"Firms base themselves in Wales because it has the right mix of skills, infrastructure and quality of life they want."
The figures demonstrate how the city has made strides in becoming one of the UK’s most competitive locations for financial and professional services, following substantial inward investment in property, transport and technology.
Home to a number of financial and professional services firms such as Deloitte, Admiral and Lloyds Bank, Cardiff has one of the most robust talent pipelines in the country, with a report from Deloitte and Welsh Government finding more students per capita graduating in a related subject than any other major city in the UK .
The Welsh capital also has one of the highest concentrations of employees in the sector, with 10% of all workers employed directly or in a related role, according to data produced by TheCityUK.
These employees now contribute almost £1.2 billion to the UK’s economy, reinforcing Cardiff’s status as an emerging powerhouse in the financial and professional services industry. This is also higher than the contribution made by the sector in cities such as Sheffield (£1 billion) Liverpool (£917 million), and Aberdeen (£867 million).
As a whole, financial and professional services in Wales contributed £3 billion gross added value to the UK economy in 2015.
Miles Celic, Chief Executive of TheCityUK, said: “The financial and related professional services industry has become a major employer in Wales accounting directly for over 56,000 jobs and delivering huge value to the Welsh economy. Firms base themselves in Wales because it has the right mix of skills, infrastructure and quality of life they want.
"Businesses come to Britain from across the world because of the unique ecosystem of talent and expertise we can offer. Many may first put down roots in London, but then they expand their operations across the country, to cities like Cardiff and Swansea, creating a deeper talent pool of skilled workers that benefits local and national businesses.
"In turn, strong regional financial centres like those in Wales boost the attractiveness of London as a global financial centre. Maintaining and supporting this positive ecosystem is critical to ensuring the UK remains a world-leading place to do business.”
