Global cities by country

[Shawn]

Originally Posted by 3rd&Brown

A superior set of rankings that puts Fukuoka in Japan (3 cities in Japan total) as a top 50 city and only 2 cities in main land China and 6 cities in the US?

I mean both methodologies are flawed.

This is true, but from my view the former's rankings make good sense relative to the cities the authors included in their study, while GaWC's rankings make no sense within the cities they're ranking. Case in point: Osaka below Porto and Minneapolis and Austin.

There should have been more Chinese cities in the Mori study, but other than Fukuoka's inclusion and position, Mori's rankings make sense given the criteria they spell out.

GaWC's rankings aren't even consistent with their own criteria.

[Zeej]

Originally Posted by Docere

Their focus is on "ultra high net worth individuals." Interestingly Moscow has gone up 4 places in their ranking while it's plummeted in GAWC.

My bad - I meant to reference Kearney. Shroders does a good list too.

[iheartthed]

Moscow's plummet in the global city rankings makes a lot of sense after their government alienated itself from 70% of the globe.

[JManc]

Originally Posted by iheartthed

Moscow's plummet in the global city rankings makes a lot of sense after their government alienated itself from 70% of the globe.

As soon as Russia ends the war and learns how to play well with others, Moscow will shoot back up in the rankings.

[iheartthed]

Originally Posted by JManc

As soon as Russia ends the war and learns how to play well with others, Moscow will shoot back up in the rankings.

I wouldn't count on that without a leadership change in Russia. Many countries that wanted to embrace post-Soviet Russia (::ahem:: Germany ::ahem:: ) have been badly burned by that relationship in the past two years and it will take years (or decades) for that to heal.

[Acajack]

The Global Financial Centres Index
September 2024
1--New York
5--San Francisco
6--Chicago
7--Los Angeles
12-Washington DC
21-San Diego
22-Boston
23-Toronto
24-Montreal
33-Minneapolis-St Paul
36-Miami
38-Calgary
41-Atlanta
42-Vancouver

https://www.longfinance.net/media/do...09.24_v1.0.pdf

[kool maudit]

I don't understand Montreal's high ranking as a financial centre.

Montreal has two banks, National and Laurentian, with assets of USD 312bn and USD 36bn, respectively.

Amsterdam has ING Group at USD 1,061bn, Rabo at USD 690bn, ABN AMRO at USD 417bn and a whole list of smaller banks in the ecosystem.

The AEX index of companies trading on Euronext Amsterdam has a market capitalization of USD 933bn while Montreal has no stock exchange.

I don't get it. There are other cities like Amsterdam that seem like they should be higher than Montreal as well.

[Zeej]

Originally Posted by kool maudit

I don't understand Montreal's high ranking as a financial centre.

Montreal has two banks, National and Laurentian, with assets of USD 312bn and USD 36bn, respectively.

Amsterdam has ING Group at USD 1,061bn, Rabo at USD 690bn, ABN AMRO at USD 417bn and a whole list of smaller banks in the ecosystem.

The AEX index of companies trading on Euronext Amsterdam has a market capitalization of USD 933bn while Montreal has no stock exchange.

I don't get it. There are other cities like Amsterdam that seem like they should be higher than Montreal as well.

Per the methodology, the ranking is in part based on user submitted responses - there is a reputational component. It's meant to be a collection of perspectives from the financial sector. If you look at past results, the rankings swing pretty wildly as a result.

That said, and while I agree that Montreal's ranking is a little suspect (same can be said for many cities), it's importance in the financial sector is a lot more than the 2 canadian banks for which it serves as the host city. It also plays host to a fairly important derivatives exchange, under the TMX banner.

[Acajack]

I was also surprised that Montreal shot up six spots in the ranking. Not seeing anything special that has happened that would explain that.

[Zeej]

Originally Posted by Acajack

I was also surprised that Montreal shot up six spots in the ranking. Not seeing anything special that has happened that would explain that.

Minneapolis and Calgary down 7 and 4 spots, respectively. All perception (which counts for a bit) but doesn't reflect any major events on the ground.

[homebucket]

I'm surprised San Diego is ranked so high.

[Shawn]

Originally Posted by homebucket

I'm surprised San Diego is ranked so high.

Yeah, this is confusing me too. Encore Capital Group is out of San Diego, but they're not big enough or influential enough to put San Diego above Boston (Fidelity, State Street, John Hancock, Santander, Wellington, Columbia Threadneedle, Windham Capital, Putnam...) or Toronto (all of Anglo Canada's financial/asset management companies). Weird.

Does San Diego have a big low-profile private asset management company?

People know of Fidelity but don't realize it's the 4th largest in the world: $5.4 trillion in assets under management, and $14.1 trillion in assets under administration. State Street is the world's 5th largest: $3.6 trillion, ahead of Morgan Stanley, ahead of Chase, Goldman Sachs, Credit Agricole, Allianz, and the Capital Group. Wellington Management is just outside of the world's top 20, with $1.4 trillion. Columbia Threadneedle Investments is at $652 billion. Windham Capital is at $621 billion. Putnam is "only" at $142 billion.

Maybe SD has a group of ~half a $trillion AUM private asset management companies like Boston?