The Strategist

Survey: 52% of top managers believe London isn’t leading financial center anymore

05/29/2019 - 09:51

According to a study conducted by the American consulting company Duff & Phelps, the majority of surveyed top managers in the financial sector considered New York to be the main global financial center, whereas a year earlier they preferred London. The respondents noted the alarm over the uncertainty surrounding Brexit and believe that in the near future Hong Kong may be competing with New York and London.

American consulting company Duff & Phelps published results of an annual study, during which a survey of top managers working in the financial industry around the world was conducted. The majority of respondents (52%) stated that they consider New York to be the leading global financial center. A year earlier, London was in first place with 53%, and New York was in second place with 42%.

However, since then, the number of those who consider the British capital to be the leading global financial center has decreased by 17% (to 36%), while the number of those who prefer New York grew by 10%.
Managing Director of Duff & Phelps Ken Joseph noted that “the experts we interviewed confirmed that companies have to devote more time and energy to fulfilling their obligations and changing regulatory policies, which are complicated by a whole set of geopolitical uncertainties, including trade disputes and Brexit”.

Speaking about prospects of world financial centers in the next five years, 44% said that New York would retain global primacy, and 21% believe that London could do it.

According to the respondents, the greatest progress will be shown by Hong Kong: 12% said that by 2024 Hong Kong could become the main global financial center. Currently, only 3% of respondents said that this Asian metropolis is the main global financial hub.


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