Jersey has risen one place in the rankings of the latest Global Financial Centres Index (GFCI 23) – taking it to number 39 and maintaining its position as a Western European Top 15 centre. Guernsey, meanwhile, has dropped 12 places to 53.
The index, compiled by London-based thinktank Z/Yen and the China Development Institute, is updated every March and September. The key points from the new index are as follows:
• A total of 110 centres were researched.
• There is an overall increase in confidence for the leading centres.
• London and New York remain at the top of the rankings, with Hong Kong retaining third place.
• Western European financial centres remain volatile – Hamburg, Munich, Monaco and Madrid rose strongly, with improvements for Paris, Jersey, Edinburgh and Lisbon.
• In the Asia/Pacific region, the leading centres improved their ratings – there were significant rises in the ranks for Qingdao, Bangkok, Kuala Lumpur and Busan, while Tianjin and New Delhi are new entrants to the GFCI.
• North American centres generally achieved improved ratings.
• All centres in the Eastern Europe and Central Asia suffered a fall in their ratings. However, Cyprus, Istanbul and Moscow rose in the ranks.
• In the Middle East and Africa, only Dubai and Abu Dhabi increased their ratings. Mauritius, Riyadh and Casablanca improved their ranking despite falls in their ratings.
• All centres in Latin America and the Caribbean fell in the GFCI ratings except for the Cayman Islands. Despite the fall in the ratings, six centres rose in the ranks, with the Bahamas rising 22 places. The Cayman Islands are now the leading centre in the region.
• Ratings for the British Crown Dependencies of Jersey, Guernsey and the Isle of Man all fell, having risen in GFCI 22. Despite this, Jersey rose one place in the rankings.
To read the full GFCI 23 report, click here