New York regarded as world’s top financial center, ousting London for title, report says

New York has ousted London as being regarded as the world’s financial center, according to a new report. (iStock)

New York has ousted London as being regarded as the world’s financial center, according to a new report.

The results were from Duff & Phelps’ 2019 Global Regulatory Outlook report, details of which the firm laid out on their website.

“The report, which surveys senior professionals in financial institutions across the world, found that respondents perceive New York as the world's preeminent financial center, reclaiming the title from London as Brexit continues to cast a shadow of uncertainty over the UK economy,” the company said.

More than half of survey participants – 52 percent – considered New York to hold the position versus 36 percent who viewed London as the world’s financial center, Duff & Phelps said. Polling in favor of New York rose 10 percent from last year.

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Looking forward to 2024, 12 percent of those surveyed felt that Hong Kong would hold the position, which is “a significant increase from the 3 percent who held this opinion in 2018,” according to the company.