Tokyo leads the top table of the world’s luxury cities, according to a new report. Ledbury Research looked at the number of luxury goods outlets in each candidate city, and Tokyo retained its place at the top of the table, with Hong Kong coming second.

Seoul overtook London to move into third place, and with London and Paris representing the cream of luxury Europe in fourth and fifth places, the top five is complete.

‘Looking at emerging markets, none are as dramatic as Moscow’s rise 6 places to 7th in the table. In China, Bejing’s rise is slower and Shanghai is actually dropping down the table,’ the report states.

Top ten world luxury cities

1. Tokyo
2. Hong Kong
3. Seoul
4. London
5. Paris
6. Osaka
7. Moscow
8. New York
9. Sydney
10. Beijing