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World University Rankings 2024

The Times Higher Education World University Rankings 2024 include 1,906 universities across 108 countries and regions.

The table is based on our new WUR 3.0 methodology , which includes 18 carefully calibrated performance indicators that measure an institution’s performance across five areas: teaching, research environment, research quality, industry, and international outlook.

This year’s ranking analysed more than 134 million citations across 16.5 million research publications and included survey responses from 68,402 scholars globally. Overall, we collected 411,789 datapoints from more than 2,673 institutions that submitted data.

Trusted worldwide by students, teachers, governments and industry experts, the 2024 league table reveals how the global higher education landscape is shifting.

View the World University Rankings 2024 methodology

The University of Oxford tops the ranking for the eighth year in a row, but others in the top five have seen shifts in their ranks. Stanford University moves up to second place, pushing Harvard University down to fourth.

The Massachusetts Institute of Technology (MIT) climbs up two places to third this year. The University of Cambridge slips to fifth place, after being in joint third place last year.

The highest new entry is Italy’s Catholic University of the Sacred Heart, ranked in the 301-350 bracket. However, the majority of the institutions joining the ranking for the first time this year are in Asia.

The US is the most-represented country overall, with 169 institutions, and also the most-represented in the top 200 (56). With 91 institutions, India is now the fourth most-represented nation, overtaking China (86).

Four countries enter the ranking for the first time – all of them in Europe. The addition of Kosovo, Bosnia and Herzegovina, North Macedonia and Armenia is in contrast to last year’s trend when all the new entrants were from Africa.

Stanford University leads the teaching pillar, while the universities of Oxford and Cambridge come top for research environment. The research quality pillar, which is the newly renamed citations pillar, sees MIT in first place.

The University of Sharjah in the United Arab Emirates scores highest in international outlook, while 28 institutions receive a top score of 100 for the industry pillar.

In addition to the 1,904 ranked institutions, a further 769 universities are listed with “reporter” status, meaning that they provided data but did not meet our eligibility criteria to receive a rank, and agreed to be displayed as a reporter in the final table.

Read our analysis of the World University Rankings 2024 results

Download a copy of the World University Rankings 2024 digital report

To raise your university’s global profile with Times Higher Education , contact [email protected]

To unlock the data behind THE’s rankings and access a range of analytical and benchmarking tools, click here

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• World University Rankings 2024: a broader look at research quality
• World University Rankings 2024: Australia over-achieves in research
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• Talking leadership: David Garza on enticing top scholars to Mexico
• HKUST head: universities must ignite the sparks of innovation
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• Lagos v-c: Nigerian universities must hustle for funding
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20 Best Doctor of Economics Graduate Schools

Reviewed by David Krug David Krug is a seasoned expert with 20 years in educational technology (EdTech). His career spans the pivotal years of technology integration in education, where he has played a key role in advancing student-centric learning solutions. David's expertise lies in marrying technological innovation with pedagogical effectiveness, making him a valuable asset in transforming educational experiences. As an advisor for enrollment startups, David provides strategic guidance, helping these companies navigate the complexities of the education sector. His insights are crucial in developing impactful and sustainable enrollment strategies.

Updated: June 13, 2024 , Reading time: 37 minutes

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Data Points:

• A PhD in Economics takes five to six years * to earn. Students spend two years completing their coursework, and conduct research and dissertation in the remaining years.
• The federal government (27%) is the largest employer ** of economists. About 20% of them are hired by management, scientific, and technical consulting services. Scientific research and development services employ 11% of economists. Some 17% of them also work in state and local governments.
• In 2022, there were 33,345 economists *** in the US. Of these, 34.8% are women and 65.2% are men.

The Doctor of Economics (Doctor of Economics, Ph.D.) is an advanced, terminal degree representing the highest level of academic achievement in economics. It can open doors to research, teaching, and consulting opportunities in the field of economics and beyond.

A doctorate program in Economics usually takes about 5 to 6 years to complete. The first two or three years are spent fulfilling coursework requirements. The first year of study is usually dedicated to completing the trifecta of economics basics: macroeconomics, microeconomics and econometrics. 

The second doctorate year is dedicated to completing the coursework requirements of the chosen field major(s) and or the electives. The chosen majors are usually indicators of the student’s research direction or field of interest.

If the electives are separate from the majors in the curriculum – and these usually are – they serve the purpose of augmenting the student’s learning and background in preparation for further research and the dissertation requirement. 

Quick audio summary:

The third year of study usually finds students either completing the electives and major courses or writing and defending a third-year paper, which helps students prepare for the dissertation proposal.

The dissertation proposal presentation usually takes place in the fourth year, while the fifth and sixth years (and sometimes, the seventh year) are spent executing the approved research plan and writing the final paper to the dissertation committee.

When the dissertation has been accepted, the title of Doctorate in Economics is conferred. 

Exams are also important milestones within the program. Usually, one or two preliminary exams are administered between the second and third years.

These preliminary exams test a student’s comprehension of macroeconomics and the courses taken as part of the field majors and elective requirements. The oral exam, usually administered between the third and fourth years, represents the dissertation proposal defense. 

