Hong Kong, which held the fourth place in the 2010 ranking, dropped to fifth place and was overtaken by Toronto. Zurich and Singapore were respectively ranked in sixth and seventh place.

Jersey has climbed into the top 10 locations in the world for wealth management and private banking services and is now ranked in 8th place, making the Channel Island the fifth highest ranked European location. Vancouver and Boston rounded out the top 10, ranking 9th and 10th,respectively.

Offshore centers have suffered significant reputational damage in the past three years. GFCI 10 shows that many are now recovering as respondents to the GFCI questionnaire recognize the contribution these centers make to global finance.

The latest report places the UK offshore destinations of Jersey, Guernsey and the Isle of Man as the top three offshore centers.

Meanwhile, tax havens such as Monaco, Luxembourg and Guernsey, under pressure from authorities in the US and elsewhere, all sank from five to 10 places.

Swift economic growth in emerging markets has created large numbers of new high net worth individuals, driving rapid growth in the private banking sector in these regions, particularly in Asia.

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As the global wealth management ‘centre of gravity’ is swiftly shifting eastwards, we believe that the dominance of ‘old’ world financial centers such as London and New York may not last long.

According to the latest PwC Global Private Banking and Wealth Management Survey, Singapore will displace Singapore as the top centre for wealth management by 2013. The same survey ranked Hong Kong,London and New York third, fourth and fifth, respectively.