The twenty-third edition of the Global Financial Centres Index (GFCI 23) ranked the Cayman Islands as the 22nd best financial center in the world out of 110 total jurisdictions. Cayman’s ranking improved nine places over the last year and was the highest among all U.K. Overseas Territories and Crown Dependencies.
Cayman is also one of only four centers from outside the G-20 to be included in the top 25 rankings.
Jude Scott, CEO of Cayman Finance, commented the GFCI 23 ranking showed that the more financial services industry and government leaders learn about the Cayman Islands, the higher they rate the jurisdiction among the world’s financial centers.
“We have spent the last year engaged in an unprecedented effort to define our long-standing commitment to serve as a premier global financial hub that meets or exceeds the highest global standards for transparency and cross-border information sharing and our improvement in the GFCI ranking is a reflection of the success of that effort,” he said.
“Once again, a comprehensive assessment of more than a hundred factors – many compiled independently by organizations like the World Bank, OECD and United Nations – and the input of thousands of professionals rates the Cayman Islands a top international financial center on par with those in G-20 countries,” Mr. Scott added.
“The Cayman Islands financial services industry remains focused on the kind of innovation and commitment to global standards that has helped us achieve this kind of success.”
All financial centers in Latin America and the Caribbean fell in the GFCI ratings except for the Cayman Islands. The British Crown Dependencies of Jersey, Guernsey, and the Isle of Man also all fell in the ratings.
Despite the fall in the ratings, six centers rose in the ranks with the Bahamas jumping 22 places.
The Cayman Islands is now the leading center in the region, overtaking Bermuda which plummeted seven places and now ranks 36th. The BVI fell even further, 23 ranks to the 60th position in the rating.
“The Caribbean is not a great place to be at the moment. Hurricanes and now a loss in confidence,” the report quotes an unnamed investment fund director in Miami.
Overall confidence increased for the leading centers with signs of a bias toward stronger and more established centers as the top 25 centers all rose in the ratings and ratings declined for the lowest 50 centers.
At the top of the table, London pipped New York by one point for the number one spot. Hong Kong retained third place.
Mark Yeandle, director of Z/Yen Partners and the author of the GFCI, said “All the top centers have risen in the ratings. London remains on top despite Brexit concerns but rose less than any other center in the top fifteen.”
The differences between the main centers is diminishing and there is less than 50 points between the top five centers. San Francisco and Shenzhen moved into the top 10, replacing Beijing and Zurich.