METHODOLOGY

• For each school, the research areas or fields with the greatest faculty involvement are mentioned as a guide for students to help them decide on their research direction and prospective thesis adviser. Certain schools are known to specialize in some areas, or some areas will have a high faculty research involvement and, thus, denotes a strong research area for that school’s economics department. 
• Published works in peer-reviewed journals, 
• The number of research areas available in a school’s economics department, also the number of inter-disciplinary research areas available, signifies that the department embraces the integration and application of economics with other relevant disciplines, thus providing a more holistic, interconnected, timely and modern understanding of economics as it relates with relevant disciplines like finance, politics, policy, sociology, sustainability, health, business, information systems, entertainment (games, auctions) and even neuroscience (as it relates to the physiology of decision-making),
• Side note: this is why Caltech tops this list, while it is not a prominent name  in traditional and semi-contemporary economics research, it does groundbreaking work in integrating economics with the abovementioned fields, especially with neuroscience, which should open the doors for more collaborative studies in these particular fields
• The number of research centers or institutes a school’s economics department has or with which it is affiliated, 
• The number of fellows or researchers or associates in professional societies and national agencies like the National Academy of Sciences, or the National Bureau of Economics Research, the American Economic Association and other societies; the number of Nobel laureates for Economics are also factored in the ranking,
• R&D expenditures , whether privately or federally financed, also denotes research activity and thus, research contribution,
• The school’s prominence in various academic ranking reports is also a factor (averaged) in the rankings. 
• Since many schools are tied based on the methodology itemized above, many schools are clustered together and share the same ranking (numbers 2, 3, and 5). For those that are clustered in one ranking, they are listed alphabetically. 

THE 20 BEST DOCTOR OF ECONOMICS GRADUATE SCHOOLS

California institute of technology (caltech) division of the humanities and social sciences.

Pasadena CA

Ph.D. in  Social Sciences (focus on Economics)

Caltech’s Division of Humanities and Social Sciences (HSS) is home to the field of experimental economics, thanks to its alumnus Vernon Smith of class 1949, who pioneered the use of human test subjects to investigate the interaction between markets and economic and financial institutions. In 2002, he was awarded the Nobel Prize in Economics for this groundbreaking research method today. 

• Caltech offers a Ph.D. program in Social Sciences that takes a modern and collaborative approach to economics by enveloping it in an all-encompassing program covering economics, political economy, history, political science, psychology, law, policy and even anthropology. 
• The program also employs an innovative approach to economic research through laboratory experiments and neuro-imaging technology.
• Applicants and incoming Ph.D. students should demonstrate a solid background in calculus (four semesters), linear algebra, mathematical statistics and real analysis. 
• Applied Microeconomics
• Business, Economics and Management
• Economics and Computer Science
• Economic History
• Economic Theory
• Political Economy
• Social and Decision Neuroscience
• Statistical Methodology
• Faculty involvement in these research areas is highest with the first two fields mentioned.

Standout Features of the Program:

The faculty in charge of the Ph.D. SS program is comprised of nearly 40 professors and researchers hailing from various disciplines –  from economics, finance, social science, computational sciences (math and statistics), political science to neuroscience. The majority of the faculty are specialists in economics, with about a fifth of the faculty being specialists in neuroscience. 

The basic operator of economics is decision-making, and Caltech’s HSS Division recognizes that. In line with its tradition of innovation and breaking ground, HSS offers an alternative to the Social Science Ph.D. program, the Ph.D. program in Social and Decision Neuroscience. Students under this program will learn how to devise neurocomputational models and integrate mathematics, statistics, neuroscience, and information science to get to the bottom of human decision-making abilities – the triggers, the stimulants, and the nuances.

Harvard University Department of Economics

Cambridge, MA

Ph.D. in Economics

Since its establishment in 1897, Harvard’s Department of Economics has been consistently regarded as one of, if not the most selective Economics Ph.D. program in the U.S. today.

It offers courses and programs at every level, taught by nearly 60 faculty members who are renowned industry economists and or researchers. 

• Applicants must possess an above-undergraduate level of understanding of economics. They are also required to have research experience, whether at the helm or as a research assistant.
• Mathematics courses are also required, with the minimum being linear algebra and calculus, but the more mathematics courses are taken at the undergraduate and master’s levels, the better. A background in probability, statistics and computer programming may also be advantageous. 
• Additionally, a major requirement for admission is a 15-page writing sample.
• Second-year students are expected to elect two concentrations or emphases and enroll in courses related to these. 
• Third-year students are required to apply for teaching fellowships.

The department faculty does research in a wide array of fields in economics, such as labor economics, public economics, macroeconomics, and behavioral economics, among others.  These are also the four research areas with the highest activity based on faculty involvement.

The department is involved in four research initiatives that study how human behavior , big data , public policy , and microeconomics impact the discipline of economics as a whole and vice-versa. The department’s esteemed academe leads these initiatives, with one of the four centers, the German Administrative Data Project , representing an investigative collaboration between Harvard Economics and the German Federal Employment Agency. 

Princeton University  Economics Department

Princeton, NJ

Princeton Economics has always been at the forefront of economic research and innovation. Two of its faculty members are Nobel laureates, and the department consistently publishes research in various esteemed publications such as the Journal of Economic Dynamics and Control and the American Economic Review , to name a few. 

