London steals New York's crown for best financial hub

A debate that's raged for several decades - and could rage for many more - came to the fore once again with London being named as the best city for "economic clout".

This means the U.K. capital steals New York's top spot, according to the survey conducted by multinational professional services network, PwC. London was named as the best city overall, with the report also heaping a wealth of other titles on the financial hub, naming it as the best for international travel and tourism and adding it was "technologically on top of its game."

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The study called The Cities of Opportunity Index is an annual index of 30 major cities and is based on publicly available data from the World Bank, the International Monetary Fund and other national statistics organizations. London took the overall top spot with New York and Singapore in second and third respectively. Toronto, San Francisco, Paris, Stockholm, Hong Kong, Sydney and Chicago made up the rest of the top ten.

"London's reputation as an economic powerhouse is well established, and reinforced when you consider it is the second most successful city in the index for attracting foreign direct investment," David Snell, a partner at PwC 's London arm said in the accompanying press release on Monday.

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"High-performing cities in the index have to find the right balance between social and economic strengths. Like many big international cities, there's a price to pay for success. For London, while it has moved up the rankings on cost and environmental challenges, there are still lessons to be learned from international competitors on these issues."

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