Austin has solidified its place as "the hometown of the American dream" following another year of success in the economic, educational, and tech industry sectors, according to a prestigious report by Canada-based real estate and tourism marketing advisors Resonance Consultancy.

The annual "World's Best Cities" report quantifies the relative qualities of place, reputation, and competitive identity for the world's principal cities with metropolitan populations of 1 million or more.

London topped the list again for 2024, followed by Paris (No. 2), New York (No. 3), Tokyo (No. 4), and Singapore (No. 5).

Austin maintained its position in the top 50, ranking No. 43 for the second year in a row.

"The rebellious Texas city — forged by can do persistence cut with a university town’s progressive livability — is now a well-oiled talent-attraction machine," the report's author wrote. "Talk to any entrepreneur leaving Silicon Valley, NYC or Seattle and chances are they’ve considered Austin."

Dozens of tech firms, the report says, have been joining the ranks of major employers in flocking to "Silicon Hills." Oracle, Google, Tesla, Samsung, and Apple all have headquarters based in Austin, and the influx of semiconductors and electric vehicle manufacturers doesn't seem to be slowing down anytime soon.

The report praised Austin's local music scene and the consistently high-ranking University of Texas at Austin, which earned No. 2 in U.S. News and World Report's list of the best colleges in the state, and ranked No. 32 nationally.

"[UT Austin] is also a talent magnet, focusing on research and a growing skills pipeline to the symbiotic private sector," the report said.

The report also mentioned the addition of two major high rise towers that will be adding prestige (and luxury housing) to the city's skyline: The Waterline and Wilson Tower.

Dallas and Houston also earned spots on the World's Best Cities list for 2024, but took a significant tumble from the previous year's rankings. Dallas fell from No. 47 in last year's report to its current rank as No. 73. Houston went from No. 42 last year to No. 66.

The top 10 best cities in the world, according to Resonance Consultancy, are:

• No. 1 – London, United Kingdom
• No. 2 – Paris, France
• No. 3 – New York, New York
• No. 4 – Tokyo, Japan
• No. 5 – Singapore
• No. 6 – Dubai, United Arab Emirates
• No. 7 – San Francisco, California
• No. 8 – Barcelona, Spain
• No. 9 – Amsterdam, Netherlands
• No. 10 – Seoul, South Korea