• The graduate program in Economics is one of the most highly selective, as it only accepts a maximum of 25 students per year. 
• Students are expected to receive financial support throughout their freshman year through fellowships. The fellowship funding may also be extended during the summer term to help fund their research activities. 
• The program is a straightforward doctorate program with no option for a master’s degree. 
• Students can choose from any of the 28 research areas , which, aside from the traditional research areas, also include contemporary subfields like health economics, environmental and energy economics, political economy of China, structural microeconomics and, urban and spatial economics.

Princeton Economics consists of 80 faculty members actively researching various economic fields, as mentioned above. Many of the department’s research concentrates on financial economics, political economy, economic theory, and labor economics. 

Princeton Economics is affiliated with 16 research centers that touch on the various facets of economics, such as macroeconomics, international economics , and public policy. Under public policy alone, there are three research centers: Princeton Program in Public Finance , Julis-Rabinowitz Center for Public Policy & Finance , and the Griswold Center for Economic Policy Studies . 

University of California Berkeley Department of Economics

Berkeley, CA

Berkeley Economics is a pioneering force in diversity and equality. Soon after its establishment in 1903, the department was home to Berkeley’s first female full-time professor, Dr. Jessica Peixotto. Female faculty members would then flock to Berkeley Economics in waves – first, before WWI, and second in the early ’70s.

• The Ph.D. program in Economics usually takes six years to complete, with the first three devoted to coursework and electing preferred research fields in preparation for doctoral candidacy, while the last three years are devoted to completing the dissertation.
• First-year students are required to take courses in the following areas: macroeconomics, microeconomics, mathematics for economics, econometrics, theory, history and research in economics.
• Second-year students are expected to undergo examinations for their chosen fields. They can choose two from the 23 areas offered by the department, which also include alternative fields like Urban and Regional Economics, Health Economics, City and Regional Planning, Education and Economics, and Resource Economics.
• Third-year students are expected to complete the required semester-long Departmental Seminars (any available seminar for the current term). Only then will they be allowed to undergo the doctoral qualifying exams, mostly composed of the dissertation proposal.

Standout Features of  the Program:

Students can engage in any of the 18 research fields available within the department, including traditional fields like theory and econometrics, alongside contemporary fields like monetary theory and behavioral economics.

Research fields with the highest faculty involvement, ergo, research activity, are the fields of finance, international economics, labor economics, macroeconomics, and public economics. 

Berkeley Economics is affiliated with 14 research centers , which include the Opportunity Lab for policy research, the Econometrics Laboratory (EML) , and the Center for Effective Global Action , to name a few, which provides researchers an avenue for the practical application of economic research. 

University of Michigan Department of Economics

Ann Arbor, MI

Michigan’s Department of Economics comprises nearly 70 professor-researchers involved in the various fields of economics. The department does research in 14 areas , including traditional areas like labor economics and industrial organization (which are the fields with the greatest faculty involvement) and contemporary areas like health economics and environmental and resource economics.

• The Ph.D. program in Economics, while taught and offered by the Department of Economics, is administered by UM’s Rackham Graduate School. All applications will be screened centrally, which, for AY 2020, will not include or require GRE results. 
• The program also offers the option of double doctorates through its joint program offerings . Econ Ph.D. students can also choose to pursue a second Ph.D. in Business, Public Policy, or a field of their choosing through the Individually Interdependent Degree Program (IIDP) , also known as the Student Initiated Degree Program (SIDP).
• While first-year students are required to complete the traditional introductory courses (macro, micro, econometrics and math), second and third-year students are expected to complete courses in the various fields of economics, from advanced methods to monetary economics, labor economics, industrial organization, international economics, to public finance, among others. 

The Michigan Institute for Teaching and Research Education (MITRE) is a research hub out of UM Economics that houses faculty and student investigative work in various economic fields. It is also a teaching initiative that provides aspiring Econ instructors with valuable training and project collaborations.  It also provides funding for research, such as the William Haber Fellowship . 

UM, Economics has an impressive track record in job placement year after year. For AY 2019-2020, many of its graduates are now tenure-track faculty members in renowned universities such as Harvard, Stockholm University, and Tsinghua University, while some secured roles in public financial institutions like the Treasury Department, the Congressional Budget Office, the World Bank, and the International Monetary Fund, to name a few. 

University of Pennsylvania School of Arts and Sciences

Philadelphia, PA

Penn Economics is hailed as among the country and the world’s top schools for economics. Its prominence is mostly attributed to the three major economic research centers it houses or is affiliated with: the Penn Institute for Economic Research (PIER) , the Philadelphia Federal Statistical Research Data Center (PFSRDC) , and the Penn Initiative for the Study of Markets (PISM) .

Additionally, it is also the home of one of the world’s esteemed publications in economics, the International Economic Review (IER). 

• The Doctorate in Economics program is a straightforward graduate program with no option for a master’s degree. Also, only full-time enrollments are accepted into the program.
• First-year students must complete courses and the corresponding preliminary exams in econometrics, macroeconomics and microeconomics. 
• Second-year students are required to complete the Empirical Economics requirement , a set of courses that circle the application of economic theories and instruments on various actual economic institutions. 
• Third-year students are expected to complete workshop courses, while fourth-year students must complete their dissertation proposals before the spring term concludes. 

