Paris has fallen five notches behind London in terms of overall attractiveness, according to a survey published on Tuesday which put the British capital top the index for the first time.
The French capital, which battles with its rival across the Channel to attract capital and tourists, dropped two places in the PricewaterhouseCoopers ranking, to come in sixth out of 30 global cities.
London meanwhile climbed two places to knock New York off the top spot.
The two cities are also moving in opposite directions in the narrower category of economic power - two notches up for London, two down for Paris, according to the annual survey, which is based on studies by the International Monetary Fund and other international groups as well as a survey of PwC staff.
New York was ranked as the world's second-most attractive city and Singapore came in third, followed by Toronto and San Francisco.
Paris came in first in terms of "intellectual capital and innovation."
Sydney for the first time has climbed into the top 10 list having received first rank in two indicators which measure quality of life, sustainability and the environment, as well as demographics and liveability. Constant contender Stockholm also finished in the top two for the quality-of-life indicators, having tied with Sydney for one of them, receiving an overall ranking of seven behind Paris.
Australia's most populated city did outrank overall winner London when it came to demographics and liveability. Sydney came in first by a small margin in this quality-of-life section which rounds up the survey.
Sydney ranks third in world's most desired cities for relocation with 28 per cent of votes, ahead of San Francisco with 26 per cent of votes. The most desired city for relocation is London with 47 per cent of votes, followed by New York with 41 per cent of votes. The survey cited energy and opportunity as the reason these "competitive cities" received top rankings in this indicator.
Sydney was a strong performer when it came to health, safety and security, tied for second with Toronto; both cities came behind Stockholm which received top ranks on this indicator.
Sydney, however, is the only city in the overall top 10 which did not finish in the top 10 for in at least half of the indicators used by PwC for the index. It only made top 10 in four of the 10 indicators.
Reuters with Annie Dang
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