Istanbul climbed up six places and ranked 53rd in the Global Financial Centers Index (GFCI). The index, published by London-based Z/Yen Partners in collaboration with the China Development Institute, provides evaluations of future competitiveness and rankings for 104 major financial centers around the world. The GFCI is updated every March and September and receives considerable attention from the global financial community, serving as a valuable reference for policy and investment decisions.
The survey showed that 31 of the 104 centers fell in the ratings, including all of the top five.
New York maintained its position at the top of the index, extending its lead over London from seven to 17 points.
London held onto second place in the index, but fell 14 points in the ratings. It was followed by Hong Kong, standing two points behind London.
Strong performances from other centers, especially Paris saw a 29-point rise, putting London's second place in the index at risk next time.
The survey noted that trade wars, geopolitical unrest and Brexit are introducing significant adjustments to medium-term perceptions.
Shenzhen, Dubai and Sydney entered the top ten, easing out Toronto, Zurich and Frankfurt.
Citing GFCI results, Turkish Presidency Finance Office said in a statement that Istanbul's rank would further improve after the completion of Istanbul Finance Center (IFC) project by 2022.
In the Eastern Europe & Central Asia region, Kazakh capital Nur-Sultan – formerly Astana – retained its top ranking, consolidating its position despite being a recently formed financial center.
Istanbul became the second-best performer in the region, the statement underlined.