Jersey has moved into the top twenty global finance centres and it has retained its top spot as the highest rated offshore jurisdiction in the latest Global Financial Centres Index (GFCI).
Jersey has moved up one place to 20th in the competitive rankings, the only offshore jurisdiction to feature and the only newcomer in the top twenty. The Index, which is published every six months, has ranked Guernsey in 28th place, the Isle of Man (40th) and Cayman (44th). London remains number one, followed by New York, Hong Kong and Singapore.
In the rankings for industry sectors, Jersey remains the only offshore jurisdiction to be included and despite stiff competition from major city locations, is ranked tenth in the list for private banking and wealth management centres, just behind Vancouver and Frankfurt. The GFCI is described as a barometer which has been tracking movements in the competitiveness of financial centres around the world since 2007.
Geoff Cook commented
‘It is encouraging that Jersey continues to maintain its high ranking, ahead not only of the main offshore competitors, but also above EU jurisdictions which operate financial centres such as Luxembourg and Dublin. In the last seven consecutive Indexes, Jersey has been the highest rated offshore jurisdiction and in the last three we have risen three places in the Index from 23 to 20, an indication that in terms of our competitiveness and how we are perceived by others in the marketplace, Jersey is consistently performing well.’
The report is produced every six months by the Z/Yen Group, currently in association with the Qatar Financial Centre Authority. The rankings examine major financial centres globally in terms of competitiveness by calculating a set of ratings for each jurisdiction using data available from each centre and responses to a global survey. It provides profiles, ratings and rankings for a total of 77 financial centres.
A copy of the full report can be accessed here: http://www.longfinance.net/fcf-publications.html