While the Penn Economics faculty does research mainly in four areas of economics – econometrics, macroeconomics, empirical microeconomics, and microeconomic theory, what makes the department and, by extension, the program, stand out is the faculty’s extensive involvement in published work, whether through books , papers , and publications in peer-reviewed journals . 

The International Economic Review (IER) is a product of Penn Economics and Osaka University published every quarter since 1960. It is a highly regarded, world-leading peer-reviewed journal in economics. 

Massachusetts Institute of Technology Department of Economics

Ph.D. in  Economics

MIT Economics has been at the forefront of civil service and research since the late 1800s, with the involvement of then Brigadier General and MIT President Francis Amasa Walker in the U.S. Census.

Amasa also established the American Economic Association and became its first president. Right around WWII, the department would then offer master’s and doctorate degrees in economics. 

• The Ph.D. in Economics program exposes students to rigorous research work as early as the first year of study. 
• First and second-year students are required to complete the following core courses: Micro Theory, Macro Theory, Econometrics, and Statistical Method in Economics & Applied Econometrics, as well as a course on Advanced Research and Communication. 
• Second-year students submit a research paper to fulfill the requirements for the Econometrics course.
• Students are also required to elect four concentrations or special fields – two majors and two minors – from which they need to complete the prescribed coursework. 

Students can select from any of the ten concentrations for their major and minor declarations. The fields also denote the research areas under which the department faculty are involved, with the areas of theory, macroeconomics, and international economics with the highest research activity. 

MIT Economics is home to five research centers .  Among these include the MIT-Central Banks collaboration World Economy Laboratory and the Center for Energy and Environmental Policy Research , which is the brainchild of three MIT schools and centers – Economics, the Energy Initiative, and the Sloan School. 

Yale University Department of Economics

New Haven CT

Yale University’s Department of Economics is composed of more than 50 faculty members who are experts in 14 areas of economics.  Among the department’s strongest and most active areas in terms of research are Industrial Organization, Microeconomics, Macroeconomics, and Public Economics.

• The Ph.D. in Economics program must be completed within six years of registration. Students must reside in New Haven for a minimum of three years during enrollment.
• Students must complete a minimum of six graduate courses in economics to be admitted into the second year of graduate studies. 
• All Yale graduate students are required to meet the “Two Honors” requirement. For Econ doctorate students, this means completing two economics graduate courses with a minimum grade of H-, which should be completed by the end of the second year. 
• The student’s third year should also complete the qualifying exam for doctoral candidacy. Students are given two attempts to take their first attempt as early as their second year.

Students can choose to do research in any of the department’s 13 research areas , including foundational fields in economics such as macroeconomics, microeconomics, econometrics,  economic history, and financial economics.

With a faculty comprised of 50 professors (both tenured and non-tenured) and an average Ph.D. enrollee count of 125, Yale Economics provides an optimum faculty/student ratio of one professor to two or three students. This optimum ratio is considered one of the best among all the economic schools in the U.S.

Brown University Department of Economics

Providence RI

Brown University’s Department of Economics is home to the Orlando Bravo Center for Economic Research , which is the university’s research hub for all things economics.

Brown Economics is also home to the editors of many of the discipline’s respected peer-reviewed journals like the American Economic Journal and the Journal of Economic Growth . 

• Brown University’s doctorate in Economics boasts strong research and training in economic analysis and theory.
• First-year students must complete the following courses: Econometrics, Macroeconomics, Microeconomics, Mathematics, and Applied Economics Analysis.
• Students are also required to attend seminars or colloquia , and they can choose from topics like macroeconomics, applied microeconomics, econometrics and economic theory. 
• Students can choose to research any of the five research areas the faculty are involved in. Finance, macroeconomics, applied microeconomics, econometrics, and experimental and economic theory. 

The Department of Economics is helmed by 30 esteemed faculty members , societal fellows, research grant recipients, and editors of academic literature (book and journals). Students will have no shortage in the choice of a thesis adviser. As for funding, students can consider applying for in-house funding through the Bravo Center Research Grant .

Students looking to do integrative research in population, policy development, and economics can engage with the university’s Population Studies and Training Center . Aside from demographics and social mobility, the center also tackles community-level issues like reproductive health and other national and global issues like health economics, urban economics, environmental economics, and diversity and inequality. 

New York University Department of Economics

New York, NY

NYU Economics is a research powerhouse that not only boasts of Nobel laureates in Economics and National Academy of Science fellows.

It is also home to various research institutes such as the Development  Research Institute (DRI) and the Center for R e search in Applied and Theoretical Economics (CRATE) , which aim to deepen and expand the tenets of economics, and the Institute for the Study of Decision Making (ISDM, or the Center for Neuroeconomics), which is an interdisciplinary research institute combining economics, neuroscience, psychology, medicine, and information systems. 

• NYU Economics only accepts full-time enrollment for its Ph.D. program. Enrolled students must complete a minimum of 72 credits, with at least 64 credits earned while in campus residence.
• Minimum coursework requirements for first-year students include all two levels of Econometrics, Macroeconomics and Microeconomics, a course on Mathematics for Economists, and two advanced courses or seminars. 
• Second-year students must elect two concentrations for the field requirement and complete the appropriate coursework under these. There are two qualifying exams with topics on microeconomics and macroeconomics before the third year of study.
• Third-year students must submit research papers in preparation for the dissertation proposal oral exam or the doctoral candidacy exam. 

