The World’s Most Liveable Cities for 2024
An IMGW News Report
Vienna has once again been crowned the world’s most liveable city, according to the latest Economist Intelligence Unit (EIU) rankings. This year’s evaluation also factors in lifestyle, personal freedoms, and the number of museums per capita, providing a comprehensive view of a city’s overall quality of life.
When studying patterns indicating preferences for cities or countries where people yearn to live, it is crucial to factor in non-economic or fiscal variables. While economic opportunities and tax benefits are significant motivators for many migrants, they are not the sole reasons for relocation. This comprehensive approach to evaluating liveability provides a more accurate reflection of why people choose certain cities or countries as their new homes.
The Austrian capital has clinched the top spot for the third consecutive year, achieving perfect scores in four out of five categories. However, it was rated slightly lower for its cultural and environmental offerings, mainly due to a perceived lack of major sporting events. These rankings take into account various non-economic variables, such as culture, gastronomy, personal freedoms, and political stability, sourced from IMGW’s in-house data, UNESCO (museums per capita), Chef’s Pencil (Michelin Star restaurants per capita), Equaldex.com (LGBT Equality Index), and Brandirectory.com (Soft Power Index).
Lifestyle Choices: The Allure of Culinary Delights
Culinary prowess may not be the primary reason people choose a city or nation, but the concentration of quality eateries reflects lifestyle sophistication. The Grand Duchy of Luxembourg, a small yet wealthy Benelux country, boasts the second-highest concentration of Michelin-starred restaurants globally and the highest in Europe, with nine Michelin-starred establishments for a population of 625,000.
Switzerland ranks third worldwide and second in Europe, with one Michelin-starred restaurant per 72,000 people, growing from 95 to 119 starred establishments in five years. Belgium, more renowned for its beer and chocolate, ranks fourth globally and third in Europe with 127 Michelin-starred restaurants, including two with three stars and 23 with two stars.
Malta impressively ranks fifth, with one Michelin-starred restaurant per 103,000 inhabitants, surpassing culinary giants like France, Italy, and Spain. The island nation has five one-star Michelin restaurants for its 500,000 population.
Singapore ranks seventh worldwide and second in Asia, expanding from 29 to 49 Michelin-starred restaurants since its first Michelin Guide appearance in 2016.
The Netherlands, though not as famous for its cuisine, ranks eighth worldwide and sixth in Europe for Michelin-starred restaurants per capita, reflecting a strong fine dining scene.
Beyond Fiscal Reasons: The Allure of Migration Destinations
There are, of course, economic migrants—people moving from desolate areas, places affected by war like Syria or Ukraine, or from sub-Saharan Africa—seeking better lives in greener pastures. But there are also more affluent migrants who have the means to choose where to relocate, where to grow their families, businesses, and lives. Take investment migration, especially Residency by Investment, as an example: Do people move from China or Russia to Europe, Australia, Canada, the Gulf, or the Caribbean simply for fiscal reasons? Or do they consider lifestyle advancements, personal freedoms, and new cultures?
Investment migration trends show that many individuals and families seek countries with high standards of living, political stability, and robust personal freedoms. The appeal of vibrant cultures, excellent healthcare systems, and educational opportunities also play critical roles in these decisions.
This year is shaping up to be a watershed moment in the global migration of wealth. As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers, seeking greener pastures and safer harbours for their assets and family interests. The conflicts in Ukraine and Gaza, far from being isolated and contained battlegrounds, have drawn in major world powers and are threatening to escalate into broader regional and possibly even global conflagrations. At the same time, growing polarization and fragmentation across many of the world’s nations are eroding social cohesion more generally, fueling a rising sense of unease and anxiety.
An unprecedented 128,000 millionaires are expected to relocate in 2024, eclipsing the previous record of 120,000 set in 2023. To put this in perspective, it’s a 16% increase from the 110,000 who moved to a new country in the pre-pandemic days of 2019. This great millionaire migration is a canary in the coal mine, signalling a profound shift in the global landscape and tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home. As these moneyed migrants take flight, they carry with them not just their fortunes, but also their expertise, networks, and dynamism which has a direct impact on the economic vitality of any country.
Harnessing Millionaire Migration for Nation-Building
In the high-stakes competition for global wealth, investment migration has emerged as a powerful tool for countries seeking to attract and retain the world’s millionaires. These programs offer a mutually beneficial exchange: for investors, a golden ticket to a new life of stability and opportunity; for host nations, a vital injection of capital and talent to fuel economic dynamism.
The benefits are manifold. Investment migration provides a debt-free source of funding for governments, enabling them to finance key priorities from infrastructure to sustainability without burdening future generations. By tailoring these programs to their unique needs, countries can strategically direct capital inflows to where they will have the greatest impact, whether that’s kickstarting new industries, revitalising left-behind regions, or scaling up green energy projects.
Millionaire migration also brings a host of spillover benefits, from job creation and knowledge transfer to reputational gains that can put a country on the map as a hub of innovation and opportunity. Just as nations vie to attract digital nomads with special visas, investment migration offers a proven path to secure the commitment and investment of the world’s wealthy.
The Transformative Effects of Investment Migration
There is no doubt that investment migration can serve as a powerful mechanism to enable individual connectedness and economic diversification. By attracting wealthy residents and their capital, key sectors such as real estate, renewable energy, technology, and tourism tend to flourish. An influx of investment and skilled individuals can significantly contribute to the region’s economic transformation.
