The uncertainty and chaos surrounding the U.K.’s exit from the E.U. have reportedly elevated New York above London to become the world’s financial capital, a new survey has revealed.
U.S.-based consultancy firm Duff & Phelps conducted the survey in 15 countries and pooled responses from 183 financial professionals. The study happened between March and April 2019.
The firm published the results of the survey in its 2019 Global Regulatory Outlook made public on Thursday.
Of the respondents who took part in the survey, only 36 percent chose London. A majority, 52 percent, said New York was the new financial capital of the world. Last year the ranking had 42 percent of respondents choosing New York while 53 percent picked London.
Future projections see New York nip London again, with 44 percent saying the U.S. city will be the top financial destination globally for the next five years. Comparatively, only 21 percent think that it will be London taking on that mantle.
Some analysts had predicted that Hong Kong would gain popularity as a financial destination, of which 4 percent selected it for 2019. Another 12 percent forecast that Hong Kong would eventually outpace both New York and London in less than a decade.
There were other cities mentioned during the survey: Shanghai was selected by 9 percent, Frankfurt and Dublin had 4 percent while Luxembourg impressed 3 percent of the respondents.
The selection was not without bias. Most of those who responded and selected New York were majority individuals from the U.S. while those that chose London were U.K. residents. U.S residents represented 96 percent while U.K.s represented 76 percent.
According to the reported, the respondent’s numbers were fluctuating when asked about five-year projections. Those from the U.S and still chose New York dropped to 78 percent and those from the U.K. who opted for London were 44percent, a decline too.
Earlier this year, Big Four consultancy firm Ernest & Young (EY) released results of a study that showed that Brexit had impacted the British financial services sector.
As per the research, the industry had transferred assets estimated to be worth $1 trillion to other European nations. More companies had plans to partially or wholly transfer their operations to other nations other than London.