London
retained top spot as the leading global financial centre for
private banking and wealth management in 2011, as Asia-Pacific hubs
pushed into the top ten of the latest Global Financial Centres
Index (GFCI).
The index ranked London, Geneva and New York
as the top three global private banking centres, maintaining their
September 2010 positions.
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Hong Kong came in fourth, followed closely by
Singapore, with both cities making an entrance for the first time
in the biannual ranking.
Zurich entered the index for the first time
this month, rising quickly to be ranked the seventh most important
financial centre for wealth management.
Middle East
disappears from index
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Bahrain,
which came in fifth on the index six months ago and was poised to
become an important Middle East North Africa private banking hub,
failed to appear in the 2011 index.
Ongoing political protests in the Gulf state
will further jeopardise Bahrain’s efforts to cement its place as a
wealth management hub.
Qatar also made no appearance, as Citi Private
Bank geo-political analysts predict bleak times for the Middle East
in the wake of the political disruption rippling through the
region.
New entrants in the top ten ranking include
Singapore, Zurich, Chicago and Sydney, with Tokyo and Shanghai
claiming joint tenth place, further re-affirming the private
banking industry’s move towards Asia-Pacific emerging
markets.
Z/Yen Group’s ninth GFCI report surveyed 1,970
financial services professionals on six financial sectors including
asset management, and wealth management & private banking.
