Colliers reports that Asia-Pacific cities account for 39% of top global financial services companies and 36% of leading financial centres, driven by strong labor markets and venture capital. New York leads globally, followed by London and Singapore.
The report indicates a significant shift in global financial services towards the Asia-Pacific region, driven by talent availability and investment, even as established centres like New York maintain their lead. This trend has implications for commercial real estate demand, investment strategies, and the future geographic distribution of financial power.
Cities in the Asia-Pacific region account for 39% of the world's top financial services companies and approximately 36% of leading global financial centres, according to a report by Colliers. The region's strong labor markets and venture capital activity have positioned cities like Singapore, Beijing, Shanghai, and Hong Kong as significant talent hubs.
Despite the growing strength of Asia-Pacific markets, New York City emerged as the top-ranked financial services talent centre globally, achieving a score of 4.6 out of 5. London followed with 3.9, and Singapore secured the third position with 3.6. The rankings, which assessed over 200 global markets, considered talent depth, investment activity, and long-term growth prospects.
The report noted New York's leading scores in its labor index and venture capital funding, contributing to its top global standing. Colliers stated that New York City is a desirable location for top financial services talent.
However, the report also highlighted a discernible shift in the financial services industry's centre of gravity towards the Asia-Pacific region. Mike Davis, Colliers’ managing director for occupier services in Asia-Pacific, observed that organizations are increasingly seeking to be located where the talent resides, indicating that Asia-Pacific talent markets are on an upward trajectory. Shanghai ranked fifth globally, with Beijing and Hong Kong also featuring prominently in the regional rankings.