The latest Global Financial Centres Index (GFCI) places UK 'offshore' top of the rankings with Jersey, Guernsey and Isle of Man listed as the top three offshore centres.
The GFCI report points out that while offshore centres have suffered significant reputational damage in the past three years, the latest report shows that many are now recovering as respondents to the GFCI questionnaire "recognise the contribution these centres can make to global finance."
In particular, the report said that "Jersey and Guernsey are working to change perceptions and to rise above the status of offshore specialist centres by being seen as more diversified."
Indeed GFCI’s report also reveals that Jersey has climbed into the top 10 locations in the world for wealth management and private banking services. It’s now ranked in 8th position, making this Channel Island the fifth highest ranked location overall in Europe, only behind major city centres London, Zurich, Geneva and Frankfurt.
Geoff Cook, Chief Executive of Jersey Finance, commented, “Jersey has performed extremely well in this latest Index.... To be listed ahead of major European centres such as Paris, Munich and Luxembourg, confirms that Jersey is incredibly well regarded on the global stage. It is interesting that the Asian centres are continuing to consolidate their position in the rankings. Both Hong Kong and Shanghai remain in the top five, emphasising how important it is that Jersey continues to maintain its marketing efforts with overseas centres like Hong Kong and Greater China in order to drive Jersey’s future success.”
Overall, the Index places Jersey 21st in the competitive rankings, ahead of Guernsey in 31st, the Isle of Man (40th), Cayman Islands (46th) and Malta (70th).
Elsewhere Qatar has overtaken Dubai to become the top financial centre in the Middle East. The Qatar Financial Centre (QFC), categorised as transnational specialists, continued to be ranked 30 in the world, but improved its ratings by 39 points from the previous index.
The first three positions in the world were retained by London, New York and Hong Kong.
The GFCI provides profiles, ratings and rankings for 75 financial centres, drawing on two separate sources of data – instrumental factors (external indices) and responses to an online survey. This is the tenth edition of GFCI (GFCI 10).
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