, narrowing the gap with leading cities New York and London, according to the latest Global Financial Centres Index (GFCI) report on Thursday.
The report, which is published twice a year, said Hong Kong’s overall rating rose 4 points, just 1 point below London and 2 points behind top-ranked New York.
“This ranking is not an endpoint, but a validation of our strategy” said Benjamin Hung, chairman of the Financial Services Development Council, the Hong Kong government’s advisory body.
Singapore rose 13 points to rank fourth in the index, 1 point below Hong Kong.
“There is little change in the ranking of the leading centres, with the top 10 centres remaining unchanged,” September’s GFCI report said. “However, the gap between the leading four centres has narrowed and only one rating point separates each of these centres.”
Hong Kong was 2 points below London and 9 points below New York in the GFCI report published in March this year.
The latest ranking reflects Hong Kong’s efforts to burnish its credentials as a major international financial hub.
Funds raised via initial public offerings (IPOs) in Hong Kong soared eightfold in the first six months of 2025, propelling the city’s exchange to the top of the global rankings for the first time since 2019.

Boosted by six mega IPOs, the Hong Kong stock exchange is expected to retain its position as the global leader in IPO fundraising in the third quarter, according to Deloitte China.
Deloitte expected Hong Kong to record 66 IPOs and raise up to HK$182.3 billion in the first three quarters of 2025. That would be a 47 per cent increase in the number of IPOs, from 45 in the same period in 2023, and a 228 per cent surge in proceeds from HK$55.6 billion.
Despite leading the index, New York fell 4 points compared to its assessment six months ago. It was the only city in the top 10 to see a decline. London, meanwhile, continued to close the gap with the largest city on the US East Coast.
GFCI’s assessment is based on five areas: business environment, human capital, infrastructure, financial sector development, and reputation and general overview.
Hong Kong took the leading position in business environment, human capital and reputation and general, while New York topped the other two areas.
The GFCI survey asked respondents which centres they consider would grow in significance over the next two to three years.
Among the top 16 cities, eight were in the Asia-Pacific region, while six were in the Middle East and Africa. The results highlighted the increasing importance of these regions in global finance, according to the report.
GFCI rated 135 financial centres based on 140 factors as well as assessments made by 4,877 respondents to a survey. The report is published by think tanks Z/Yen Group in London and the China Development Institute in Shenzhen.