World’s Top 10 Financial Cities as of 2018

London, New York, Singapore. The Global Financial Centres Index for 2017 is out and it’s full of good information about the world’s top economies.

Here are the top 10 cities according to this report.

1. London

• Country: England
• Population: 8.3 million

London and the four other cities that make up the top five of this list haven’t changed positions at all over the past year. That’s a testament to their financial stability.

Despite Brexit, England’s momentous decision to leave the EU, London remains an economic powerhouse.

In 2017, the World Economic Forum dubbed London the economic center of the world. Rajesh Agrawal, city’s deputy mayor for business penned an op-ed celebrating the decision.

“No other city can provide its unique environment for business success: access to the best talent from around the world, an abundance of high-quality office, co-working, start-up spaces, excellent connectivity, and an entrepreneurial and innovative environment.”

The city’s proximity to the rest of Europe and North America is definitely an advantage, both for partnerships and recruitment. Of course, London businesses don’t have to look far for new talent.

The city is home to two of the world’s top universities, University College London and Imperial College London.

2. New York City

• Country: United States
• Population: 17.8 million

Much like London, the Big Apple has the advantage of being a city that has been an economic juggernaut since the 17th century.

Speaking of strength in numbers, New York City enjoys a lucky break that London doesn’t have. While the latter enjoys a prime location between countries, NYC is part of a mega-region that encompasses both Washington, D.C. and Boston, another member of the top-10 list. This region represents a $3.75-trillion economy.

The kind of talent and capital that draws will always add massive support to New York City’s economy. New York, home to Wall Street, also offers an array of top universities, including Columbia University, NYU, and Fordham.

3. Singapore

• Country: Singapore
• Population: 4 million

The Lion City has been making huge progress and may soon move into second place. There are many reasons why Singapore is doing so well, according to the Economist.

A business-friendly government, foreign trade laws, an ample workforce that speaks English and other languages, and a great location. Aside from its natural harbor, the country is also located at the mouth of the Malacca Strait, which sees about 40% of the world’s maritime trade.

4. Hong Kong

• Country: China
• Population: 7.4 million

Hong Kong ranks next time around given that its economy recently grew faster than it has in six years. Its economy has been boosted by the stock market, increased trade, and an encouraging global economic outlook.

Growing employment and Hong Kong’s booming property sector have been cited as reasons for its continuing economic prowess. The city is also famed for its free-market economy, which makes it very attractive to international investors and financiers.

5. Tokyo

• Country: Japan
• Population: 33.2 million

Tokyo’s economy is experiencing a massive expansion that hasn’t been seen for 10 years. One reason for all this growth? The 2020 Olympics. The World Economic Forum named Tokyo as one of the cities “most ready for the future” thanks to its innovative rail system. The Economist dubbed Tokyo one of the world’s safest cities in categories that impact businesses: personal security, digital security, health security, and infrastructure security.

6. San Francisco

• Country: United States
• Population: 3.23 million

The Bay Area is home to Fortune 500 companies including Chevron, Bank of America, Google, Apple, Oracle, and Caterpillar. So it should come as no surprise that San Francisco is one of the world’s economic hot spots. In 2017, the city’s booming business sector helped the Bay Area grow three times faster than the national average, per the Center for Continuing Study of the California Economy.  The Bay Area region grew by 5.2 percent in 2016. Tech and finance industries have made The San Francisco-Oakland metro area second fastest-growing in the state.

7. Chicago

• Country: United States
• Population: 8.31 million

Chicago is famous for more than its cold weather and deep dish pizza. Its famed office buildings house companies that are responsible for injecting the local economy with $4.6 billion. Fortune named 34 Chicago-based companies to its Fortune 500 list., including Kraft Heinz, Archer Daniels Midland and ConAgra. Downtown Chicago’s Central Business District spans more than 2.38 million square feet.

8. Sydney

• Country: Australia
• Population: 3.5 million

While the The Global Financial Centres Index lists stability and infrastructure as Sydney’s two major weaknesses, the city still boasts an impressive economy. Financial services is by far Sydney’s most important industry, accounting for 15%t of its economy, according to reports.  up from, 11 per cent in 1997. Other economic boosters include professional services, construction, and manufacturing. Sydney and Melbourne drove 68.8% of national Australian Gross Domestic Product (GDP) in 2016 and 2017.

9. Boston

• Country: United States
• Population: 4 million

According to the GFCI, Boston’s weakest point right now is business environment and infrastructure, but its financial sector development is holding strong. Remember, too, that Boston is part of that enviable mega-region with New York City and Washington, D.C.

However, the real secret to Boston’s economic growth is its emergence as a tech hub.

It has become one of the top four regions in the U.S. for four tech industries as measured by the number of startups it has produced. Boston has made a big impact in the fields of health tech, fintech, education tech and manufacturing technology. These technology industries in Boston have been so powerful that some have claimed that Massachusetts has the best economy in the U.S.

10. Toronto

• Country: Canada
• Population: 4.37 million

There’s a reason Toronto is Canada’s leading city economy. As the fourth-largest city in North America, Canada has a massive talent pool and, according to the World Bank, a higher sum of Canadian residents choose to live within its borders as compared to the trend in major cities of all G7 nations. In short, people who work in the city, stay in the city, and spend their money in the city.