Malta’s Financial Centre Ranking Climbs 15 SpotsMEDIA ROOM
CSB Group has learnt that Malta’s standing as a financial centre has climbed 15 places in this year’s Global Financial Centres Index and currently stands in an overall 53rd place out of 80 financial centres.
The annual index was compiled by Z/Yen Group and sponsored by the Qatar Financial Centre Authority who found that Malta has made one of the most pronounced improvements in its rankings this year, along with fellow climbers Rio de Janeiro, Monaco and Istanbul.
In EU terms, Malta’s standing as a financial centre was just behind that of Milan (51st) and ahead of Madrid, Dublin and Brussels. In fact, of the 27 financial centres in the EU, Malta was in 14th place.
But, according to the index’s findings, Malta still has some way to go before it can count itself as a big international player. The country was categorised as a ‘local’ and evolving centre in the index’s financial centres profiles, as opposed to being a global or transnational player.
Malta’s ranking was far better in terms of being an offshore centre, where it was placed in seventh position – just behind the British Virgin Islands, the Isle of Man, Hamilton, the Cayman Islands, Guernsey and Jersey, the index’s top offshore centre.
Overall, London, New York, Hong Kong, Singapore and Tokyo remain the top five financial centres. And although London’s ratings have fallen by more than any other centre in the top 25, it still held on to the top spot in this year’s rankings.
Associate Director of the Z/Yen Group and the leading author of the GFCI, Mark Yeandle, commented, saying that “’The top centres continue to dominate, but London and many eurozone centres are losing ground to emerging centres like Rio de Janeiro and Sao Paulo.”