The rise of the UAE is a testament to this. With its sights firmly set on becoming the world’s top wealth haven, the UAE is pulling out all the stops to attract millionaires, from an attractive golden visa offering and luxurious living to a business-friendly environment in a strategic location. The results speak for themselves: the UAE is poised to welcome a record net inflow of 6,700 millionaires in 2024, cementing its status as a dynamic sovereign wealth magnet.
On the flip side, some nations are grappling with a worrying exodus of wealth. China is forecast to see a net outflow of 15,200 millionaires in 2024 as slowing growth, geopolitical tensions, and the lure of overseas opportunities prompt many to seek new pastures. The UK, meanwhile, is bracing itself for a net loss of 9,500 millionaires, driven by a perfect storm of Brexit fallout, political uncertainty, and a controversial overhaul of the non-domicile tax regime. The message is clear: in this new era of unprecedented millionaire migration, complacency is a luxury no nation can afford.
Navigating the New Normal: Strategies for a World in Flux
Looking ahead, the great wealth migration across borders shows no signs of slowing down. An estimated 135,000 millionaires are projected to relocate in 2025, underscoring the reality that in an age of uncertainty, mobility is the ultimate asset.
For countries seeking to ride this wave towards greater economic prosperity, a proactive and holistic approach to investment migration will be key. It’s not enough to dangle tax breaks and golden visas; the winners in this race will be those who are able to craft compelling, 360-degree value propositions that cater to the full spectrum of millionaire drivers, from fortune protection and business growth to lifestyle and legacy.
The countries that adapt and innovate will be the ones that thrive in this new world. By harnessing investment migration as a catalyst for growth and transformation, nations can not only weather the storms of change but chart a course to a more prosperous, sustainable, and resilient future.
Contenders for Top ‘Most Liveable’ Cities:
(1) Vienna, Austria
- Perfect scores in stability, healthcare, education, and infrastructure.
- Austria boasts a high Soft Power Index (27th globally), showcasing its influence in culture and diplomacy.
(2) Copenhagen, Denmark
- High marks for stability, healthcare, education, and infrastructure.
- Denmark ranks highly on the Soft Power Index (18th globally), reflecting its rich cultural heritage and social freedoms.
(3) Zurich, Switzerland
- Strong performance in education and healthcare.
- Switzerland holds a high Soft Power Index (8th globally), underscoring its political stability and high standard of living.
(4) Melbourne, Australia
- Dropped from third place but still noted for its excellent quality of life.
- Australia has a commendable Soft Power Index (13th globally), enriched by its vibrant culture and renowned gastronomy.
(5) Calgary, Canada / Geneva, Switzerland
- Tied for fifth place, celebrated for their liveability factors.
- Canada enjoys a high Soft Power Index (7th globally), reflecting its multicultural society and personal freedoms.
(6) Vancouver, Canada / Sydney, Australia
- Joint seventh place, despite minor declines in infrastructure.
(7) Osaka, Japan (Soft Power Index 4th) / Auckland, New Zealand (Soft Power Index 21st)
- Joint ninth place, showing improvement from previous rankings.
Regional Highlights:
- Western Europe dominates the top rankings, with four cities in the top 10.
- Asia-Pacific cities like Melbourne, Osaka, Sydney, and Auckland make significant contributions.
- North American cities also perform well, with Vancouver, Calgary, and Toronto (12th place) standing out despite housing challenges.
Global Insights:
- Honolulu, Hawaii is the highest-ranking US city at 23rd place, followed by Atlanta, Georgia at 29th.
- London, UK ranks 45th, celebrated for its cultural presence, with a high number of museums and galleries per capita (47.9).
- Hong Kong has improved to 50th place, due to enhanced stability and healthcare scores.
- Middle Eastern cities like Abu Dhabi, Dubai, Riyadh, Jeddah, and Al Khobar have seen substantial score increases.
Conversely, Tel Aviv (Israel) experienced the largest drop, falling from 92nd to 112th. This decline is attributed to deteriorating scores in stability, culture and environment, and infrastructure, likely due to the damage from the Hamas attack on Israel in October 2023 and the subsequent war against Hamas in Gaza. Despite pressure to declare a ceasefire, Israel is expected to continue its campaign in Gaza in some form throughout 2024.
Cultural Insights:
- Australia is noted for its significant cultural offerings, including a high number of museums and galleries per capita (36.8) and a robust Soft Power Index (13).
- Spain boasts numerous Michelin stars per 1000 people (10) and rich cultural heritage (museums and galleries per capita: 37.1).
- USA excels in cultural influence, leading with the highest number of museums and galleries per capita (101.1) among the top cities.
- Italy also ranks highly for its cultural contributions, featuring numerous Michelin stars (9) and a significant number of museums and galleries (52.9).
Countries to Watch:
The biggest improvement since last year has been in the island city of Hong Kong, which has risen from 61st to 50th place due to better scores in stability and healthcare. Other Asian cities like Singapore, Ho Chi Minh City, and Bangalore also saw improvements in healthcare or education indicators, boosting their rankings.
Conclusion
Cities at the bottom of the list, including Tripoli, Libya, and Damascus, Syria, continue to face severe liveability challenges with little improvement in sight. These rankings underscore the importance of not just economic factors, but also cultural richness, personal freedoms, and political stability in determining the quality of life in cities around the world.
