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New York City finished in the Top 3 in six out of the study's 10 indicators, which include things like intellectual capital and innovation; transportation and infrastructure; demographics and economic clout.

New York City emerged from the recession with its ranking as the top global business center intact, while its traditional rivals—London, Paris and Tokyo—fell out of the Top 5 in an annual study by the Partnership for New York City and PricewaterhouseCoopers.

Toronto, San Francisco, Stockholm and Sydney knocked the other powerhouses out of the upper echelon, a sign that economic balance and diversity trumped financial clout and size. Their performance in the analysis of 26 cities highlights a changing global marketplace that values a holistic approach to retaining and attracting talent, the report shows.

“We're continuing to recover from the recession in a stronger way than cities like London, Tokyo or Paris are, but the real story is looking at the next four cities are and what lessons we can learn,” said Merrill Pond, vice president at the Partnership for New York City. “They're not focused on one industry or one economic development strategy or one particular city policy, but are really looking at achieving balance across a lot of different areas.”

Read more in Crains New York