Why does New York remain the world's richest city?

A recent report has revealed that New York remains the richest city in the world with San Francisco and the Bay Area catching fast, CNBC reported.

According to the report from Henley and Partners in collaboration with New World, New York's millionaire population has surged 48% over the past decade to 359,500 millionaires and 60 billionaires.

Meanwhile, San Francisco and the Bay Area's millionaire population has surged 82% over the past decade to 305,700 people.

Additionally, the Bay Area leads in billionaire population, with 68 billionaires.

The United States is increasing its lead as the largest creator of millionaires and billionaires in the world.

Currently, the US is home to 11 of the top richest cities as a result of the surge in tech wealth combined with the rise in the stock market and deal-making has created record amounts of wealth over the past decade, the report says.

"The US continues to dominate the world's wealthiest cities due to its dominance of the global financial, tech and entertainment sectors," said Andrew Amoils, head of research at New World Wealth.

"Notably, US cities have significantly outperformed other western cities over the past decade when it comes to overall wealth and millionaire growth," Amoils added.

Here is the full ranking of the world's richest cities:

1. New York City
2. Bay Area, California
3. Tokyo
4. Singapore
5. London
6. Los Angeles
7. Paris and Île-de-France
8. Sydney
9. Hong Kong
10. Beijing