The consultancy firm Z/Yen and the Long Finance initiative just published the 19th edition of the semi-annual competitiveness index of 86 financial centres worldwide, the Global Financial Centres Index (GFCI). According to that study, the Luxembourg financial centre ranks 14th among the most competitive places worldwide.
The Global Financial Centres Index is based on two types of sources to assess the competitiveness of financial centres. One the one hand, it resorts to a series of quantitative determinants (for example the cost of offices), and on the other hand, it refers to an appreciation barometer, based on online surveys done with professionals of the sector. As defined in this study, competitiveness consists of five categories of indicators: business environment; (tax, regulation), the development of the financial sector (volumes, availability of capital, etc.), the infrastructures (cost and availability of offices, etc.), human resources (training, flexibility, etc.) and global determinants of competitiveness (perception of cities as having a high quality of life etc.).
London, New York and Singapore are among the top 3 in this new edition from March 2016. Luxembourg ranks 14th worldwide and hence compensates five positions compared to the fall 2015 edition. At a European level, Luxembourg ranks 3rd and is surpassed by London and Zurich. At the level of the European Union Luxembourg is therefore on the 2nd position and ranks first in the euro zone. Other major financial centres close to Luxembourg are evaluated as follows: Frankfurt (18th place), Paris (32nd), Amsterdam (34th) and Brussels (52nd).(Source: Observatory for Competitiveness)