London is expected to receive 18.7 million visits from foreigners this year, making it the world’s favourite tourist destination, according to the MasterCard-commissioned Global Destinations report.

The figures show that the UK’s capital will now become the most visited city in the world, taking over from the previous title held by Thailand’s Bangkok.

It is also predicted that foreign visitors are due to spend US$19.3bn (€14.2bn,£11.3bn) in London’s hotels, shops, restaurants and theatres this year.

These figures would push the capital ahead of second-placed New York in terms of spend, with the American city currently attracting US$18.6bn (€13.7bn, £10.8bn) in outlay from tourists.

The report has been based on a detailed analysis of official tourism figures, the number of passengers on flights and hotel stays for 132 destinations visited by tourists.

The progress in number of visitors coming to London has risen even higher from a record number of 16.8 million visits last year, as shown by government figures.

In keeping with London, Britain overall saw a record number of visitors coming to its shores last year. According to the Office of National Statistics, the country welcomed 32.9 million overseas visitors in 2013.