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continued economic growth and potential financial reforms, like index-tracking ETF funds, foreign companies listing on local exchanges, and financial and commodity futures.
6 Hong Kong
Hong Kong has long been an Asian financial hub because of its gateway role to China and banking-friendly special administrative status. Hit by the financial crisis, it still had the most IPO proceeds in the world last year, plus strong hedge fund and M&A activity. It has a deeper pool of financial services than Shanghai, with insurance, law, accounting and other professional service firms already well established.
7 Singapore Singapore’s developed and efficient banking sector make it an important player on the global stage. An October 2009 Bloomberg Global Poll found that the tiny country had topped New York as investors’ preferred place for doing business, second only to London. Still, Singapore’s playing catch-up to Hong Kong: the special Chinese region has more hedge fund, IPO and M&A activity.
is reeling from the financial crisis and faces crushing government debt. But Japan’s financial sector is healthy, the country’s banks are sizeable and efficient and similar strengths are seen across non-banking financial services such as IPO and M&A activities and insurance. It’s still an important regional hub.
9 Johannesburg
Unusually, Johannesburg is poised to be the financial hub of a whole continent – a region that represents more than 900 million consumers and is one of the world’s fastest growing markets. The South African city has the most developed business infrastructure south of the Sahara, and South Africa generally gets strong marks for its financial sophistication.
10 Dubai
8 Tokyo Tokyo remains a critical Asian financial center despite doubts about Japan’s economy, which
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In 2009 Dubai was forced to take a $10 billion bailout from Abu Dhabi and remains in serious financial trouble. Still, it is the regional headquarters for financial powerhouses like Goldman Sachs, Citi and JPMorgan Chase, and the Dubai International Financial Center offers perks including 100 percent foreign ownership, zero percent tax on income and profit, no restriction on foreign exchange and the freedom to repatriate capital and profits without restrictions.
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