A study of global prices across 47 cities published by Deutsche Bank examined everything from salaries and rents to cheap dates and weekend breaks.
Edinburgh was ranked 24th worldwide in terms of salary, with the typical pay net of taxes reaching $2,293 (£1,776) a year - just 53 per cent of that earned by an average New Yorker and almost a third of the amount paid to someone working in Zurich, Switzerland, which topped the list.
However, Edinburgh’s low commuting time meant citizens spend the least amount of time travelling to work of any of the 47 cities analysed. In terms of healthcare satisfaction, Edinburgh ranks second and is third in terms of its pollution levels.
Deutsche Bank said Edinburgh also scored sixth on property prices against income and tenth in terms of safety - but scores lowest on climate and cost of living at 24th and 25th on the list.
However, perhaps surprisingly, the Quality of Life index excluding a ranking relating to climate, saw Edinburgh fall one place to third - with the popularity of its weather boosting it to second.
The report said: “[Edinburgh] is a consistent all rounder. Decent opportunities, average costs but less stressful living/working conditions assuming you agree with the climate score.”
It added: “There is no perfect way of calculating this but we wanted to stimulate debate and highlight how cities rank on subjective quality-of-life variables.”
The study also looked at costs such as a typical date, with Edinburgh ranking 14th most expensive to wine and dine a loved one.
It said that the world’s “mega cities” like Tokyo New York, Paris, London, Shanghai and Mumbai rank very low mostly due to high living costs, crime, pollution and commuting time.
The report added: “One person’s long commute may be another person’s chance to catch-up on Netflix. Megacity dwellers may also forsake short-term quality of life for aspirational reasons with these cities providing more upside rewards from the average for those most successful.”
It said that its ‘bad habits’ index of cigarettes and beers was most costly in Australia, New Zealand and Singapore, which such vices were cheapest in the Czech Republic and South Africa. Petrol costs most in Hong Kong and public transport most in London, which slipped out of the top 10 highest average salaries after currency movements following the Brexit referendum.
Malcolm Roughead, chief executive of VisitScotland, said: “From stunning greenspaces to fantastic food and drink, it is easy to see why Edinburgh has ranked so highly in this quality-of-life study.”
He added: “With phenomenal festivals, world class attractions and two UNESCO World Heritage sites, Scotland’s capital has plenty for visitors to enjoy too.”
World cities with the best quality of life
1) Wellington, New Zealand
2) Edinburgh, UK
3) Vienna, Austria
4) Melbourne, Australia
5) Zurich, Switzerland
6) Copenhagen, Denmark
7) Ottawa, Canada
8) Boston, United States
9) Amsterdam, Netherlands