Despite the fallout from Brexit, London has retained its position as the world’s top financial service centre in the latest Z/Yen global financial centers index (GFCI).
London was followed by New York in the second place and Hong Kong in the third place.
The survey ranks 92 cities around the globe taking into consideration a host of factors, such as quality of staff and infrastructure.
The report, published in partnership with the China Development Institute (CDI), revealed an overall drop in confidence among the leading centres with scores of 23 of the top 25 centres declining and only two rising.
Notably, London’s total score decreased only two points this year, which is the smallest fall among the top 10 centres.
Western Europe reported mixed results, with ratings of Frankfurt, Dublin, Paris and Amsterdam increasing and that of Zurich, Geneva, and Luxembourg dropping.
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However, Eastern European centres of Cyprus, Athens, St Petersburg, and Moscow climbed up the score ladder, and so were British Crown dependencies of Jersey, Guernsey, and Isle of Man. Malta, Reykjavik, and Gibraltar too recorded strong increases.
On the other hand, New York’s score slumped 24 points – the largest fall among the top 15 centres – reflecting fears over US trade.
Apart from New York, other centres in North America, namely San Francisco, Boston, Chicago, and Washington too fell in the ratings.
Ratings also declined for all leading financial centres in Asia Pacific, including Singapore, Tokyo, and Osaka.
The Caribbean centres of the British Virgin Islands and the Bahamas also had strong rises, and so were Sao Paulo and Rio de Janeiro.
Middle East and Africa centres reported mixed results, with ratings dropping for Dubai and Casablanca and rising for Bahrain and Riyadh.
The study also highlighted a 12-point gap between Hong Kong and New York, which represents the smallest gap between the second and third spot for more than five years.