London the top financial centre

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"London towers over other cities not only in narrow financial terms but in a broader sense as well," said Michael Goldberg from Mastercard, which runs the annual survey.

The Centres of Commerce Index covers 75 cities, ranking them on a range of factors including legal systems, political and economic stability, and ease of doing business.

"With a strong and secure economy, vibrant financial markets and a legal and political framework that supports high levels of international trade, London again secures the top spot," the report says.

New York came in second, Tokyo was third, Singapore fourth and Chicago fifth. The two North American cities in the top 10 were New York and Chicago.

The top European cities after London were Madrid, up from 16 to 11 globally and from six to five in Europe, and Amsterdam fourth in Europe.