Source:
Z/Yen Group, Global Financial Centers Index, 2012. Note: The
index considers five major factors; human resources, the
business environment, market access, infrastructure (e.g. real
estate) and general competitiveness. (Detailed
PDF Map)Global Financial Centers, 2012The global economy and its commercial geography are coordinated by major financial centers,
many of which corresponding to the most important cities in world in terms of command
and influence. Due to the overlapping of market opening hours across
several time zones, it becomes
possible for financial markets to trade 24 hours per day as one market
close, another takes over. Telecommunications make this process virtually
instantaneous. Major financial centers usually correspond to global
cities managing the capital of their economic spheres. Most
North American (e.g. New York, Boston), European (London,
Geneva, Zurich) and Asian (Tokyo, Seoul, Hong Kong, Singapore)
financial centers are linked with the commercial activities of
their regions. A significant cluster has recently emerged in the
Middle East (e.g. Dubai, Abu Dhabi, Doha), with centers mainly
managing the wealth generated by petroleum exports, with the
setting of large sovereign wealth funds. There are also dominant
offshore centers having a financial importance unrelated to
their economic importance or even their connectivity to the
global trade network. These offshore financial centers are
offering tax advantages, such as little or no capital gain
taxes, several operating niche activities such as insurance,
banking, ship registry or fund management. Among the most
noticeable are small nation states at the periphery of Europe
(e.g. Jersey, Guernsey, Isle of Man, Malta, Gibraltar, Cyprus)
of in the Caribbean (e.g. Bermuda, Bahamas, Panama, Cayman
Island).
