Sydney is Australia's only "superstar" city, punching above its weight in economic value, while Melbourne remains a "regional hub", according to a report by global consulting giant McKinsey.

The analysis of 3000 big cities around the world relied primarily on gross domestic product and personal income per capita, and placed Sydney among a group of 50 elite cities that are "pulling away from the pack".

McKinsey named Sydney as the only "superstar" city in Australasia. Credit:Shutterstock

The group includes large financial capitals such as London, New York and Hong Kong, but also smaller cities such as Osaka, Atlanta and Riyadh that are outpacing their peers.

A common factors in the most successful cities was income growth - often from real estate, dividends and investments as well as high wages, according to McKinsey and Company.