Tel Aviv has joined the ranks of the world’s leading financial centers, placing 32nd in a field of 79 on the Global Financial Centres Index. The Israeli metropolis scored 653 out of a possible 1,000, placing it between Rio de Janeiro and Melbourne.

It was ranked third among Middle Eastern financial centers, behind Qatar and Dubai. But the report noted that Tel Aviv could be unpredictable and susceptible to change because of the relatively recent growth of its financial sector. 

The city passed an initiative to promote investment in the financial sector, while Citigroup and Barclays established financial research centers there. 

The report, published by the Z/Yen Group, is influential because multinational companies use it as a tool to help determine where to set up new offices. Tel Aviv’s ranking places it ahead of several well-established European centers, including Munich, Rome, Stockholm, Amsterdam and Milan.

London, New York City, Hong Kong and Singapore took the top four spots. The report has been published every year since 2007.