Hong Kong holds No 3 ranking as global capital hub amid market volatility

Hong Kong retained its position as Asia’s top financial centre and ranked third globally, while also leading in fintech, banking and insurance, according to the latest Global Financial Centres Index released on Thursday.

The twice-yearly report assessed the competitiveness of 120 financial markets. Hong Kong scored 756 points, just one point behind London and two points shy of top-ranked New York, while edging Singapore by a single point. The index is compiled by Z/Yen Group and the China Development Institute.

All four cities gained one point since the previous report in September.

Hong Kong also held on to first place in fintech, ahead of Shenzhen, New York, Singapore and London, with the top five unchanged. It also maintained a leading position globally across key industry sectors, including banking, insurance and financial services.

Financial Secretary Paul Chan Mo-po struck an upbeat tone on the city’s outlook as geopolitical tensions, particularly in the Middle East, fuelled market volatility.

“Capital markets have become very volatile amid international geopolitical tensions, which has made Hong Kong a safe haven for global capital, given its advantage of support from the country under ‘one country, two systems’,” Chan wrote on his official blog on Thursday.

He added that the Wealth for Good in Hong Kong Summit, which concluded earlier this week, had attracted hundreds of attendees and sparked growing interest from family offices worldwide in establishing a presence in the city.