Seoul is ranked 12th out of 126 cities in this year's Global Financial Centres Index, which measures financial competitiveness. Shown is the capital's business district of Yeouido, where financial and stock companies are located. (Yonhap News)
The Seoul Metropolitan Government on March 24 said the capital ranked 12th out of 126 cities surveyed for the Global Financial Centres Index (GFCI), up one notch from the previous list released in September last year.
The GFCI is released twice a year in March and September by the British consulting group Z/Yen and the China Development Institute. The index evaluates cities based on five categories used by external organizations such as the International Institute for Management Development and the World Economic Forum: business environment, financial sector development, infrastructure, human capital, and reputation and general factors. Another criterion is the results of an online survey of financial staff around the world.
Seoul ranked third in infrastructure, up from eighth in the previous survey, ninth in financial sector development, up from 11th, and seventh in reputation, up from sixth.
The world's top-ranking city in the survey was New York, followed by London, Hong Kong and Shanghai, China.
The Seoul city government attributed the higher GFCI ranking to the capital's potential as an international finance hub as shown by a comprehensive master plan to develop the financial sector for making the capital one of the world's top five cities for finance.
The chart shows the top 15 cities in the rankings of this year's Global Financial Centres Index. (Screen capture from GFCI homepage)