The grand duchy increased its standing in the most recent Global Financial Centres Index, scoring 5th place in the global infrastructure sub-index, 7th in banking and 9th in professional services. Photo: Cedric Letsch/Unsplash

The grand duchy increased its standing in the most recent Global Financial Centres Index, scoring 5th place in the global infrastructure sub-index, 7th in banking and 9th in professional services. Photo: Cedric Letsch/Unsplash

Luxembourg has gained three spots in a twice-yearly ranking of global financial centre competitiveness.

Luxembourg ranked 16th out of 121 financial centres in the Global Financial Centres Index (GFCI)  in September 2023. That represents a rise from its 19th-place ranking in the GFCI from March 2023. The grand duchy held the 21st spot in September 2022, the 27th in March 2022 and the 23rd in September 2021.

In the current edition, Luxembourg placed 3rd among EU financial centres, behind Frankfurt and Paris but ahead of Amsterdam, Berlin and Dublin. The grand duchy also ranked ahead of Zurich (but behind Geneva).

The GFCI is produced by Z/Yen Partners, a “commercial thinktank” backed by the City of London, and the China Development Institute, an official thinktank in Shenzhen.

The index is based on the number-crunching of 147 “quantitative measures” that range from IMF and World Bank data to the Economist’s , combined with the results of 9,097 surveys taken by financial services sector professionals.

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