Melbourne, the second-largest city in Australia after Sydney, is known for its lively cultural scene and its economic dynamism. Declared in 2018 as the world’s second most livable city by the EIU’s Global Liveability Index, how does Australia’s “cool kid” perform in innovation, global influence, and sustainability, according to leading rankings and indices?
Let’s take a closer look at:
- Economic competitiveness and financial performance
- City brand strength and global attractiveness
- Livability: Melbourne’s appeal for talent, visitors, locals
Competitiveness and financial performance
How attractive is Melbourne as a place to work and do business?
The Global Financial Centres Index 34 ranks Melbourne 39th, dropping eleven positions from the previous ranking – currently between Montreal (38th) and Stockholm (40th). It holds the 12th position in the Asian/Pacific region.
According to 2thinknow’s Innovation Cities Index 2022-2023 Melbourne ranks 23rd, a jump of 10 positions from the previous ranking. The city now sits in between Dallas-Fort Worth (22nd) and Montreal (24th).
City brand strength and global reputation
Resonance’s 2023 World’s Best Cities Report ranks Melbourne 31st overall, scoring 15th for University and 15th for Google Search. It currently sits just behind Munich (30th), and above Lisbon (32nd).
Kearney’s 2023 Global Cities Report ranks Melbourne 9th, a drop of one position from the previous ranking, sitting right behind Los Angeles (8th), and above Hong Kong (10th). Also, the city ranked 34th in the same firm’s Global Cities Outlook, a drop of two positions since the previous ranking.
The Global Power City Index ranks Melbourne 9th. In terms of function-specific rankings, the city fares 23rd in terms of Economy, 16th in R&D, 22nd in Cultural Interaction, 17th in Livability, 6th in Environment, and 17th in Accessibility.
Most notably, Melbourne ranks 1st for Urban Greenery, being highly regarded among Residents (2nd) Skilled Workers (9th), Corporate Executives (20th) and Visitors (19th).
According to Brand Finance’s City Index 2023, Melbourne ranks 16th globally with a score of 72.1/100, sitting in between Chicago (15th) and Zurich (17th).
Livability: how attractive to live, work and study?
The Mercer Quality of Living City Ranking places Melbourne 20th, tying with Montreal. The same firm’s Cost of Living Ranking finds Melbourne 71st, sitting just behind Noumea (70th), and above Portland (72nd). The cost living survey reports that factors such as currency fluctuations, cost inflation for goods and services, and instability of accommodation prices are key to determine the cost of expat packages for employees on international assignment.
According to the Best Urban Cities for Digital Nomads ranking by Spot a Home, Melbourne ranks 20th out of 56 cities globally. It currently sits between Montreal (19th) and Berlin (21st).
The Arcadis Sustainability City Index 2022 ranks it 60th overall, sitting in between Houston (59th) and Budapest (61st). Melbourne’s pillar rankings are the following: Planet 50th, People 61st, and Profit 43rd. Its strengths are: Health and income equality, while affordability, transport, and Wi-Fi are all areas which could be improved.
Lastly, Melbourne is home to one of the best universities in the world. The Times Higher Education ranking considers the University of Melbourne 37th, whereas the QS World University ranking puts it at at a very strong 17th place.
Last updated in January 2024. More city profiles here.
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