Luxembourg was ranked number 25, just ahead of Vancouver and just behind Geneva.

The top three were New York City, London and third placed Hong Kong. The least competitive were three Chinese cities: Tianjin, Nanjing and 104th placed Hangzhou.

The annual rankings are “the world’s most authoritative comparison of the competitiveness of the world’s leading financial centres,” according to Z/Yen Partners and the China Development Institute, the outfits behind the index. They use data from sources such as the World Bank and Economist Intelligence Unit, along with their own questionnaire taken by 3,360 respondents.

The 26th edition of the rankings was published on 19 September.