According to a study titled 'Mastercard Worldwide Centres of Commerce Index', London has been ranked as the most influential city in the world in the 75 cities index.

However, it stated that future appears to belong to Asia and Eastern Europe, whose cities represent the fastest rising regions within the index.

The index is an annual research initiative designed to evaluate and rank how major cities compare in performing critical functions that connect markets and commerce around the world.

"The booming Chinese and Indian economies have clearly continued the shift of economic power to Asia. The strong presence of Asia/Pacific, Middle East and Africa cities is further evidence of the growing influence of the region not just in manufacturing and services, but also in broadly based commercial strength," the report stated.

In 2008, three Indian cities have been ranked in the index of 75 cities with Mumbai at the 48th position, New Delhi at 61 and Bangalore at 66th place, the report revealed.

New Delhi and Bangalore are new additions to the index in 2008 which was extended from 50 cities in 2007 to 75 cities in 2008, while Mumbai, which had been ranked at the 45th place in 2007, has fallen three positions in 2008.

In comparison, China has five cities in the index including Shanghai, a rapidly growing and massive city that ranks 24th this year, up from 32 in the 2007.

"It's fascinating to note that the city whose score increased the most compared with London since last year is Moscow, followed by Singapore, Tel Aviv and Bogota all cities in new or emerging markets while no North American city advanced significantly in the index this year," MasterCard Worldwide Centers of Commerce Program Director Michael Goldberg said.

Besides, the top ten cities in the Worldwide Centres of Commerce include -- London, New York, Tokyo, Singapore, Chicago, Hong Kong, Paris, Frankfurt, Seoul and Amsterdam.

The eight Asian cities which have been ranked in the top 25 centers of commerce, Tokyo, Singapore, Seoul, Sydney, Hong Kong, Osaka, Taipei and Shanghai rank among the top 25 Centers of Commerce, confirming Asia's prominent role in the global economy.