Students can choose to research 13 areas of economics , which includes strong research activities in macroeconomics and microeconomics. Other budding research areas include asset pricing, corporate finance, monetary economics, and experimental and behavioral economics. 

NYU Economics is home to the C.V. Starr Center for Applied Economics , the department’s research hub tackling the most concerning and highly impactive socioeconomic issues today, both on national and global levels. The Department is also involved in collaborative research through NYU’s Center for Experimental Social Science (CESS), which, aside from Economics, enjoins the bright minds from the departments of Psychology, Neuroscience, Political Science, and Social Science. 

Northwestern University Department of Economics

Evanston, IL

The Northwestern Economics Department comprises 60 faculty members close to other Northwestern schools like the Kellogg School of Management (KSM). These professors are involved in eight research areas, but the department is acclaimed for its strong macroeconomics research, which laid the ground for the Dynamic Stochastic General Equilibrium (DSGE) models for fiscal policy and labor analysis.

• Northwestern offers a straightforward Ph.D. degree in Economics. However, a terminal master’s degree is not offered as a program but can be conferred to Ph.D. students who have completed their first year of studies. 
• The program is highly selective, with only an average of 25 students admitted yearly. The result is an average of 120 Ph.D. students in residence every year. 
• First-year students must complete the following core courses: all three levels of Microeconomics, Macroeconomics, Econometrics, and Mathematical Methods for Economic Theory. 
• Students who need additional training in advanced mathematics for economics may request permission from the department to take additional math courses such as Real Analysis. 

Students can choose to research any of the nine areas of economics available in the department. Many of these fields involve collaborative research with the Kellogg School of Management. These fields include Macroeconomics, Health Economics, Development Economics, Financial Economics, and Labor and Public Economics.

The Economics Department and KSM have also collaborated to offer the joint Ph.D. in Financial Economics program. Students under this program are expected to integrate their robust training in economics with finance courses like Asset Pricing and  Corporate Finance.

Students can take advantage of the eight economic research centers housed by the Economics Department. It has research institutes in traditional economic areas like econometrics , theory , history , and macroeconomics and contemporary economic areas like poverty research and data science for economics .

Stanford University Department of Economics

Stanford, CA

Stanford Economics has always been regarded as a research powerhouse since its establishment in the ’60s, particularly in Economic Theory.

But as years went by, the department’s research footprint has expanded to now include more than 20 areas, with the fields of Applied Microeconomics, Financial Economics, Labor Economics, and Macroeconomics as some of its strongest and most active research areas based on faculty involvement. 

• First-year Ph.D. students must complete the core courses comprising microeconomics, macroeconomics, and econometrics.
• They must also elect two areas as their majors. Each area will have its own set of requirements . Students can choose from any of the 14 research areas available, including Behavioral and Experimental Economics, Environmental, Resource and Energy Economics, Market Design, and International Trade and Finance, among others. 
• Students must also take four courses from the two other areas not selected as major fields. One of the courses must stem from the field of Economic History.              
• A one-quarter-long teaching experience is required. Students are also required to render a 135-unit residency.  They are also required to attend workshops or field seminars in the field(s). 

Students can choose to research any of the 21 fields of interest available in the department. The list includes Applied Microeconomics, Decision Theory, Economics of Technology, and Game Theory. 

The Stanford Institute for Theoretical Economics (SITE) is a yearly conference held every summer that brings together all of Stanford Economics – faculty, students, researchers – and other experts and collaborators in the field. The conference features workshops and seminars that encourage discussions, project collaborations within economics, related disciplines, academic and professional networking, and further research. SITE enjoys generous funding from the NSF and other Stanford departments. 

Columbia University Department of Economics

Columbia Economics is home to many Nobel laureates, including Milton Friedman, best known for his monetary theory and stabilization policy studies, and William Vickrey. He pioneered the Game Theory in understanding how sealed-bid auctions work ( Vickrey auctions) .

• The Ph.D. program in  Economics requires the completion of courses in econometrics, microeconomics, macroeconomics, mathematical methods, and perspectives in economic theory during the first year of study.
• Research begins during the second year, with students presenting their research papers in a colloquium. They must also elect two concentrations and complete the appropriate coursework. 
• The dissertation proposal should be presented during the fourth year of study. To help them prepare, students must submit another research paper the year prior (year 3).
• Students can choose to do research in any of the traditional fields of economics, such as macroeconomics and microeconomics, or choose a more contemporary field such as urban economics, public finance, labor economics, or industrial organization. 

While Columbia Economics offers several areas of interest under which students can do research, three of the program’s strongest research areas are in the field of empirical economics, applied economics, and theoretical economics. 

The Department of Economics partakes in the university’s Bridge to Ph.D. program , which accepts applicants annually. This is a good stepping stone – both academically and financially –  for post-baccalaureates who are aspiring to apply to grad school. Successful applicants will land roles as full-time RAs with an annual salary of $51K (based on AY 2020-2021).

They are expected to enroll in a few economics electives like mathematics, real analysis, statistics, or introductory economics (macro, micro, econometrics) while rendering RA work in preparation for their application and subsequent admission to graduate school. 

