London, Geneva and New
York remained the top three global private banking and wealth
management centres respectively for a third consecutive time,
according to the latest biannual Global Financial Centres Index
(GFCI).

Hong Kong, which in
March occupied the fourth place, slipped down to the fifth
position, giving way to Toronto, while Zurich and Singapore
achieved sixth and seventh places respectively.

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Research from PwC and
PBI, however, suggests the dominance of ‘old’ world
financial centres such as London and New York may not last long as
the global wealth management ‘centre of gravity’ shifts
eastwards.

In June, a PBI
industry roundtable suggested that London needed to innovate and
get up to speed with information technology, branding and emphasise
its specialist wealth management knowledge and skills to compete
with vibrant new players.

 

Singapore top spot in
2013?

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According to PwC’s 2011
Global Private Banking and Wealth Management Survey, Singapore will
be the top centre for wealth management by 2013 with Switzerland
pushed into the second place.

PwC’s biennial survey
ranked Hong Kong and London third and fourth respectively with New
York pushed to fifth.


PBI’s own poll, which asked what will be the world’s
most important private banking centre in 5 years time, resulted in
Singapore and Switzerland being identified as joint leaders, while
Hong Kong and London took second and third places
respectively.

The GFCI report surveyed
1,887 participants and takes into consideration the availability of
skilled personnel, the regulatory environment, access to
international financial markets, the availability of business
infrastructure and access to customers among 14 factors.