The financial services generated CI$1.2 billion of GDP in 2007 (55% of the total economy), 36% of all employment and 40% of all government revenue. The Cayman Islands ranks fifth internationally in terms of value of liabilities booked and sixth in terms of assets booked. It has branches of 40 of the world's 50 largest banks. The Cayman Islands are the second largest captive domicile in the world with more than 700 captives, writing more than US$7.7 billion of premiums and with US$36.8 billion of assets under management. There are more than 9,500 funds under licence with globally recognised legal, audit/accounting and fund administration services[citation needed ] (incl. the Big Four auditors[citation needed ]). Major law firms such as Maples and Calder have established themselves in the Cayman Islands. Similarly, large accounting firms such as KPMG, Ogier, Ernst & Young and Deloitte are also present. As a result, the Cayman Islands are a leader in captive domiciles, hedge fund registrations and is considered a major international banking centre.
