The Spanish capital continues its rise as a leading global financial centre according to the latest ranking of the 31 most important financial centres in the world.
The report by the Global Financial Centres Index shows that Madrid is now placed 18th in the world – up 6 places from last year and a far cry from the bottom slot it held just a decade and a half ago.
Madrid is now the leading financial hub in Spain having long leapfrogged Barcelona as well as being ahead of many other European cities to the continents 4th place.
Now that that London finds itself outside the European Union, Madrid has recieved another nudge upwards to be the third most important in the block ahead of Amsterdam, Milan and Stockholm.
The index is the world’s most authoritative comparison of the competitiveness of the world’s leading financial centres, published by the Z/Yen Partners in collaboration with the China Development Institute.
For the last 16 years the GFCI has published two reports a year which have charted the progress of the world’s leading financial centres.
126 financial centres were researched for the report using 150 instrumental factors which were then cross-checked with quantitative measures provided by third parties including the World Bank, the Economist Intelligence Unit, the OECD and the United Nations.
The data covers data up to the end of 2021.
The report notes that “ the invasion of Ukraine by the Russian Federation will affect future ratings in ways that we cannot predict, except that it seems clear that the performance of the Russian financial centres in Moscow and St Petersburg is likely to fall sharply following the imposition of broad international sanctions against the Russian economy”.
New York and London continue to lead the index, ahead of Hong Kong and Shanghai.