FX.co ★ Ten world's largest financial centers of 2019

New York, USA

This largest American city is one of the leading agglomerations in the world. New York is a global financial, political, economic, and cultural center of both the country and the world. In 2008, New York had complete control of up to 40% of global finance. The New York and American Stock Exchanges, New York Mercantile Exchange, NASDAQ as well as the New York Board of Trade are situated in the city. Its financial industry is centered on Wall Street in Manhattan.

London, UK

Experts attribute London, the capital and largest city of the United Kingdom of Great Britain and Northern Ireland, to the highest-ranking global cities and the world's leading financial centers. Its economy accounts for one fifth of the country's GDP. Despite worse business sentiment due to Brexit, this metropolis is very attractive for investment. An impressive number of international trading companies and financial corporations are registered in its jurisdiction.

Hong Kong, China

Hong Kong's economy is based on free market principles, low taxation, and state non-interference into the economy. The megacity is an offshore area and a free port where tariffs on imports are not charged. Besides, there is no value-added tax or its equivalents. Excise taxes in Hong Kong are imposed on only four types of goods, regardless of whether they are imported or locally produced.

Singapore

This is a highly developed state with a market economy and low taxation, where transnational corporations play a key role. Due to low tax rates, Singapore is attractive for investors. Having reached the level of developed countries, the fast-growing economy is assigned to the Four Asian Tigers. Singapore is well advanced in electronics production. It has a thriving financial services sector. In addition, extensive research is being conducted in the field of biotechnology.

Shanghai, China

This megacity is the largest in terms of population both in China and in the world. Shanghai is the financial and commercial center of China, the heart of major exchanges. The Shanghai Stock Exchange is very popular among leading investors. The Shanghai Futures Exchange is ranked among the top world exchanges. The Shanghai Gold Exchange is among the leading precious metals markets of China.

Tokyo, Japan

Tokyo, the capital of Japan and its administrative, financial, industrial, and political center, is considered to be the country's economic heartland and a major international financial center. The megacity serves as the hub of the transport, publishing, and broadcasting industry of Japan. The Tokyo Stock Exchange is the largest stock exchange ranked second in the world in terms of market capitalization and fourth in terms of its turnover.

Toronto, Canada

Toronto, the largest city of Canada, is regarded as part of the Golden Horseshoe, a densely populated region which lies at the western end of Lake Ontario. Its population is about 7 million people. One sixth of all jobs in Canada are located in the urban area of Toronto. Experts consider it the economic powerhouse of Canada. This is one of the leading megacities of the world, which exerts its influence both at the national level and the international one.

Zurich, Switzerland

This megacity belongs to global territorial entities. The largest financial center of Switzerland hosts an impressive number of international companies and banks. Being the country's leading scientific center, Zurich is called the economic and financial capital of Switzerland. In addition to major banks and companies, there is the SIX Swiss Exchange in the city. Financial stability makes Zurich one of the key global business centers.

Beijing, China

Beijing is the capital of China and its largest rail and motorway hub. It is also a political, educational, and cultural center of China. According to experts, it is currently serving as an engine in national entrepreneurship. Beijing offers wide scope for creating innovative enterprises.

Frankfurt am Main, Germany

The population of the fifth largest city of Germany is 732 thousand people. The megacity is called the global Alpha City and the center of commerce, culture, education, and tourism. The European Central Bank, the Federal Bank of Germany, and the Frankfurt Stock Exchange are located here. Frankfurt Airport is one of the busiest international airports, while the Central Station and Frankfurt Railway are among the busiest transport routes in Europe.