The ranks 116 financial centres worldwide on their competitiveness, using data from the World Bank, the OECD and the UN but also surveying more than 12,800 people.

New York topped the global list, followed by London, Hong Kong, Singapore and San Francisco. Paris became the EU’s top financial centre in 10th place globally, jumping from 25th place in March. It was followed by Frankfurt (14), Amsterdam (17) and Luxembourg (23).

Both Paris and the Dutch capital in the September edition of the index overtook Luxembourg. In March it had still been the second EU financial centre behind Franfurt. European cities Geneva and Edinburgh also climbed above Luxembourg in the latest ranking.

Luxembourg ranked among the top 15 financial centres on human capital and financial sector development but didn’t appear at the top in categories such as business environment, infrastructure, and reputation.

The index also ranked Luxembourg’s fintech credentials just 55th globally, out of 109 financial centres assessed. Luxembourg dropped 13 places in this category since March as cities like Brussels, Hamburg and Munich made gains.