Why does New York remain the richest city in the world?

A recent report found that New York is still the richest city in the world, while San Francisco and the Bay Area are rapidly gaining popularity. CNBC reported.

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

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

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

The United States is expanding its lead as the world’s largest creator of millionaires and billionaires.

Currently, the US is home to eleven of the richest cities due to the rise in technological wealth coupled with the rise in the stock market. Dealmaking has created record amounts of wealth over the past decade, the report said.

“The US continues to dominate the world’s richest cities due to its dominance in the global financial, technology and entertainment sectors,” said Andrew Amoils, head of research at New World Wealth.

“Remarkably, US cities have significantly outperformed other Western cities in terms of overall wealth and millionaire growth over the past decade,” Amoils said.

Here is the full ranking of the richest cities in the world:

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