London - Europe and the Asia-Pacific region are losing ground as financial centres, while capitals in the Middle East and Africa continue to rise, according to a report.
“The top centres are declining in relative competitiveness,” Mark Yeandle, associate director of consulting firm Z/Yen Group and author of the Global Financial Centres Index, said in the study today.
“Two years ago there was a gap of about 140 points between first and 20th -- that gap is now only 88.”
Dubai, Abu Dhabi and Riyadh improved in the ranks while the top 10 Western European centres, including Zurich, Geneva, and Frankfurt, fell.
In Africa, Johannesburg moved up 12 places to 38th and Casablanca gained 11 to 51st position.
Eight of the top 10 centres in the Asia-Pacific region, including Hong Kong, Singapore, Tokyo, Seoul and Shanghai, declined in the index.
New York and London remain the top two global financial centres, according to the survey.
GFCI 16 uses assessments completed by 3,633 financial services professionals to build its index and is sponsored by the Qatar Financial Centre Authority. - Bloomberg News