Island drops from 57th to 85th as Global Financial Centre

Shift in centre of global markets

The Isle of Man has had a significant drop in its ranking in the 100 Global Financial Centres Index.

The Island is now 85th in the list - that's a drop 28 places, after standing 57th last year.

New York, London and Hong Kong make up the top 3.

But it's the likes of Istanbul, Warsaw, New Delhi and Bahrain - which are among the centres to have overtaken the Island.

The index suggests the US financial crisis of 2008 and the EU Referendum in 2016 has led to a financial markets becoming multi-polarised.

It says the centre of global markets have shifted from the US and UK - to emerging powerhouses like Germany, Canada and China.