Montréal continues its rise among the top global financial centres. According to the March 2014 ranking by the Global Financial Centres Index (GFCI 15) published by Z/Yen Group, Montréal rose two positions and is now ranked 16th in the global index, just behind Toronto and Chicago.
Since the first bi-annual ranking seven years ago, Montréal has moved up five spots and significantly improved its score, from 580 points to 699 points.* The metropolis’ financial reputation is on solid ground, as it is now deemed an “Established Transnational finance centre” with an extensive and deep reach, along with top cities such as Tokyo, Chicago, Sydney and Brussels. It goes without saying that the presence of the Finance Montréal cluster, comprising banks and financial firms, public administration agencies, the Autorité des marchés financiers and six Québec universities, has had a direct impact on Montréal’s rise in this ranking.
Greater Montréal’s financial centre employs some 100,000 people, including 25,000 finance specialists, at more than 3,000 companies. In addition to this large pool of qualified workers, backed by a strong university sector, it boasts a highly favourable business environment with representation from all financial sectors: banks and other credit intermediation, insurance, securities, pension funds and fund management.
Montréal’s GFCI 15 ranking places it among the most dynamic financial centres and it would not be surprising to see the region carry on its ascension. To be continued in October!
* GFCI 15 methodology: The ranking takes into account 83 international financial centres, points scored on a scale of 1,000, and draws on two separate sources of data: 103 instrumental factors, drawn from comparable sources and international rankings and five areas of competitiveness—Business Environment, Financial Sector Development, Infrastructure, Human Capital, and Reputational and General Factors; and responses to an online survey by 3,246 financial sector professionals.