Global Financial Centres Index: A Shift in the World's Financial Hierarchy
A financial centre is an urban area that concentrates the main financial functions: banking intermediation, capital markets, investment services, insurance, and regional headquarters of financial institutions. On a global scale, New York and London are the structural references of the world financial system. The 39th edition of the Global Financial Centres Index, published on March 26, 2026, highlights a gradual recomposition of the world's financial hierarchy.
What is the Global Financial Centres Index?
The Global Financial Centres Index is an international biennial ranking that evaluates the competitiveness of the world's major financial centres. It analyses cities based on their ability to host financial activities such as banking, investments, and financial services related to technology. This edition is dominated by New York, followed by London and Hong Kong. The notable newcomer is Dubai, which makes significant progress and integrates into the top 10 worldwide, ranking 7th, ahead of several major American financial centres.
Africa's Financial Landscape
Regarding Africa, the report confirms that the financial landscape is undergoing a transformation driven by two hubs: Casablanca and Johannesburg. Both cities are progressing, but with different dynamics.
- Casablanca remains the leading African financial centre and ranks 4th in the Middle East and Africa region, behind Dubai, Abu Dhabi, and Doha. The city records significant progress in FinTech, gaining over 20 places in this segment. This is the main evolution highlighted by the report.
- Johannesburg gains 14 places in the global ranking, making it one of the few financial centres in the region to see its overall rating increase, along with Doha and Kuwait City. The movement is broader than Casablanca's, with improvements in several indicators.
African Ranking of the GFCI
The top 7 African financial centres are:
- Casablanca (Morocco): 1st in Africa (49th globally), maintaining its status as the continental leader and ranking 4th in the Middle East and Africa region.
- Mauritius (Republic of Mauritius): 2nd in Africa (50th globally), gaining two places compared to the previous edition.
- Kigali (Rwanda): 3rd in Africa (72nd globally), although it has dropped 7 places globally.
- Johannesburg (South Africa): 4th in Africa (80th globally), signing the strongest progression on the continent with a 14-place jump in the global ranking.
- Cape Town (South Africa): 5th in Africa (96th globally), recording a decline of 4 places.
- Nairobi (Kenya): 6th in Africa (114th globally), having dropped 9 places compared to the previous edition.
- Lagos (Nigeria): 7th in Africa (118th globally), making slight progress with a one-place gain in the global ranking.
About the Report
The report is produced by the Z/Yen Group in London and the China Development Institute in Shenzhen. It is based on a combination of 147 indicators from international sources (World Bank, OECD, United Nations) and over 34,000 evaluations provided by approximately 5,200 finance professionals worldwide.
