Malta’s standing as a financial centre has climbed 15 places in this year’s Global Financial Centres Index and currently stands in an overall 53rd place out of 80 financial centres.

The annual index - compiled by Z/Yen Group and sponsored by the Qatar Financial Centre Authority – found that Malta has made one of the most pronounced improvements in its rankings this year, along with fellow climbers Rio de Janeiro, Monaco and Istanbul. 

In EU terms, Malta’s standing as a financial centre was just behind that of Milan (51st) and ahead of Madrid, Dublin and Brussels.  In fact, of the 27 financial centres in the EU, Malta was in 14th place. 

But, according to the index’s findings, Malta still has some way to go before it can count itself as a big international player.  The country was categorised as a ‘local’ and evolving centre in the index’s financial centres profiles, as opposed to being a global or transnational player.

Malta’s ranking was far better in terms of being an offshore centre, where it was placed in seventh position – just behind the British Virgin Islands, the Isle of Man, Hamilton, the Cayman Islands, Guernsey and Jersey, the index’s top offshore centre.

Overall, London, New York, Hong Kong, Singapore and Tokyo remain the top five financial centres. And although London’s ratings have fallen by more than any other centre in the top 25, it still held on to the top spot in this year’s rankings.

In Europe, Frankfurt, Zurich and Geneva remain in the top ten and Luxembourg has climbed five places to 13th. Most of the remaining financial centres in Europe are still suffering from uncertainty in the Eurozone. Paris dropped by 14 points, Munich by 16, Amsterdam by 26, Milan by 34, Madrid by 28 and Brussels by 44 points. Lisbon and Athens also fell and Athens remains at the bottom of the index.

In Asia, there is a mixed picture with Tokyo, Sydney, Shanghai and Shenzhen all climbing in the ratings but other centres including Hong Kong, Singapore, Seoul and Beijing all losing points.

There is another mixed picture in North America, with Boston and San Francisco each climbing by one place but New York, Chicago and Washington DC falling slightly. With the exception of Toronto, the Canadian centres all saw slight reversals to the rapid rises they have shown recently.

Latin America continues to grow in importance with Rio de Janeiro, Sao Paulo and Buenos Aires all climbing in the ranks. Rio de Janeiro in particular performed well and climbed 17 places.

In the Middle East, Qatar, Bahrain and Istanbul see significant increases in their rankings while other centres fall slightly.

Mark Yeandle, Associate Director of the Z/Yen Group and the leading author of the GFCI, commented, “'The top centres continue to dominate, but London and many eurozone centres are losing ground to emerging centres like Rio de Janeiro and Sao Paulo.”

 

The full report can be found at: www.longfinance.net/images/GFCI14_30Sept2013.pdf

 

 

BOX

The world’s top ten financial centres

1. London

2. New York

3. Hong Kong

4. Singapore

5. Tokyo

6. Zurich

7. Boston

8. Geneva

9. Frankfurt

10. Seoul

 

53. Malta - 608