Milan, a global capital of fashion and design, is renowned for its dynamic economy, rich cultural heritage, and vibrant urban life. As a key financial and commercial hub in northern Italy, the city significantly influences both the national and European economies. Major international events such as Milan Fashion Week and the Salone del Mobile enhance the city’s reputation as a centre for quality products, attracting global attention and boosting economic growth.
But how does Milan measure up in terms of economic performance, urban sustainability, and city brand strength and reputation according to leading rankings and indices?
Let’s explore:
- Milan’s economic competitiveness and financial performance
- Its city brand strength and reputation
- Livability: How appealing is it to talent, visitors, and locals?
Economic Competitiveness and Financial Performance
According to the Global Financial Centres Index 35, Milan holds the 55th spot overall, a decline of ten places. In Fintech, the city is at 46th, dropping five spots from its previous rank.
In the Innovation Cities Index 2022-2023 by 2thinknow, Milan shines at 27th place, making an impressive leap of 36 positions, highlighting its growing innovation sector.
City Brand Strength and Reputation
The 2024 World’s Best Cities Report by Resonance ranks Milan 22nd overall. The city excels in Livability (9th) and Lovability (24th) but shows room for growth in Prosperity (141st).
Kearney’s 2023 Global Cities Index places Milan at 35th, improving by eleven spots. In the Global Cities Outlook, the city climbs to 37th, again rising by eleven positions.
In the Global Power City Index 2023, Milan is ranked 33rd. It stands out in Cultural Interaction (24th) and Livability (13th). However, there are opportunities for improvement in Research and Development (35th) and Economy (36th).
According to Brand Finance’s City Index 2023, Milan ranks 19th, reflecting its strong brand recognition and global appeal.
Livability
The Mercer Quality of Living City Ranking places Milan 44th. Meanwhile, the Mercer Cost of Living Ranking lists it at 49th, showing a slight drop of one position.
The Best Urban Cities for Digital Nomads ranking by Spot a Home ranks Milan 47th overall. It appeals to individuals interested in Migrant Acceptance (7.32), Average Rental Cost for a 1-Bedroom Apartment (7.23), and Quality of Coworking Spaces (6.41). However, it is less attractive for those focused on Startup Score (0.41) and Internet Speed (2.22).
Monocle Magazine’s 2024 Quality of Life Survey praises Milan, placing it 19th and recognising it as Italy’s most livable city. Although it faces challenges with crime and air quality, the city is taking positive steps to improve accessibility with more pedestrian areas, additional bike lanes, and the renovation of open and green spaces.
In the IESE Cities in Motion Index 2024, Milan is ranked 64th overall, performing well in Human Capital (22nd), Mobility and Transportation (24th), and International Profile (26th). There is, however, room for growth in Technology (102nd), Governance (95th), and Social Cohesion and Environment (tied 91st).
The Arcadis Sustainability City Index 2022 ranks the city 51st overall, with specific rankings of 21st in Planet, 39th in People, and 71st in Profit.
In 2024, the Times Higher Education ranking placed the Politecnico di Milano in its 201-250 bracket and the University of Milan in the 351-400 bracket. Meanwhile, the QS World University ranking positions the Politecnico di Milano 111th and the University of Milan 285th.
Last updated in July 2024. Explore more city profiles here.
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Disclaimer: The information in this article is intended to provide a general overview of Milan’s economic and cultural landscape and facilitate comparison over time. While we strive for accuracy and completeness, we are not responsible for any typographical errors or inaccuracies. The data is provided “as is” without warranty of any kind. Users should verify any information before relying on it for decision-making purposes.
