While conducting some research, I came across the Global Financial Centres Index (GFCI) by consultancy Z/Yen and commissioned by the City of London Corporation. This index that evaluates the competitiveness of 46 financial centres worldwide is quite interesting for the Swiss financial centre, its banks and governmental decision makers. Switzerland’s two major financial centres, Zurich and Geneva, score quite well, particularly because of their leading position in the niches of private banking and asset management, but there is still room for improvement.

While London tops the list in front of New York, Zurich and Geneva rank 5th respectively 10th with the following summarising comments:

Zurich: A very strong niche centre. Private banking and asset management provide a focus. Zurich performs well in three of the key competitiveness areas but loses out slightly in people factors and in general competitiveness.

Geneva: A strong niche centre similar to Zurich. Private banking and asset management continue to thrive. Geneva is strong in business environment and general competitiveness but let down by infrastructure.

The ranking is based on the following criteria:

  • People
  • Business environment
  • Market access
  • Infrastructure
  • General Competitiveness

What stands out is that Zurich and Geneva top the specific ranking of the “quality of living index” (which I fully confirm) and are best in the list of corporate and personal tax rate. In addition, Switzerland leads the global competitiveness index with a particularly effective administrative and regulatory environment. Weaknesses can be found in the capital access index (12) and business environment factors (Switzerland 9th, Zurich 7th). As to people related factors, Zurich ranks 8th.

The overall ranking looks as follows:

  1. London
  2. New York
  3. Hong Kong
  4. Singapore
  5. Zurich
  6. Frankfurt
  7. Sydney
  8. Chicago
  9. Tokyo
  10. Geneva

Popularity: 8% [?]