So far, there is no absolute favourite city to me, among the cities I have visited so far in two countries (Bangladesh and Oman). I have never visited any cities from the "developed countries".
However, we need to make our living city the favourite one, just for mental satisfaction :)
Yeah thats a good point Dr. There can be many different benefits to liking a city too if you are familiar with it or have family there etc. too. :)