According to the latest Global Financial Centres Index (GFCI 24) by Z/Yen Partners and the China Development Institute(CDI), Cape Town is now ranking as the country’s new financial centre. Cape Town has taken over from Johannesburg which was the country’s previous financial centre.
It currently stands at 38th while Johannesburg is at 57th, down five places from the previous rankings. Casablanca in Morocco still leads the way on the African continent in 32nd place.
London has also lost its spot at the top, with New York taking over and becoming first. Hong Kong is at third position and Shanghai overtook Tokyo into fifth position while Beijing, Zurich, and Frankfurt have moved into the top ten centres, nudging out Toronto, Boston, and San Francisco.
The GFCI rankings rely on complex methodology and is considered a valuable reference for policy and investment decisions globally. The report is based on over 29 000 financial centre assessments and uses an online questionnaire as well as input from the World Bank and the Organisation for Economic Co-operation and Development.