Shanghai overtook Tokyo to enter into the top 5 of the 24th edition of the Global Financial Centres Index, while Beijing, Zurich and Frankfurt moved into the top 10, replacing Toronto, Boston and San Francisco.

The index involves research of 110 centers across the world, with a total of 100 financial centers in the main index. Centers in the Asia-Pacific region generally rose in the ratings and Shenzhen, Guangzhou, Qingdao, Tianjin, Chengdu, Hangzhou and Dalian were also on the list.

GFCI 24, jointly released by China Development Institute in Shenzhen and Z/Yen Partners in London, was compiled based on factors including business environment, infrastructure, reputation and human capital.

Now, let's look at which cities grabbed the top 10 spots.

No 10 Frankfurt