World financial centres: Look who's gaining ground on London and New York

Financial centres in China are gain ground

Still led by New York and London, China is creeping up the list of the world's biggest financial centres.

Hong Kong and Singapore remain the world’s third- and fourth-largest financial centres in 2015, according to the latest Z/Yen Global Financial Cities Index.

The index ranks cities based on business environment, financial sector development, infrastructure, human capital and “reputational and general factors”.

New York and London remain neck-and-neck at spots one and two. Kuala Lumpur rose to 38 and Sydney rose to 21, but Melbourne dropped to 28.

Chinese centres continue to rise: Shanghai came in at 16 (up four positions), Shenzhen at 22 (up three spots) and Beijing at 29 (also up three), while Dalian stormed into the rankings at 51.

Rather than the winners taking all, cities and regions appear to be converging over time.

Online takeaway in China

Online food delivery is now a US$5 billion-a-year business in China, based on the trends of late 2014. On available figures, the industry’s revenue tripled between the first and last quarters of 2014.

“Five years ago, Chinese customers and restaurants didn’t even know what online food ordering was, but now they not only rely on it but leverage it to their advantage,” Lucas Engelhardt told the Technode site in June.

Engelhardt is founder and CEO of WaimaiChaoren (or Delivery Hero), one of many services battling for market share against Chinese online food delivery leaders, Meituan and Taodiandian.

US$56.4 trillion

Total wealth of the 14.65 million high net worth individuals (HNWIs*) in the Asia-Pacific region in 2015. The Asia-Pacific already has more HNWIs than North America, and it is expected their total wealth will overtake their North American counterparts by 2016.

Source: 2015 World Wealth Report from Capgemini and RBC Wealth Management

*HNWIs are defined as those having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables.

This article is from the August issue of INTHEBLACK

August 2015
August 2015

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