Guernsey has been ranked 19th in the latest Global Financial Centres Index (GFCI).
It is produced by the Z/Yen Group for the City of London and ranks financial centres based on external benchmarking data and current perceptions of competitiveness.
"Achieving such an impressive rating from what is a respected authority is a major endorsement of Guernsey as a leading international finance centre," said Peter Niven, Chief Executive of GuernseyFinance – the promotional agency for the Island's finance industry.
"This is recognition of how Guernsey's 50 years experience in providing financial services has helped build on the Island's hallmarks of professionalism and innovation to grow an industry with a first class infrastructure and wealth of expertise that are the foundation of our continued success.
"Indeed, the Island's broad-based finance industry is firing on all cylinders: banking deposits have reached new record highs; the fiduciary services sector boasts significant numbers of providers with between £200 and £300bn worth of assets in trust; Guernsey is still the number one domicile in Europe for captive insurance; and our investment funds industry is booming.
"Moving into the top 20 of the world's financial centres is a great accolade that gives us yet another boost as we look to grow our business throughout 2008."
In the two previous such reports Guernsey was ranked jointly with Jersey under the banner of the Channel Islands. GFCI 2, published in September last year, placed the Channel Islands 23rd and despite several new entrants for GFCI 3 Jersey has been ranked 16th with a rating of 607 and Guernsey's rating of 603 saw it ranked in 19th position.
"This new ranking system rightly reflects the fact that we are separate jurisdictions and this is a much fairer approach because it allows each to be judged on our distinct strengths and according to how we are recognised by clients," added Mr Niven.
Both were ahead of traditional competitor jurisdictions such as the Isle of Man (21st), Dubai (24th), Cayman Islands (25th), Gibraltar (26th), British Virgin Islands (27th) and Hamilton in Bermuda (28th).
For more information about Guernsey's finance industry please visit http://www.guernseyfinance.com.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.