CAPE TOWN - Johannesburg is no longer South Africa's number one financial hub.
That spot belongs to Cape Town, according to a report in the Global Financial Centres Index (GFCI 24) by Z/Yen Partners and the China Development Institute.
Internationally New York has taken top position over London as the world's top financial centre. The big apple won its place by just two points, according to the GFCI 24, but both financial centres fell a few points in terms of ratings.
Hong Kong moved up slightly and is now only three points behind London. It should also be noted that Tokyo fell to Shanghai in the ratings.
Shanghai is now in fifth place and gained 25 points. Rounding up the top ten included Frankfurt, Zurich and Beijing. These three cities kicked San Francisco, Boston, and Toronto out.
ABOUT THE GFCI
The GFCI is the competitive ranking of financial centres based on over 29 000 financial centre assessments.
The report uses an online questionnaire and in addition over 100 indices, such as the World Bank and the Organisation for Economic Co-operation and Development.
In terms of the Middle East and Africa: Dubai, Abu Dhabi, and Doha all rose significantly reversing the trend from GFCI 23. Cape Town is the highest new entrant to the index, ranking 38th in its first entry, the report said.
Middle East and Africa table
