Island centres have performed poorly in the latest Global Financial Centres Index, GFCI 24, which provides rankings for 100 major financial centres around the world.
With the exception of Bermuda, which rose six places, the Crown Dependencies of Jersey, Guernsey and the Isle of Man all fell significantly in the rankings, with the Isle of Man dropping 27 places.
Jersey fell eight places to 47 (or 13th among Western Europe financial centres), while Guernsey was down seven places to 60, with the Isle of Man ranked 85th.
Produced by the China Development Institute in Shenzhen and Z/Yen Partners in London, the GFCI is updated and published every March and September.
At the top of the rankings, New York took first place, two points ahead of London, with Hong Kong now only three points behind London, followed by Singapore and Shanghai.
• The full report can be read here