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New York Beats London as 'World's Best City'

New York City beat London by a whisker to become the best city in the world according to a panel of Time Out judges, who voted on the cities considering criteria such as architecture, arts, food and drink, the city's buzz and quality of life.

"New York is number one but only just, with London following close behind," Jessica Cargill-Thompson, editor of the Time Out book 'The World's Greatest Cities', told CNBC.

"Financially they're both very strong, obviously they've taken some knocks but they're still very strong," she said.

They both have great culture, not just theatres and exhibitions but also street culture, which makes a city vibrant, and they both have very good places to eat and drink, according to Cargill-Thompson.

"New York came out on top because we felt that its 24-hour culture really is something that London just doesn't compete with. Everyone is on their way home at 11," she said.

Paris was third on the list followed by Berlin. Barcelona, Chicago and Tokyo all shared the fifth place.