London has been ranked as the best city in the world for business and finance in 2012, winning the top spot alongside New York.

The PwC study, Cities of Opportunity, measured several aspects such as intellectual capital and innovation, technology readiness, ease of doing business, financial services and transport and infrastructure.

London overcame other leading centres such as Toronto, Paris, San Francisco and Singapore to share the top ranking.


Third for economic clout

The British capital came fourth for ease of doing business behind Singapore, Hong Kong and New York but did not perform well in the cost indicator index because it is still too expensive compared to other competitive centres.

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By GlobalData

This was based on factors such as cost of public transport, business occupancy, rent and consumer price index.

London also came third for economic clout behind Beijing and Paris – where clout is defined as the impact and profile a city has beyond its national borders.


An urban renaissance?

Although Europe is experiencing difficult economic times, the British capital is enjoying a kind of urban renaissance, the survey said.

"This study shows that 2012 really has been an extraordinary year in the history of the city," said David Snell, partner in PwC’s London practice.

"There is no doubt that London continues to be a leading global financial centre and an easy place to do business," he added.