Edinburgh has placed 10th and Glasgow 15th in Europe in the latest Z/Yen Global Financial Centres Index (GFCI).

The move sees Edinburgh break back into the world’s top 30 financial hubs, reinforcing its reputation as a destination for asset management and Fintech.

Although Glasgow saw a decline to 43rd place on the global index, it remains significantly higher than the 65th place it held just five years ago.

Edinburgh and Glasgow remain the only two centres in the UK outside of London to be included in the index.

Sandy Begbie, CEO of trade body Scottish Financial Enterprise, said: “These results underline the collective strength of Scotland as a financial centre, and the high regard it is still held in across the globe. The GFCI is one of the key metrics of progress outlined in the sector’s growth strategy in 2023.

“Edinburgh’s rise follows Scotland’s Global Investment Summit, held in the city last October. The summit brought together international investors and government leaders to spotlight Scotland’s competitive edge in key growth sectors, including life sciences, renewable energy, and financial services.”

“Glasgow has now established itself as an important part of Scotland’s financial and professional services landscape, as well as a significant player globally, and its rise in this index over the past five years reflects the significant level of investment we have witnessed in the city over that time.”