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 what do international rankings and indices have to say about Milan in terms of its economic performance, sustainability, city brand strength, and reputation?
Overview of Milan’s Performance & Potential
The following table offers an overview of Milan’s overall performance across various international rankings. For a deeper analysis, our custom reports provide tailored insights for specific contexts, such as cities, regions, or countries.
| Ranking | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Brand Finance Global City Index | – | – | – | – | 19 | 21 | – |
| Resonance World’s Best Cities | – | 31 | 29 | 22 | 22 | 20 | 20 |
| Global Financial Centres Index | – | 42 | 26 | 40 | 50 | 55 | 54 |
| 2Thinknow Innovation Cities Index | 29 | – | 63 | – | 27 | – | – |
| Kearney Global Cities Index | 41 | 48 | 44 | 46 | 35 | 28 | – |
| Mercer Quality of Living Ranking | 41 | – | – | – | 44 | 42 | – |
| Mercer Cost of Living Ranking | 45 | 47 | 36 | 48 | 49 | 57 | – |
| Numbeo Cost of Living Index | – | 47 | 56 | 117 | 88 | 79 | 68 |
| Numbeo Quality of Life Index | – | 161 | 185 | 184 | 181 | 158 | 198 |
| IESE Cities in Motion Index | 41 | 42 | – | 57 | – | 64 | 61 |
| Arcadis Sustainable Cities Index | – | – | – | 51 | – | 55 | – |
City Brand Strength
Milan’s international stature continues to strengthen, supported by its influential design and fashion industries, economic dynamism, and cultural depth. In the World’s Best Cities 2025 report by Resonance Consultancy, Milan ranks 20th, reflecting its appeal as a global destination for lifestyle, creativity, and commerce.
The city also advanced to 28th in Kearney’s Global Power City Index 2024, up from 35th the previous year—signaling growing global influence in business, mobility, and human capital. Meanwhile, Brand Finance’s Global City Index 2024 positions Milan at 21st worldwide, affirming its rising brand strength and recognition as a cosmopolitan European hub with global impact.
Appeal to Investors and Business
Milan is reinforcing its position as a global hub for innovation and finance. Ranked 27th in 2Thinknow’s Innovation Cities 2023 Index, the city stands out for its strengths in design, fashion, and industrial tech, supported by a growing startup ecosystem and strong academic institutions.
In the GFCI 37 Rank ranking, Milan is placed 54th, reflecting moderate influence in global financial services. While there is room to grow as a financial centre, Milan’s strategic location in Europe, business-friendly environment, and leadership in creative industries continue to drive its international relevance.
Appeal to Talent
Milan offers a sophisticated urban lifestyle rooted in design, fashion, and economic dynamism, while also facing ongoing challenges in quality of life and affordability. The city ranks 42nd in Mercer’s Quality of Living Ranking 2024, reflecting strengths in healthcare, infrastructure, and cultural amenities. However, its position at 198th in Numbeo’s Quality of Life Index 2025 signals resident concerns around factors such as pollution, traffic, and cost pressures.
Affordability is a mixed picture: Milan ranks 57th in Mercer’s Cost of Living Ranking 2024 and 68th in Numbeo’s Cost of Living Index 2025, indicating moderate but rising expenses across housing, services, and daily goods—important considerations as the city competes to attract talent and investment.
Urban Sustainability
Milan is gradually enhancing its sustainability profile and smart city capabilities, though some systemic challenges persist. Ranked 55th in the Arcadis Sustainable Cities Index 2024, the city shows strength in areas such as green mobility, waste management, and urban regeneration—but continues to face pressure from air pollution, traffic congestion, and limited green space.
In the IESE Cities in Motion Index 2025, Milan ranks 61st, reflecting moderate progress in digital infrastructure, governance, and human capital.
Our Key Takeaways
Milan is cementing its role as one of Europe’s key global cities, celebrated for its design excellence, economic strength, and evolving sustainability agenda. With continued advancements in smart city infrastructure, green mobility, and cultural capital, Milan is well-positioned to grow its international influence and competitiveness.
Strengths: Global fashion and design hub, strong manufacturing and financial sectors.
Weaknesses: Air pollution, traffic congestion, limited green spaces.
Opportunities: Urban regeneration, digital innovation, and enhanced EU connectivity.
Threats: Air quality issues, economic uncertainty in the Eurozone
Last updated in July 2025. 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, the data is provided “as is” without warranty of any kind. Please verify any information before relying on it for decision-making purposes.
