More than 80,000 jobs will be created in Frankfurt after Brexit as an influx of bankers will jump-start the economy of Germany's financial hub.
A report by lobby group Frankfurt Main Finance looked at Brexit's impact on non-financial job growth, assessing the ripple effect on other industries such as property, car trade, healthcare and technical services.
It found that 10,000 more bankers over the next four years will result in the creation of up to 87,667 new jobs across the region and an extra €191m (£176m) in local tax revenues per year.
Even the report's most conservative scenario estimates that Brexit can lead to at least 36,000 new jobs outside of financial services and an additional €136m in annual tax revenues.
The report said its "prudent" assumptions were that every new banker would create between two and almost nine new jobs.
Frankfurt Main Finance managing director Hubertus Väth said: "The job growth will further advance the economic strength of Frankfurt and the region. A real success story for all parties involved."
The report will be an embarrassment for Brexit campaigners who last year predicted that as many as 300,000 new jobs would be created within the UK if the country voted to leave the European Union.
In the run-up to last summer's referendum the now-foreign secretary, Boris Johnson, cited research from the Vote Leave campaign which claimed that the UK had missed out on 284,000 jobs due to the EU failure to strike trade agreements with the likes of Japan, India and the US.
But the aftermath of Brexit has created uncertainty over the terms of future trading relationships with the bloc, prompting some banks to announce plans to relocate.
Financial institutions are be keen to retain EU "passporting" rights, which currently allow a bank based in London to smoothly sell services across the EU. A British exit from the EU single market may well mean UK-based banks will lose those rights.
Frankfurt - already a main financial hub that is home to the European Central Bank - has emerged as the biggest winner in the fight for London banking jobs after Brexit.
Morgan Stanley, Citigroup, Standard Chartered, Nomura Holdings and Sumitomo Mitsui are among those that have already picked the German hub.
Goldman Sachs and UBS are understood to be considering a similar move.