Harvard is taught a business lesson by Wharton

Replacing it is the Wharton school at the Pennsylvania University, which earned its ranking through strong research capabilities and the international diversity of its students.

Around 46% of students in Wharton's MBA class are from outside the US. Insead, at Fontainebleau near Paris, has become the highest ranked European business school, taking the number seven position. It has overtaken London Business School, which is in eighth place for the third consecutive year.

The Kellogg school at NorthWestern University, near Chicago, dropped from seventh to ninth place, to make way for Insead and London.