However, the The figures published in June by New Financial relate to 2019, a year in which the effects of Brexit have not yet been felt. The City has since lost its position as Europe’s leading equity market to Amsterdam. And the data also predates the covid-19 pandemic.

At the time, the United States dominated the world ranking of countries and the United Kingdom, in second place, was the European leader. China rounds out the top three, unchanged from the previous survey in 2016, while France, Germany and Luxembourg have been overtaken by Hong Kong.

Hong Kong has since lost almost all of its autonomy vis-à-vis Beijing and its role in international finance is called into question, a situation which currently benefits Singapore.

Luxembourg penalized by a small internal market

As for Luxembourg, its eighth place in the general ranking is due to its “very small domestic market”, the study indicates.

Beyond this factor, Luxembourg ranks third in the world and second in Europe for its international activity, while ranking fourth in the world for the economic, financial, commercial and regulatory environment in the broad sense.

The index also ranks the Grand Duchy as the second largest investment fund center and the third largest exporter of financial services in the world.

Luxembourg is also the world leader in the issuance of corporate bonds and in the issuance of green, social and sustainable bonds by foreign companies, positions which are not reflected in the general ranking.