Why is Madrid in the list of the most important financial centers in the world?

Madrid v1

Madrid has improved its position among the 96 most important financial centers in the world, which every six months studies the Global Financial Centers Index (GFCI) report. If in September it was ranked 59, the last edition places the Spanish capital at 41. This climb of 18 places is the second most important climb in Europe and the sixth best in the world.

Since 2007, the GFCI has studied the world’s leading financial centers based on their competitiveness, and analyzed their situation from a double perspective: by obtaining external data on these cities, and through the answers obtained from an online survey of professionals in the financial sector. These external data or international factors basically assess human capital, the business environment, the development of the financial sector, infrastructures and reputation, along with other aspects.

In March, the seven top cities continued in the same position as in September, with London at the head, followed by New York, Hong Kong and Singapore.

In the European Union, Madrid is the eighth most important financial center after London, Frankfurt, Luxembourg, Paris, Hamburg, Dublin and Munich, and is followed in the European ranking by Stockholm, Edinburgh, Warsaw, Glasgow, Amsterdam and Copenhagen.

Hamburg, in fifth position in Europe, is the only European city that has seen a more significant improvement than Madrid. The Spanish capital, which in spite of its improvement has fallen five points in the overall score, was already well placed in this ranking before the crisis, and now looks like moving to reclaim its previous spot. While by 2007 it had risen to 26th in the ranking, by September 2015 it had dropped to 79.

GM Integra RRHH is your partner if you want to do business in Spain. Don’t hesitate contact us and we will tell you how we can help you in payroll and human resources.