The 2015 Global Financial Centers Index (GFCI), released last Tuesday, ranked Tel Aviv as the world's 25th top financial center.
The GFCI Published twice a year, compiled by the Z/Yen Group, a London-based commercial think tank, sponsored by the Qatar Financial Centre in Doha, ranks the world's 84 leading financial cities based on data from the World Economic Forum, the U.N., World Bank, the Organization for Economic Cooperation and Development and other sources.
The index is based on 28,676 financial center assessments completed by 3,194 financial services professionals. Overall, London climbed to the top of the ranking, swapping places with New York, but both financial centers are complementary rather than competing, Z/Yen Group said in a press statement.
The group added that it is noticeable that assessments for London have been higher since the general election in the U.K. in May 2015.
Meanwhile, competition from Asia is intensifying with Hong Kong and Singapore trailing in third and fourth place and Tokyo and Seoul remaining in the Global Financial Centers Index Top 10.
Tel Aviv edges up two slots from 2014 and seven places up since index's 2007 debut. According to the study, Tel Aviv is ranked 25th, and advances, among others, Abu Dhabi (28), Beijing (29), São Paulo (31), Stockholm (32), Rio de Janeiro (35), Amsterdam (36), Paris (37), Oslo (67), Moscow (78), and Madrid (79).
The ranking is based on five central competitive categories analyzed by experts from various fields including business environment, financial sector development, infrastructure, human capital, and reputation, as well as a series of other parameters meant to gauge their financial services' diversity. such as banking, investments, security and governance and on an analysis of rankings and financial parameters of various sources.
