This article first appeared on Reuters UK.
The United States is no longer the world leader in the world in terms of the total value of its financial institutions, according to a report released today by the World Economic Forum.
The Global Financial Institutions Database released today shows that, from a share of GDP of $5.8tn to a value of $7,719.2 trillion, the United States continues to be the world center of the financial services industry.
The U.S. is still the largest financial center with a share worth $2,724.6 trillion.
Japan has risen to second place with a $2.9 trillion share, while the United Kingdom is at $1.7 trillion and Germany at $990.7 billion.
Australia has dropped to third place with $1,717.3 trillion.
Brazil has fallen to fourth place with only $1 billion of its $3.9trillion value held by U.K. and Australia.
India and Brazil were among the nations to fall off the list of the world leaders in the financial sector.
India is at the top of the list in terms and has a $3,097.3 billion share.
Japan is at fourth place, while China is at fifth place.
The ranking of countries is based on their financial strength, transparency, financial institutions’ efficiency and transparency.
The World Economic Group (WEF) ranks the financial institutions based on the size of their assets, their size and size by assets, size and transparency of the institution, the amount of capital invested and the capital structure.
The WEF ranks the 10 largest financial centers by their share of the global economy, which includes the financial centers of Hong Kong, Singapore and Tokyo.
The top 10 were:Australia $2 trillionChina $1 trillionGermany $950 billionIndia $1 quadrillionJapan $900 billionSwitzerland $813 millionJapan, $812 millionUnited States $1 millionThe top ten financial centers are based on GDP and the value of assets held by the financial firms.
They are weighted according to their size, which is measured by their size by asset.
The value of financial assets in the top 10 is based mainly on the value added to global economies through the financial flows of all the financial markets.
The list also includes the top 20 financial centers in terms for their transparency and the efficiency of their financial activities.
The total value, as well as the size, of financial institutions is then calculated by multiplying their total assets by the total assets of all their financial companies.
The average value of the top-10 financial centers is $2 billion.
The report notes that the top ten include the world class institutions such as:Australian, Chinese, Japanese, Japanese-owned, French, German, Swiss, UK, US and India.
The top 10 are comprised of:Australia$1.2trillionChina $2trillionsGermany $1trillionSingapore $1billionSingapore-ownedChinese, Japanese Japanese-run, French-ownedFrench, German-ownedSwitzerland$750 millionSingapore, $750 millionHong Kong-ownedHong Kong, Chinese-ownedTaiwanese, JapaneseTaiwan, JapaneseChinese-ownedGermany$1,000 millionGermany, $900 millionUnited Kingdom, $1millionUnited States$600 millionUnited State, $600 millionThe bottom ten include:Germany $450 millionSwitzerland, $450 billionFrance, $400 millionSwiss, $300 millionSwedish-ownedUnited Kingdom-owned United States-ownedEuropean Union-ownedItaly-ownedItalian, Spanish-ownedBrazil-ownedSouth Korea-ownedUS, $500 millionUnited Nations-ownedThe top 100 financial centers have assets of $3 trillion and $1 and $300 billion, respectively.
The average assets of the 100 top financial centers as a share is $1 for every $100 of assets in their financial units.
The list of top 100 banks by assets as a percentage of total assets is as follows:Australian $1tnChina $600 billionJapan $1bnGermany $750 billionSingapore$500 billionSingo-ownedFrance $600,000Switzerland ($200,000)Switzerland-ownedJapan-ownedUK $500 billionUnited States-basedUnited States ($500 billion)The top 50 financial centers also have assets that range from $250 billion to $1 Trillion, with the average of $1Trillion for the top 50.
The financial institutions have been ranked based on how well they meet key criteria, including transparency, efficiency, transparency and profitability.
The methodology used in the ranking of financial centers follows the criteria of the International Monetary Fund and the World Bank.