Calgary, a Top Financial Centre in the World
Less than a week after Calgary was named as the Best City to Live in Canada by MoneySense Magazine, the city has increased its rank yet again on another report released by the Z/Yen Group surveying the most competitive financial centres of the world!
In 2012 Calgary made the prestigious Global Financial Centre Index (GFCI) for the first time, placing 28th overall among 77 cities worldwide. As one of most respected indexes in its category, making the Z/Yen’s GFCI was a feat of accomplishment to begin with.
Today, Calgary has surpassed itself once again moving up 11 spots on the Z/Yen GFCI’s March 2013 rankings to 17th overall. Way to go Calgary!
According to Mark Yeandle with the Z/Yen Group, author of the GFCI, Calgary’s success on the index can be attributed to the booming energy industry resulting in substantial growth of financial services in the city.
It’s true, Calgary is an Economic Powerhouse of Canada and is becoming more well-reputed on an international scale as the years pass, not only as one of the top ranked financial centres, but also as one of the Best Places to Live in the World!
Calgary Economic Development (CED) points out that over the past 10 years, the business and finance sectors in the city have grown dramatically with the creation of approximately 8,100 jobs, that’s a 47.6 percent increase from 2003 to 2012.
CED also mentions that the success in the energy sector and the stimulating effect it has had on the rest of the local economy has led many major financial institutions in Canada and from around the world to setting up their presence in Calgary.
Importance of Z/Yen Global Financial Centres Index
Z/Yen is the most renowned global financial index there is. Calgary’s recognition as one of the top financial centres of the world is influential in attracting investments and skilled professionals from abroad.
Several factors have helped Calgary gain rank on the March 2013 GFCI such as Canada’s solid bank system, international investment into Canada’s resource sector, especially in Alberta, as well as a strong local economy and support from all levels of the Canadian government says Rachel Yin, CED business development manager. She also mentions that 12 percent of all the energy deals done around the world in 2012 took place in Calgary… amazing!
How does the Z/Yen GFCI Work?
The Global Financial Centre Index by the Z/Yen Group draws on two sources of data to create their rankings including 57 external indexes, such as the Economist Intelligence Unit Most Livable Cities in the World, as well as responses from a survey online.
Together these sources combine to create rankings, profiles and ratings for 75 of the top financial centres in the world which are easy to interpret.
Before you go, be sure to check out more of Calgary’s Rankings and Awards! Thanks for stopping in and hope to have you back soon!