University of California Los Angeles Department of Economics

Los Angeles, CA

UCLA Economics has produced acclaimed graduates trained by equally acclaimed faculty and researchers. It is also home to important macroeconomics , economic history , industrial organization , and population research.

• Before starting the doctoral program, students must participate in the two-week Math Camp, which equips them with mathematical foundations for economics (Econ 200) and navigating the statistical software MatLab. 
• Otherwise, incoming Ph.D. students confident in their advanced math skills may opt to tackle the online modules via the Essential Microeconomics website in preparation for doctoral work. To help students complete the modules, students can go through the Calculus of Economics  modules as needed.
• Second-year students must elect three of the ten field concentrations offered by the department. They can also take related non-Econ courses (not offered by the Department) such as finance, marketing, political science, public policy, mathematics, statistics and electrical engineering. 

Students looking at teaching assistantships as a source for funding can browse the UCLA Economics Teaching Resources page for tutorials on using LMS tools, a class archive for course syllabi, or resources on teaching techniques.

UCLA  Economics is home to esteemed alumni, researchers, and Nobel laureates in Economics, which includes Dr. William Sharpe, an alumnus of the department’s graduate school who pioneered the Capital Asset Pricing Model and several investment performance analytical tools, such as the Sharpe Ratio, the returns-based style analysis, the binomial method, and the gradient method for asset appropriation. 

University of California San Diego Department of Economics

La Jolla, CA

UCSD Economics prides itself with its strong training and research in the fields of microeconomic theory, econometrics, applied microeconomics, and macroeconomics, as well as its formidable and productive collaborations with UCSD’s Public Policy , Management , and Political Science schools. 

• The maintenance of full-time status, equating to 12 units, to be continually eligible for funding,
• Two-year in-campus residency,
• The maintenance of a 3.0 GPA.
• Students must complete the course on Computation (Econ 280) and the empirical project , which is required by the Econometrics course.
• They also need to take seven electives, which must be completed before the end of Year 3. There are close to 30 elective courses from which students may choose. 
• Students must choose two concentrations and complete the prescribed number of required courses. There are 12 field concentrations from which students can choose, including the traditional fields and contemporary ones like Behavioral/Experimental economics and Environmental & Natural Resource Economics.

Students can choose to research any of the 14 research areas being tackled by the department. Some of the highly active research fields are Development Economics, Econometrics, Finance, Labor Economics, Macroeconomics, Microeconomic Theory, Political Economics, and Public Economics.

The department houses the Center for Environmental Economics and the San Diego Education Research Alliance (SanDERA) . Both research centers integrate economics with other relevant disciplines to help influence policy reforms, opportunities, and initiatives.

The University of Chicago The Kenneth C. Griffin Department of Economics

Chicago, Illinois

Chicago’s Department of Economics, which was renamed The Kenneth C. Griffin Department of Economics in 2017 after the generous donation of the eponymous foundation, is the birthplace of many tenets and facets of economics, such as behavioral economics, political economy, and financial economy. It is also the birthplace of The Journal of Political Economy. 

• Chicago Economics usually offers admission to about 55 applicants, with only about half enrolling into the program, thus, ensuring an optimal professor-to-student ratio.
• The department only offers a Ph.D. graduate program in Economics. A terminal MA degree is not offered. 
• Students can choose to do research in Applied Microeconomics, Econometrics, Macroeconomics and Economic Theory. Research in Applied Microeconomics has the highest faculty involvement. 
• Students can opt to pursue a joint Ph.D. degree in Financial Economics , as offered by the Booth School of Business, along with the Economics Department. Applicants can lodge their applications through the Economics Department or the Booth School.

Chicago Economics is affiliated with several research centers , including the Center for the Economics of Human Development (CEHD) , the Energy Policy Institute , and the Becker Friedman Institute for Research Economics . The Becker Friedman Institute is a joint effort of the Economics Department, Chicago Law School, Booth School of Business, and Harris School of Public Policy. 

The Economics Department is home to the Griffin Applied Economics Incubator , a research and policy hub where economic studies and statistics drive change through policy formulation and or reform. Every year, the incubator tackles a global or national socioeconomic issue that allows academics to collaborate across disciplines. 

University of Minnesota Department of Economics

Minneapolis, MN

UMN’s Department of Economics boasts having Nobel laureates among its Ph.D. alumni. From the class of ’64, Daniel McFadden, who authored the paper on the Development of the Theory and Methods for Analyzing Discrete Choice , was awarded the Nobel in 2000. From the class of ’78, Lars Peter Hansen, who pioneered the Generalized Method of Moments, was awarded the Nobel in 2013. 

• Incoming Ph.D. students must be equipped with a strong background in computational courses, such as linear algebra, multivariate calculus, and econometrics. 
• Students are also required to complete all four levels of Microeconomics and Macroeconomics courses.
• Eight credits of electives are required. Students can choose from this catalog , which includes courses in computer science, finance, mathematics, psychology and statistics. 
• The dissertation is worth 24 credit units. Students can choose to research the 13 areas of interest available within the department. These include traditional macroeconomic and microeconomic theory fields and contemporary applied fields like game theory, monetary economics, and mathematical economics.

UMN Economics is home to the Heller-Hurwicz Economics Institute , which specializes in economic theory research, the Minnesota Economics Big Data Institute (MEBDI) , which specializes in the use of data science in applied economic research; and the Economics Research Library (ERL) , which is a repository for all published sources on economics, both in-house and from external sources like federal agencies. 

