The Asian Century Takes Shape: What Hong Kong's Rise Means for Global Finance The latest edition of the Global Financial Centres Index (GFCI) has caused a stir in London and New York, where for years these two cities have been accustomed to being at the pinnacle of global finance.
However, with Hong Kong steadily climbing the ranks, their grip on the top spot is slipping. Hong Kong's ascent has been gradual but unmistakable.
The city's advantages – low tax burden, legal predictability, and a business friendly environment – have allowed it to weather macroeconomic volatility more effectively than its Western counterparts.