Hong Kong Rose to Third in Global Financial Centers, Topping Asia-Pacific

According to the latest report jointly released by the UK’s Z/Yen and the China Development Institute, Hong Kong rose to third place in the Global Financial Center’s Index (GFCI) rankings, up one spot from March this year, making it the top financial center in the Asia-Pacific region. Hong Kong's overall score increased by eight points, the largest improvement among the top five financial centers. A HKSAR Government spokesperson stated that the report clearly affirms Hong Kong's position as a leading global financial center. The city excelled in several key areas, including business environment, human capital, infrastructure, and reputation, ranking among the top in these categories. The report also highlighted significant improvements in Hong Kong's performance across various financial sectors, with investment management particularly standing out, as the city climbed to the first place globally. Additionally, Hong Kong’s fintech ranking rose five places, entering the global top 10, now ranking ninth. Hong Kong’s asset and wealth management sector continues to thrive. By the end of 2023, the total assets under management had grown by approximately 2% to over HKD 31 trillion, with net inflows of nearly HKD 390 billion, representing an annual increase of more than 3.4 times. Meanwhile, the family office business also showed strong growth momentum.