Two of UMN Economics’ younger graduates have also brought pride to the department and the university. Connan Snider and Thomas Youle of classes 2010 and 2014, respectively, uncovered initial and damning evidence of collusion among bankers as early as 2008, resulting in the LIBOR (London Interbank Offered Rate) Rigging Scandal , considered by many economists as the biggest global financial scandal in the world. 

Cornell University Department of Economics

Ithaca, New York

Cornell Economics is a collaboration between the department itself and other Cornell schools such as the Johnson School of Management , Cornell Law , the Department of Policy Analysis and Management , Cornell Hotel School , the Dyson School of Applied Economics & Management , and the Division of Nutritional Sciences .

The result is an Economics Department that boasts of strong research in the tenets of economics and the contemporary and integrative applications of economics in other fields, such as finance, law, policy, business, hospitality, and health economics. 

• Incoming Ph.D. students must demonstrate a solid background in calculus, linear algebra, real analysis and advanced mathematics. A minimum of four semesters is the bare minimum. To stand a greater chance for funding, students are strongly advised to cultivate a more extensive mathematics background with exposure to differential equations, probability, statistics, topology, stochastic equations, and complex analysis. 
• In the case of inadequate mathematics courses exposure, students can enroll in the three-week mathematics review course before the fall term.
• As for undergraduate economics background, the bare minimum is microeconomics and intermediate-level economic theory. A major in economics for post-baccalaureates is not required in the doctorate program.

Cornell Economics faculty comprises nearly 60 professors and researchers involved in 40 different areas of interest in economics. The extensive list of fields of study includes traditional areas of economics, as well as highly specific and contemporary fields such as Insurance, Contract Theory, Gender Economics, Family Economics, Inequality, Race and Discrimination Economics, Decision Theory, Big Data, Compensation, Law Economics, Economics of Crime, Networks, and Information Economics. 

Cornell Economics is home to the renowned S.C. Tsiang Macroeconomics Workshop , named after the department’s eponymous alumnus and eventual professor emeritus, known for his contributions to macroeconomic theory and monetary economics. 

University of California Davis Department of Economics

Nearly 20 of UC Davis Economics faculty (which is about half of the faculty) hold research associateship and research fellowship roles at the National Bureau of Economic Research (NBER) , which is the national authority on economic research and policy advisement.

• First-year Ph.D. students must complete the courses on econometrics, macroeconomics and microeconomics.
• Advanced economic theory
• Public economics
• Advanced macroeconomics
• Economic development
• Economic history
• Econometrics
• International economics
• Industrial organization
• Labor economics
• The UC Davis Economics faculty comprises nearly 40 professors and researchers who specialize in 16 areas of economics, with the fields of International Economics and Macroeconomics as some of the faculty’s strongest research fields.
• The department is affiliated with various research centers that deal with economic history , international economics , socioeconomic issues , and energy economics . 

Students who choose to research in Regional and Urban Economics may engage with the Center for Poverty Research for insight, sources, and research funding.

The Department of Health & Human Services funds this federal institute that focuses on the issues of the marginalized sector and helps create policies and opportunities towards upward social mobility. Students may also reach out to Professor Giovanni Peri for consultation and advisement in this area. 

The department hosts seminars for nine areas of interest in economics regularly. These are seminars on macroeconomics, international economics, behavioral economics and many other fields. 

University of Wisconsin Madison Department of Economics

Madison, WI

The following major requirements define UW’s doctorate program in economics: completing the preliminary exams on Microeconomic and Macroeconomic Theory, a research paper on the chosen major field by Year 3, three signatures on the dissertation proposal signifying committee acceptance, and the acceptance of the dissertation defense. 

• First-year students must take the following courses during the fall term: microeconomics, macroeconomics, economic statistics and econometrics, and mathematical economics.
• The second level of all previous courses must be taken (except for mathematical economics). Students can take an elective course to complete the four-course term during this term. This could be a course on statistics, economics, or mathematics. 
• Second-year students are required to elect major and minor fields.  Aside from mathematics and statistics, students may also elect a minor field from another department for the minor fields. 
• Aside from the two-course requirement for the major fields, students must also attend the appropriate workshop for that field. These workshops are funded by the Juli Plant Grainger Institute (JPGI) for Economic Research.

The Juli Plant Grainger Institute (JPGI) for Economic Research is the department’s hub for economic researches, both student and faculty work. It also provides funding and hosts conferences and seminars or workshops specific to the seven areas of study in economics currently being tackled by the department. 

The department faculty comprises nearly 60 professors and researchers, most of whom are involved in macroeconomics, labor economics, and public economics and finance.

FREQUENTLY ASKED QUESTIONS

What advantages does a doctor of economics have over the others.

In 2023, the BLS reported that the median pay of an economist with a master’s degree is more than $115K a year, with a projected job growth of 6% over the next ten years, which is considered above average by agency standards. 

What more if the economist has a doctoral degree? Expect that median pay to increase, at the very least, by half or at best, maybe even by a hundred percent.

