Money makes the world go round… So, professionals specialising in the finance sector are always high in demand. If you are looking to relocate to a new, exciting market, here are the top financial hubs to consider:
Financial Services is London’s biggest industry. It is the largest financial exporter in the world, home to banks, brokers, pension funds, private equity firms, insurance companies and more. There is also the Bank of England, the 2nd oldest central bank in the world, and the European Banking Authority (although this is expected to move following Brexit). On the ‘Global Financial Centres Index’, London maintains its 1st place position.
Approximately 70 of the largest 100 banks in the world have operations in Hong Kong, giving it one of the planet’s highest concentrations of banking institutions. Hong Kong is rated the 4th most competitive financial centre in the world. Hong Kong’s service-orientated economy stands out due to its low taxation, well established international financial market and almost free port trade. It is also the original home of one of the biggest international banks in the world, HSBC.
Due to its central location in Asia Pacific, Singapore is a popular home for financial institutions, with many even choosing it as their global or regional headquarters. Currently, the ‘Global Financial Centres Index’ lists Singapore as the 3rd most competitive financial centre in the world, just behind London and New York. It is also the largest foreign exchange centre in Asia, having recently overtaken Japan, and is the 3rd largest globally. Singapore is well-regarded with strong growth potential, a stable location for business expansion and a sound place for investments.
Sydney recently climbed up 3 places to become 8th in the ‘Global Financial Centres Index’, and is rated 4th in the Asia-Pacific region. In A.T. Kearney’s ‘Global Cities 2015’, it was named as one of the world’s top 16 Global Elite cities. Sydney is home to the Australia Stock Exchange and the Futures Exchange, and more than 75% of all foreign and domestic banks in Australia have their head offices based in Sydney. The financial and insurance services sector accounts for approximately 20% of the region’s GRP, reflecting Sydney’s status as one of the largest financial hubs in Asia Pacific.
Toronto is the hub of the Canadian financial industry, home to a variety of banks, insurance companies, investment firms and pension funds. Canadian banks are often rated amongst the safest in the world and the country’s ‘Big Five’ banks (Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce) have their operational head offices in Toronto. It is also the local headquarters for the vast majority of foreign financial firms operating in Canada, including 2 of the world’s largest life insurers, 4 of the world’s largest banks, 7 out of the top 10 largest global hedge fund administrators and 3 of the top pension funds.
If you are interesting in relocating to any of these cities, get in touch here!
Have experience in the Energy industry? Read our post – “Global Energy Hotspots“