Tokyo is the world's third most magnetic city for businesspeople, creative types and other forms of skilled expatriate labor. That's according to a ranking of 42 major cities in the annual Global Power City Index, released Tuesday.

Trailing only London and New York, Tokyo inched up one notch this year, edging Paris into No. 4 position. Tokyo had held the No. 4 slot every year since the survey began in 2008.

Compiled annually by the Mori Memorial Foundation's Institute for Urban Strategies, the ranking assesses cities for "their comprehensive power which allows them to attract creative individuals and business enterprises from every continent."