- Hong Kong overtakes the United States and the United Kingdom to take the top spot of the Financial Development Index for the first time.
- 90% of countries surveyed have not returned to pre-crisis levels in terms of access to capital
- Global challenges to finance economic growth remain, especially access to credit and financing through local equity markets
- Report analyses 60 financial systems and capital markets around the world
New York, USA, 13 December 2011 – Hong Kong SAR overtakes the United States and the United Kingdom to top the World Economic Forum's fourth annual Financial Development Report released today. As the first Asian financial centre to achieve this rank, Hong Kong's position was bolstered by strong scores in non-banking financial services such as IPO activity and insurance.
Although it fell one spot to 2nd place, the United States' overall score remains almost unchanged compared to last year. While financial stability continues to be a concern, the US was able to offset this weakness with strong financial intermediation results. Particular strengths in this area include highly developed foreign exchange and derivatives markets, as well as comparatively robust M&A and securitization activity. The United Kingdom declined in both score and rank, placing 3rd overall. The greatest contributing factors to the United Kingdom's decline are lower scores on securitization and IPO activity
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