According to the Global Financial Sectors Index, which looks at the state of financial centres around the globe, Edinburgh has moved one spot to 33rd place, placing just one point below Berlin, and ahead of notable hubs such as Abu Dhabi and Miami. 

Looking at just western Europe, Edinburgh is 10th, and described in the report as a broad and deep, established international finance centre. Glasgow leaped an impressive nine places to 42nd position, with the most pronounced increase of any Western European centre. 

Alongside this, a report from TheCityUK revealed a notable surge in Scotland’s financial sector as well, with a notable addition of 13,000 jobs between 2021 and 2022. 

“Careers in financial services pay significantly more than the national average, so continued job creation in our sector is essential to expand the tax base and support the funding of our vital public services,” said Sandy Begbie CBE FRSE, chief executive of Scottish Financial Enterprise.

This job growth reaffirms the sector’s role as the largest contributor to the Scottish economy, boasting a GVA of £14.3 billion and exporting services worth £9.2 billion in 2021.

“We are delighted to welcome the significant progress which has been made towards developing Glasgow and Edinburgh as global financial centres of excellence,” said wellbeing economy secretary Màiri McAllan.

“Outside of London, Scotland has the largest financial services centre and is the most attractive location for foreign direct investment in the UK.”

A recent meeting held in Edinburgh on Thursday, 21 March, saw the convergence of Scottish Financial Enterprise, City of London Corporation, and the Scottish Government, marking a crucial juncture for Scotland’s financial sector.

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Chris Hayward, policy chair of the City of London Corporation, attended the event, emphasising the imperative of collaboration between Scottish financial services and London, the UK’s foremost financial hub, which landed 2nd position just behind New York. 

“The twin financial and professional services sectors of London and Scotland represent a critical part of the UK economy,” said Hayward.

We’ve been delighted to partner with Scottish Financial Enterprise and the Scottish Government on a range of issues where we have alignment and shared challenges: in sustainable finance, technology, talent, and growth. Today’s discussions further underscore the importance of collaboration in maximising the potential of both regions.”