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- New York overtakes London as the world's largest financial center - Duff & Phelps survey
New York overtakes London as the world's largest financial center - Duff & Phelps survey
London has lost its position as the world's main financial center to new York in part to uncertainty over Brexit, according to a survey by consultants Duff & Phelps published on Monday.
A survey of 245 senior officials from asset management, banking and other financial companies from around the world found that 56% of respondents consider new York the most important money center in the world, an increase of 33 percentage points over the past two years. Only 33% now consider London to be the world's top financial center, down more than 20 percentage points over the past two years.
The survey showed that both new York and London will lose ground in the next five years, while new centers in Hong Kong, Singapore and Shanghai are expected to see the largest growth.
The survey showed that only 22% predict that in five years, London will remain the largest financial center. Few respondents see Paris, Frankfurt, or any other European city coming close to replacing new York or London.
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