Luxembourg has jumped four places to claim fourteenth spot in a global ranking of financial centres, coming in behind London, Frankfurt and Zurich in Europe.

The city improved its position in the overall rankings, however, its competitiveness rating fell by 13 points in the survey.

The assessment of European centres continues to fluctuate due to speculation about which centres might benefit from Britain leaving the European Union, the Z/Yen Global Financial Centres Index found.

London nevertheless remained at the top of the global list and its overall rating only declined two points despite the uncertainty surrounding the Brexit negotiations. New York and Hong Kong were ranked in second and third place.

The rankings, first compiled in 2007, evaluate the competitiveness of major financial centres around the world, including factors such as business environment, human capital, infrastructure, financial sector development and reputation.

Luxembourg scored its highest rating for human capital – coming in tenth in the world.

It was also ranked thirteenth in a list of 15 centres likely to become more significant in the next few years – although it remained behind European rivals Dublin and Frankfurt.

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