The Cayman Islands has fallen 31 places and is now only ranked 78th in the Global Financial Centres Index. The index, released twice a year by Z/Yen Group, saw Cayman’s rating drop by almost 100 points to 575.
The British Virgin Islands fell 12 spots and is ranked 72nd, while Bermuda improved two places to 61st and The Bahamas jumped from 105th to 69th position and is now also ranked ahead of Cayman.
The index covers 111 financial centres in total.
Z/Yen Group said its latest index showed high volatility, with 23 centres rising 10 or more places in the rankings and 20 falling 10 or more places.
Overall, the average rating of centres in the index dropped over 41 points or 6.25%. This “may indicate a more general lack of confidence in finance during a time of continuing uncertainty around international trade, the impact of the covid-19 pandemic on individual economies, and geopolitical and local unrest,” the group said.
Among the top financial centres, New York again led the rankings, followed by London. Shanghai passed Tokyo to take third place, while Hong Kong and Singapore ranked fifth and sixth, respectively.
The ranking is based on a combination of quantitative data and survey responses from more than 8,500 financial-services professionals.