Hong Kong Keeps Asia’s Finance Crown as Global Hub Rankings Tighten

• Hong Kong remained Asia’s top financial hub for a fourth straight GFCI edition.

• It ranked third globally, scoring 756, behind New York and London.

• The city led in financial sector development, fintech, investment management and insurance.

• Assets under management reached USD 2.95 trillion at the end of 2025.

• Shanghai, Shenzhen, Tokyo and Seoul strengthened Asia-Pacific’s presence in the top 10.

Hong Kong has once again held on to its position as Asia’s leading financial centre, securing the regional top spot for the fourth consecutive edition of the Global Financial Centres Index.

The city ranked third worldwide in the 40th edition of the twice-yearly index, which was released on Wednesday. The latest report showed how narrow the contest has become among the world’s leading financial hubs, even as geopolitical tensions weighed on sentiment across major markets.

Hong Kong recorded a score of 756. That placed it just one point behind London and one point ahead of Singapore. New York remained the world’s highest-ranked financial centre with a score of 761.

Despite retaining their positions near the top, all four leading centres posted lower scores than they had in the March edition. The report said the conflict in the Middle East overshadowed much of the latest survey period, adding pressure to scores across global financial centres.

The index is compiled by Z/Yen Group and the China Development Institute. It evaluates financial centres using five broad categories: business environment, human capital, infrastructure, financial sector development and reputation.

Hong Kong performed strongly across these areas and placed ahead of London in the category assessment. It also ranked first globally for financial sector development, reinforcing its standing as one of the world’s most advanced financial markets.

The city also retained the top position in the report’s separate fintech ranking, a spot it has held for several consecutive editions. In addition, Hong Kong led the breakdowns for investment management, insurance and the wider finance sector.

Yu Peng, a senior researcher at the China Development Institute, said the city’s performance was supported by its expanding links with mainland China. He pointed to programmes such as Stock Connect, Bond Connect and Wealth Management Connect as important pillars behind Hong Kong’s ranking.

According to Yu, Hong Kong remains the world’s leading offshore renminbi centre, processing around 70% to 80% of global clearing activity. He also said the city continues to hold the top position in cross-border wealth management, with assets under management reaching USD 2.95 trillion at the end of 2025.

Hong Kong’s latest ranking comes as its stock market experiences a revival in initial public offerings. The city led the world in IPO fundraising last year and was second only to Nasdaq in the first half of 2026.

That rebound has been driven in part by a series of listings from mainland Chinese technology companies. The renewed IPO activity has strengthened Hong Kong’s role as a major fundraising venue for companies seeking international capital.

The GFCI report was released as Hong Kong introduced its first five-year blueprint for financial development. The plan sets out five major objectives, including identifying new sources of economic growth and improving the city’s international competitiveness.

The strategy also places Hong Kong’s financial development within the broader framework of Beijing’s 15th five-year plan. Yu said this gives the city a particularly clear mandate to reinforce its role as an international financial centre while expanding its offshore yuan, asset management and commodity trading businesses.

Beijing added support for this direction in July through a new package of financial measures. These included increasing the Hong Kong Monetary Authority’s renminbi funding facility to 500 billion yuan, or USD 74.54 billion.

The measures also raised the annual investment quota for the Southbound Bond Connect scheme from 500 billion yuan to 800 billion yuan. The larger quota is intended to deepen cross-border financial flows and further integrate Hong Kong with mainland capital markets.

Other Asian financial centres also gained ground in the latest GFCI report, highlighting the region’s growing influence in global finance.

Shanghai moved above San Francisco to take fifth place. Its rating rose by 11 points, making it the only centre among the global top five to record a gain in this edition.

Shenzhen also improved its standing, rising one place to eighth. Yu linked the city’s advance to its strengthening technology-finance ecosystem and the Qianhai cooperation platform with Hong Kong.

Asia-Pacific financial hubs now occupy six of the global top 10 positions. Tokyo recorded the strongest climb, moving up four places to sixth. Seoul also advanced, gaining one place to rank seventh.

The broader Asia-Pacific region outperformed other regions in the report. Its average financial rating increased by 1.48%, the highest rise for any region and well above the global average increase of 0.8%.

The latest rankings suggest that Asia’s financial centres are continuing to gain global relevance, even as uncertainty weighs on established markets. Hong Kong’s performance was particularly notable because it retained its regional leadership while also topping important specialised categories.

However, the narrow gaps among the top-ranked centres show that leadership in global finance remains highly competitive. New York, London, Hong Kong and Singapore are separated by only a few points, leaving little room for complacency.

Yu said the latest results underline how contestable the rankings remain, noting that leadership in the index must be continuously defended.

For Hong Kong, the challenge now is to convert its current strengths into sustained long-term momentum. Its deepening mainland links, offshore renminbi role, IPO revival, fintech leadership and new financial development blueprint all support that effort.

At the same time, the rise of Shanghai, Shenzhen, Tokyo and Seoul shows that Asia’s financial landscape is becoming more competitive. Hong Kong remains at the front of the region, but the race for influence in global finance is becoming increasingly tight.