Hong Kong dethrones Singapore as Asia-Pacific's top financial center

Hong Kong regained its top spot in Asia after losing the title to Singapore in 2022, according to the Global Financial Centres Index released on Tuesday.

The index is a semi-annual report produced by London-based commercial think tank Z/Yen Partners and the China Development Institute in Shenzhen, which ranks 121 financial centers based on a number of instrumental factors and assessments from an online survey. The latest report features 37,830 assessments from 6,188 respondents.

Hong Kong ranked third on the list and was featured in the top five for several areas of competitiveness, including business environment, human capital, infrastructure and reputation. It was also recognized as the top financial center globally for the investment management sector.

Paul Chan Mo-po, Hong Kong’s financial secretary, wrote in a Tuesday Facebook post cited by the South China Morning Post: "Hong Kong scoring high marks in many areas is the result of the government’s promotion of family offices, wealth management, fintech and green finance."

Assets under management in Hong Kong totaled more than HK$31 trillion (US$3.98 trillion) at the end of last year, up about 2% from 2022, while net fund inflows surged by more than 3.4 times year-on-year to HK$390 billion, according to Xinhua News Agency.

Singapore places fourth globally, excelling in business environment, infrastructure, and financial sector development, according to The Independent Singapore.

The remainder of the top five financial centers worldwide include New York in the first place, London taking the second spot, and San Francisco ranking fifth.