New York has once again beaten London as the world’s leading financial centre, according to a survey commissioned by Kinetic Partners.
Polling nearly 300 financial services professionals, the survey revealed that 59% of the respondents see New York as the current leading financial hub, compared to the 38% who think of London as the world’s top financial centre.
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The survey for Kinetic Partners’ 2015 Global Regulatory Outlook report reveals that the proportion of respondents citing London as the leading financial centre dropped from 44% in 2013 to 38% this year.
According to the firm, this figure is even more stark compared to the same benchmarking survey two years ago, where 65% of respondents considered London to be the world’s leading financial hub.
Only 28% of the respondents working in the financial services industry believe that London will be considered the world’s pre-eminent global financial centre in five years’ time.
On the other hand, 46% of total respondents – and 53% of c-suite respondents – expect New York to lead the financial world in 2019.
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By GlobalDataIn five years’ time the two cities are still expected to dominate (with 46% and 28%, respectively), but 6% of survey participants say Hong Kong will lead, the study also said.
Julian Korek, CEO and founding partner of Kinetic Partners, said: "This shift from just two years ago is a testament to the resilience of the New York market. Despite uncertainty following the 2008 crisis, New York has proven that it can draw and maintain institutions that believe it is the best place to grow their businesses."
While the survey shows that New York might rank higher than London in terms of the financial hub positioning, the City is looking ahead and taking precautionary measures to regain its strong financial system, according to PBI’s sister company, WealthInsight.
Mark Carney, Bank of England’s governor, has recently proposed a new rule for the UK banks to hold buffer capital in case of facing another financial crisis with the aim to end taxpayer bailout.
WealthInsight highlighted that Carney’s policy action is signalling that London is ready to withstand future financial crisis and currently rebuilding its strong financial system that once was lost to its rivals. The wealth managers, private bankers and consumers in London can also look on the positive side.
When asked to name the leading emerging financial centre in 2019, over half (53%) of Kinetic Partner’s survey respondents cited Shanghai – up from 48% in last year’s survey. Just 9% mention Dubai, which remained the second most popular choice.
