On Thursday, the latest edition of the Global Financial Centres Index (GFCI) was published, with interesting results.

In Asia, Singapore has now overtaken Hong Kong as the largest financial centre, rising to 3rd place overall from 6th in 2021. Hong Kong has since fallen by one position. It is thought that the travel restrictions imposed due to Covid-19 have affected Hong Kong's ability to conduct a normal level of business.

Globally, the first and second places are unchanged, with New York leading, closely followed by London.

Compared to 2021's index, the Grand Duchy has jumped up six places to 21st. Luxembourg now sits in 6th place in Europe, behind London, Paris, Frankfurt, Amsterdam and Geneva.

Malta saw the best improvement over the last year, rising by 27 places to 63rd overall. Jakarta's financial centre, in contrast, has seen the biggest downturn, dropping by 26 places to 95th.

A total of 119 financial centres were evaluated.