A report that accompanied the index said that while European financial centers are still recovering from the eurozone's sovereign debt crisis, financial centers in Asia have gained increased influence as a result.

The traditional financial powerhouses of New York, London and Hong Kong hold the top three spots, followed by Tokyo and Singapore.

Peter Roffman, vice-president of Standard & Poor's, said he believed that the results clearly reflect Shanghai's growing influence in the financial services arena and China's overall economic global strength.

Among the financial centers of the BRICS countries, Shanghai ranked top in various indicators, including appeal to investors, talent, innovation and convenience.

The report said that as some financial markets have suffered, the conditions that are important to customers within them have changed too.

Inevitably, some key European financial centers have seen their rankings drop, reflecting their troubles in recent years.

The index was comprehensive in its coverage: More than 60 different indicators were considered and more than 4,000 questionnaires sent out.

The indicator system rated international financial centers on five key aspects - financial markets, growth and development, industrial support, services and their general business environment.

The other cities on the top 10 are Paris, Frankfurt, Chicago and Sydney.

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