Seoul climbs to 8th in Global Financial Centres Index

Seoul has risen to 8th place in a global ranking of financial competitiveness, marking its fourth consecutive year in the top 10 and an improvement of two spots from the previous assessment.

Z/Yen Group announced in its latest Global Financial Centres Index report on Thursday that Seoul ranked 8th among 137 cities worldwide. The index, compiled jointly with the China Development Institute, is a leading benchmark that evaluates the competitiveness of major financial hubs.

Seoul has shown steady progress over the years, climbing from 53rd place in 2009 to 16th in 2021 and 12th in 2022, before maintaining a position within the top 10 for four consecutive years.

In the latest rankings, New York and London retained the top two positions, followed by Hong Kong, Singapore, and San Francisco. Seoul outperformed several major cities, including Tokyo, which ranked 10th, and Paris, which placed 19th.

The GFCI evaluates cities across five key areas: human capital, business environment, financial sector development, infrastructure and reputation. Seoul demonstrated balanced performance across all categories, ranking 8th in human capital, 6th in business environment, 8th in financial sector development, 10th in infrastructure and 9th in reputation.

A notable improvement was seen in infrastructure, where Seoul climbed nine places from the previous report. Officials attributed this to strengthened investment promotion systems and expanded support for the fintech industry.

The city government cited increased global investment inflows and the advancement of its fintech ecosystem as key drivers behind the improved ranking. Efforts to attract companies in strategic sectors such as artificial intelligence, semiconductors and quantum technology also contributed to the rise.

Mayor Oh Se-hoon said the latest ranking demonstrates Seoul’s growing status as a global financial center.

“We will continue to build on our strengths, including advanced ICT infrastructure and a highly skilled digital finance workforce, to position Seoul as a leading financial hub in Asia,” he said.