HK ranks 3rd in global financial centres index

It also ranked first in the Asia Pacific region.

Hong Kong has climbed to third place in the latest Global Financial Centres Index 36 Report from fourth in the March edition. 

The economy also ranked first in the Asia Pacific region, with an overall rating increase of eight points, the largest improvement amongst the top five financial centres.

Hong Kong’s scores were notably high in business environment, human capital, infrastructure, and competitiveness. It also ranked first globally in investment management, whilst its standings in insurance, banking, and professional services also saw significant rises.

In fintech, Hong Kong advanced five places to ninth globally.

The asset and wealth management sector is thriving, with assets under management growing by two percent to over $31t at the end of 2023. Net fund inflows reached $390b, more than 3.4 times the previous year's level. 

The family office sector is also expanding, with the New Capital Investment Entrant Scheme receiving over 550 applications since March, expected to generate more than $15b in investments.

The government said the report affirms Hong Kong’s status and strengths as a leading global financial hub, adding that it will continue to promote the financial sector’s development.