New York surges ahead of London as world’s top finance hub as Brexit undermines confidence
- New York has surged further ahead of London as the world’s top financial centre and Asian hubs like Hong Kong and Singapore are gaining ground as Brexit uncertainty undermines confidence in the capital, a survey has found.
- Only a third of senior bankers and asset managers now see London as the most important city for financial services, a precipitous decline of more than 20 percentage points in the last two years alone.
- While the City’s star has fallen, Wall Street has taken advantage, with 56 per cent of respondents now regarding New York as the top finance hub – up from 33 per cent since 2018.
- The poll of 245 financial services figures by consultants Duff & Phelps points to a challenging future for the City. Just 22 per cent predict that London will still be the world’s pre-eminent financial centre in five years time, though few respondents believe European rivals such as Paris, Frankfurt, Amsterdam or Dublin will take the top spot.