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The world's rich and powerful see New York and London as the leading business hubs over the next 10 years, but emerging nation centres are fast catching up, according to a new report.

According to Annual Citi/Knight Frank Wealth Report, Mumbai has gained in importance as global business city by 118 per cent followed by Shanghai (91 per cent) and Sao Paolo (66 per cent).

It said almost 40 per cent of the world's most exclusive residential property markets increased in value during 2010: Of this six of the 10 biggest gainers were in Asia.

Here is a look at top 10 business hubs based on feedback from ultra high net-worth individuals.

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1. New York: Aggregate Ranking 151

Economic Activity: 40

Political Power: 39

Knowledge and influence: 40

Quality of Life: 32

Key Feature: Wall Street - heart of the US financial services sector.

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2. London: Aggregate Ranking 149

Economic Activity: 39

Political Power: 36

Knowledge and influence: 39

Quality of Life: 35

Key Feature: The City - London's traditional financial core which together with Canary Wharf creates Europe's largest financial centre.

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3. Paris: Aggregate Ranking 149

Economic Activity: 37

Political Power: 35

Knowledge and influence: 37

Quality of Life: 40

Key Feature: The Louvre - the most visited museum in the world houses 380,000 objects.

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4. Tokyo: Aggregate Ranking 144

Economic Activity: 38

Political Power: 34

Knowledge and influence: 36

Quality of Life: 36

Key Feature: The Tokyo Stock Exchange - the second-largest stock exchange in the world by aggregate market capitalisation of its listed companies.

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5. Los Angeles: Aggregate Ranking 122

Economic Activity: 31

Political Power: 25

Knowledge and influence: 35

Quality of Life: 31

Key Feature: Hollywood - the centre of the world's largest film industry.

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6. Brussels: Aggregate Ranking 121

Economic Activity: 26

Political Power: 38

Knowledge and influence: 27

Quality of Life: 30

Key Feature: EU headquarters Brussels serves as the informal capital of the European Union.

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7. Singapore: Aggregate Ranking 119

Economic Activity: 36

Political Power: 26

Knowledge and influence: 34

Quality of Life: 23

Key Feature: Port of Singapore - one of the busiest ports in the world.

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8. Berlin: Aggregate Ranking 113

Economic Activity: 19

Political Power: 29

Knowledge and influence: 26

Quality of Life: 39

Key Feature: Reichstag - following Norman Foster's reconstruction, the German Parliament returned here in 1999.

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9. Beijing: Aggregate Ranking 113

Economic Activity: 33

Political Power: 37

Knowledge and influence: 24

Quality of Life: 19

Key Feature: The Great Hall of the People - located at the western edge of Tiananmen Square, used for legislative and ceremonial activities by the People's Republic of China and the Communist Party.

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10. Toronto: Aggregate Ranking 113

Economic Activity: 24

Political Power: 19

Knowledge and Influence: 31

Quality of Life: 38

Key Feature: Lake Ontario - symbolic of the clean air and outdoor lifestyle enjoyed in Canada's largest city.