New York, London, Hong Kong and Singapore are the four main hotspot centers for wealth management and private banking, according to the 2013 Global Finance Centre Index by Z/Yen Group – the UK-based think tank.

The survey, led by research group Long Finance, reveals that Hong Kong and Singapore are now only two points apart. There is a 48 point spread between London in first place and Singapore in fourth. There is then a gap of 36 points, where Zurich sits in fifth place.

Meanwhile, offshore centers “continue to gain ground” in the 2013 index. Of these, as in last year’s results, Jersey and Guernsey remain as the leading two centers. They are followed closely by Monaco, which ranks 35^th in the index, up by 25 ranks since GFCI 2012.

GFCI uses responses to an ongoing online questionnaire completed by international financial services professionals. Responses from 2,379 financial services professionals were collected in the 24 months to December 2012. The report was sponsored by the Qatar Financial Centre Authority and produced by Z/Yen Group.

The eurozone crisis lingers on

Although the index shows that financial centers in Europe are still in turmoil as the eurozone crisis continues, some areas have seen a rise since 2012. Zurich, in fifth place, and Geneva, in seventh, confirmed their position in the GFCI top ten. Meanwhile, Frankfurt, in 10^th place, and Paris, in 26^th, have both moved up by three ranks since GFCI 2012. Luxembourg, Vienna, Milan and Rome also showed improvements and moved slightly closer to London.

Lisbon, Reykjavik, Budapest and Athens, however, have declined, and remain near the bottom of the GFCI rankings. Athens in 79^th place is now 68 points adrift of the 78^th centre Budapest, the firm said.

Asia-Pacific picks up pace

The index for 2013 shows that all Asia-Pacific financial centers - with the exception of Beijing - have seen marked improvements in this year’s ratings. Kuala Lumpur moved up three ranks, from 26^th to 21^st. Singapore remained at fourth place and Tokyo moved up one rank to sixth place. Beijing, however, suffered the largest decline in the GFCI 2013, down by 15 places to 43^rd place.

Mixed bag for the Americas

Centers in the Americas saw their ratings improve, although Chicago, Toronto and San Francisco fell slightly in the rankings. Boston entered the GFCI top ten, climbing to eighth place, having previously been in 11^th place, and has now moved just above Seoul, Chicago and Toronto.

The index shows that Latin American centers have made significant progress in terms of both rankings and ratings. Sao Paulo and Rio de Janeiro are now in the GFCI top 50, both having climbed four places, and Buenos Aires makes a significant gain of 55 points, to sit in 53^rd place.