New York replaced London as the world's top financial hub as Brexit uncertainties continued to weigh on the U.K.'s future, according to a survey of finance professionals conducted by consultancy firm Duff & Phelps.
Fifty-two percent of the respondents said they viewed New York as the world's preeminent financial center, up from 42% in last year's survey. The percentage of respondents who see London as the top financial spot fell to 36% from 53%.
"Last year, Brexit cast a shadow of uncertainty over the U.K.'s economy; it has now escalated to a full-blown crisis," according to the survey results.
Forty-four percent of the people expect New York to retain its top status over the next five years, down from 52% last year. Meanwhile, 21% see London regaining its lead over that period, down from 29%.
Hong Kong was chosen by 12% of respondents as the likely leading finance hub over the next five years, improving from 3% last year.
Duff & Phelps surveyed 183 executives between March and April from different sectors, including asset management, private equity, hedge funds, banking and brokerage.