The latest Global Financial Centres Index sees Frankfurt shoot up seven spots to number nine and is now the top-ranking city in the European Union.
The traditional German financial capital and home to the German stock exchange is profiting from Britain’s exit from the bloc. City officials estimate that some 3600 financial jobs have been created, and the German Finance Ministry has registered 60 new financial institutions. Estimates of the amount of assets transferred from London to Frankfurt during Brexit range from EUR 644 million to EUR 675 million – far more than, for instance, to Paris.
“Germany is increasingly gaining international significance as a financial location,” says Germany Trade & Invest Financial Services Senior Manager Josefine Dutschmann. “We’re proud of the fact that for the first time five German cities are among the top fifty in the Global Financial Centers Index.”
Stuttgart also moved up seven places in the twice-yearly index to number 30, Hamburg came in number 43, Berlin cracked the top 50 for the first at number 45, and Munich ranked 49. Berlin is also a new entry in the index’s list of the top 45 global fintech locations.