And down goes the United States.

The United States was knocked out of the top spot of the World Economic Forum’s Financial Development Index, by the United Kingdom, making London the top financial center in the world, BusinessWeek reported Monday.

The index ranks 55 countries on the sophistication and stability of their financial systems and markets, by evaluating 120 criteria.

The United Kingdom rose from No. 2 last year to dethrone the United States despite its own economic troubles, but ultimately was rewarded for its relative strength of its financial markets and its insurance coverage.

America. didn’t just stumble to No. 2; it fell back to No. 3 in the rankings due to its financial instability. The United States. was leapfrogged by Australia, which rose all the way from No. 11 last year. Australia was rewarded for its financial stability and low sovereign debt, and was the only country in the top-10 to show an increase in its overall score.

According to the report, the United Kingdom’s time in the top spot could be brief, as the United States showed positive signs last week as its gross domestic product returned to growth for the third quarter. The U.K., however, has been criticized in for excessive intervention in the financial sector by the government, which raises concern for increased regulation.

France and Germany both fell out of the top-10, giving a chance to emerging nations Brazil, Chile and Malaysia to make some elbow room in the rankings.