Yahoo Finance New York 'replacing London' as the world's financial capital
London could be losing its reputation as the world’s financial capital, according to a new survey.
A poll of senior figures in finance in Britain, the US and other global hubs suggests New York is increasingly seen as the world’s leading financial centre.
Their confidence in London appears to be waning as the shadow of Brexit looms large over the future of Britain’s capital.
Only 36% of executives in the survey by consultancy Duff & Phelps picked London as the top financial centre, down a significant 17% on last year’s survey.
New York topped the table with just over half of the executives polled backing the US city.
The Global Regulatory Outlook survey involved interviews with 180 executives in asset management, private equity, hedge funds, banking and brokerage.
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More than 60% of interviewees were from the UK and the US, with the rest principally from Hong Kong, Ireland, Singapore and Luxembourg.
“Last year, Brexit cast a shadow of uncertainty over the United Kingdom’s economy; it has now escalated to a full-blown crisis,” Duff & Phelps said in a statement.
“Looking ahead, however, globalisation’s diffusion of influence begins to be apparent: 12% of respondents expect Hong Kong to be the world’s preeminent financial centre five years from now.”
Duff & Phelps said Dublin, Frankfurt and Luxembourg are also increasingly popular, as Britain’s departure from the European Union raises demand for a new financial capital inside the bloc.
Last week, cabinet ministers in the UK said its financial sector would remain strong and even grow stronger from Brexit, despite widespread pessimism about its impact on the economy.
