The World Economic Forum’s financial services team has just published this year’s edition of “The Financial Development Report.”
Hong Kong SAR has overtaken the United States and the United Kingdom to top the ranking. The first Asian financial centre to achieve this rank, Hong Kong’s position was bolstered by strong scores in non-banking financial services such as IPO activity and insurance.
Although it fell one spot to 2nd place, the United States’ overall score remains almost unchanged compared to last year. While financial stability continues to be a concern, the US was able to offset this weakness with strong financial intermediation results.
Particular strengths in this area include highly developed foreign exchange and derivatives markets, as well as comparatively robust M&A and securitization activity.
The United Kingdom declined in both score and rank, placing 3rd overall. The greatest contributing factors to the United Kingdom’s decline are lower scores on securitization and IPO activity.
The top ten economies have remained predominantly unchanged since last year: Hong Kong SAR (1), United States (2), United Kingdom (3), Singapore (4), Australia (5), Canada (6), Netherlands (7), Japan (8), Switzerland (9) and Norway(10). Spain is in 17th spot, dropping 3 places.
The report is available online.