Recently, the Z/Yen Group, a British think tank, together with the China (Shenzhen) Institute of Comprehensive Development Research (CICDR) jointly released the 36th Global Financial Centers Index Report (GFCI 36).
The report shows that Hong Kong has regained its third place in the world after two years of hard work, following London by only one point.
01
Regaining the Third Place
Hong Kong's Strength Shows
The GFCI Index report, released every six months, comprehensively assesses the competitiveness of the world's major financial centers through a total of 150 indicators in five categories, including business environment, human capital, infrastructure facilities, level of development of the financial industry and reputation.
The top ten financial centers ranked in order:
New York, London, Hong Kong, Singapore, San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen and Frankfurt.
Hong Kong, after trailing Singapore for four consecutive periods, has successfully overtaken Singapore and regained its position as the world's third largest financial center, only one point behind London.
This achievement not only signifies the market's confidence in Hong Kong's financial sector, but also demonstrates Hong Kong's resilience and adaptability in the ever-changing global financial landscape.
02
Where Hong Kong performs best
Among the five categories, Hong Kong's performance in “Human Capital” is particularly outstanding, coming in third place, demonstrating the strength of its talent pool.
Hong Kong also ranked fourth in Business Environment, Infrastructure, Reputation and Overall Rating, demonstrating its balanced development in various aspects.
In addition, Hong Kong has made remarkable progress in the core areas of banking, finance, insurance, professional services, and government and regulation, especially in investment management, which is firmly at the top of the global list.
Meanwhile, the report assessed the level of FinTech in global financial centers, and Hong Kong also successfully ranked among the top 10 FinTech centers in the world.
03
Home Office and Investment Migration
Going hand in hand
Hong Kong's solid and enhanced position as a financial center is also inseparable from the flourishing development of Hong Kong's family offices and the re-launch of the New Capital Investment Entrant Scheme (NCIES).
According to the latest figures, Hong Kong has more than 2,700 single family offices by the end of 2023.
In the first five months of this year, Invest Hong Kong has assisted 89 family offices to set up or expand their business in Hong Kong, while more than 130 family offices have explicitly indicated that they are preparing or have decided to set up or expand their business in Hong Kong.
This positive trend signals that the number of single family offices in Hong Kong is expected to exceed the 3,000 mark by the end of the year.
Meanwhile, in order to further attract international capital and talents, Hong Kong re-launched the new Capital Investment Entrant Scheme (CIES) in March this year after an absence of six years.
Under the program, eligible applicants to invest HK$ 30 million in designated assets, you can be allowed to reside in Hong Kong for two years, after the expiration of the period can apply for an extension of stay for three years, and then can apply for an extension of stay for three years at the expiration of each of the three-year period, and those who have resided in Hong Kong for a continuous period of seven years can apply to become a permanent resident of Hong Kong.
As of September 13, more than 500 applications have been received under the scheme, which is expected to bring more than HK$15 billion of investment to Hong Kong.
All of the above messages show that Hong Kong is moving at a steady pace towards a brighter future.
If you are planning to set up a family office in Hong Kong, invest in Hong Kong, or want to apply for a Hong Kong identity, please contact Nebulae International and we will provide you with a customized and exclusive solution.
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