Moscow moved up nine positions in the Z/Yen Global Financial Centres Index

Over the past six months, the Russian capital has risen from 71st to 62nd place in the Z/Yen Global Financial Centres Index, overtaking Rio de Janeiro, Istanbul and Sao Paulo.

Moscow took 62nd place in the Global Financial Centers Index of the analytical company Z/Yen, having risen by nine lines at once compared to the previous edition (March 2020), said Vladimir Yefimov, Deputy Mayor of Moscow for Economic Policy and Property and Land Relations.

In the ranking, which evaluates 111 cities in the world, Moscow has shown the best result since 2011 and overtook such major economic centers as Rio de Janeiro, Istanbul and Sao Paulo. The top-5 of the rating includes New York, London, Shanghai, Tokyo and Hong Kong. The closest neighbors of Moscow in the ranking are Lisbon, San Diego and Helsinki, the vice mayor noted.

“Moscow has been demonstrating positive dynamics in the ranking since 2017. This confirms its role as one of the largest international financial centers. The city actively forms an effective investment ecosystem, develops global investment projects, such as the Technopolis Moscow SEZ, and provides large-scale support to business,” he stressed.

During the crisis, Moscow showed a moderate drop in indicators relative to other cities and remained in the category of "Global diversified financial centers" along with Paris, Seoul, Los Angeles, etc. The Russian capital entered this list in March this year - this is the second most important category after "Global Leaders", including London, New York, Hong Kong and other major centers.

In turn, in Eastern Europe and Central Asia, Moscow ranks second and is one of three cities, along with Istanbul and Athens, which managed not only to maintain, but also to improve their positions in the ranking, said the Minister of the Moscow Government, Head of the Department of Economic Policy and development of the city Kirill Purtov.

The Global Financial Centers Index has been issued by Z/Yen every six months since 2007. Cities are ranked on 138 metrics categorized into five groups: Business Environment, Financial Sector Development, Human Capital, Infrastructure, and Reputation. The index is based both on the results of statistical data and a survey of the financial market participants. It is indicative that over the past six months the number of respondents who have submitted assessments of the Russian capital has grown by 25 percent. The list of cities considered by Z/Yen experts is not fixed, cities are added if they receive more than 150 ratings from external respondents in the last two years. Moscow has been present in the Global Financial Centers Index from the very beginning of its release, he added.