Professionals with a doctorate in economics can command that high salary because they demand across industries. From the academe to business enterprises, to research organizations (non-profit or government-funded), legislation and policy, to politics , data science , and information systems , financial markets and instruments, or consultative services, economists, and especially those with a Ph.D., can always carve a significant career in any industry and be probably set for life (holds for tenured professors). 

Who can apply to the program?

All baccalaureate graduates (those with a bachelor’s degree) in any degree can apply to doctorate in economics (or similarly named) programs. While all graduates can freely lodge their applications, not everyone passes, as most econ doctoral programs are highly selective, with only an average acceptance rate of 25 students per year. 

Those with a formidable background in undergraduate or graduate (master’s degree) in economics, mathematics, statistics, finance or any degree with a significant foundation in advanced mathematics stand a greater chance of being accepted.

If the applicant comes from a different degree background, say, the health sciences or political science, the applicant may still strongly qualify for admission provided that a strong mathematics background is demonstrated. Courses like linear algebra, real analysis, multivariate and differential calculus, and statistics are minimum pre-Ph.D. requirements.

Are GRE scores required? What are the other admission requirements?

Not for AY 2022, but best to check with the school’s admission office to be certain. The other admission requirements are the completed application form, a resume, letters of recommendation preferably from previous and current employers, a personal essay, all transcript of records, and proof of payment of the application fee.

Again, check with the school’s economics department or admissions office for other requirements that may be specific to the program. 

How will earning a Doctorate in the field of Economics advance my career?

A Doctorate in Economics can open up a wide range of career opportunities in the fields of academia, business, government, research, and consulting.

With a Ph.D. in Economics, you could apply for positions such as economic analyst, professor, policy specialist, economic consultant, market researcher , and finance manager . You may also be able to qualify for more senior-level positions that would require your advanced and specialized knowledge.

As a doctoral-level economist, your skills would be highly sought-after, making you a valuable asset to any organization. With a Doctorate in Economics, you would have the opportunity to make an even greater and more lasting impact in the world of economics.

KEY TAKEAWAYS

Obtaining a Doctor of Economics degree can open up a wide range of career opportunities in the field of economics, from academia to government and private sector positions.

To ensure a successful and fulfilling academic journey, it is essential to choose the best graduate school for your doctoral studies. There are several key factors to consider when selecting a Doctor of Economics graduate school, including reputation, faculty, curriculum, and research opportunities.

• First, the reputation of the graduate school is crucial.
• Second, the faculty at the graduate school should be top-notch.
• The curriculum of the graduate school’s economics program is another critical factor.
• Research opportunities are also essential to consider, as they can greatly enhance your academic experience.
• Additionally, consider the opportunities for collaboration and mentorship with faculty and other students.
• It is crucial to consider the overall fit and environment of the graduate school.

In conclusion, obtaining a Doctor of Economics degree from a top graduate school requires careful consideration of factors such as reputation, faculty, curriculum, research opportunities, and overall fit. By thoroughly researching and comparing different institutions, you can find the best graduate school to support your academic and career aspirations in the field of economics.

Additional Resources:

• Economics vs Financial Analysis: Career ROI
• Best Online Doctor of Finance Degree Programs
• Best Grad Schools with Online Doctorate in Entrepreneurship

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We’re certain of one thing—your search for more information on picking the best graduate degree or school landed you here. Let our experts help guide your through the decision making process with thoughtful content written by experts.

Best Universities for Econometrics and Mathematical Economics in the World

Updated: February 29, 2024

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Below is a list of best universities in the World ranked based on their research performance in Econometrics and Mathematical Economics. A graph of 46.1M citations received by 1.94M academic papers made by 3,331 universities in the World was used to calculate publications' ratings, which then were adjusted for release dates and added to final scores.

We don't distinguish between undergraduate and graduate programs nor do we adjust for current majors offered. You can find information about granted degrees on a university page but always double-check with the university website.

1. Stanford University

For Econometrics and Mathematical Economics

2. University of California - Berkeley

3. Harvard University

4. University of Chicago

5. University of Michigan - Ann Arbor

6. University of Pennsylvania

7. Columbia University

8. Massachusetts Institute of Technology

9. New York University

10. Princeton University

11. Cornell University

12. University of California - Los Angeles

13. University of Oxford

14. Yale University

15. University of Wisconsin - Madison

16. University of Toronto

17. Carnegie Mellon University

18. University of Washington - Seattle

19. Duke University

20. London School of Economics and Political Science

21. University of Illinois at Urbana - Champaign

22. University of Cambridge

23. University of Minnesota - Twin Cities

24. University of California-San Diego

25. Pennsylvania State University

26. University College London

27. University of Southern California

28. Ohio State University

29. Northwestern University

30. University of British Columbia

31. University of North Carolina at Chapel Hill

32. University of Texas at Austin

33. University of Amsterdam

34. University of Maryland - College Park

35. University of Hong Kong

36. Johns Hopkins University

37. University of Copenhagen

38. Texas A&M University - College Station

39. Erasmus University Rotterdam

40. Tilburg University

41. Australian National University

42. University of California - Davis

43. University of Pittsburgh

44. Michigan State University

45. Hebrew University of Jerusalem

46. University of Rochester

47. University of Melbourne

48. Imperial College London

49. Catholic University of Leuven

50. University of Florida

51. Swiss Federal Institute of Technology Zurich

52. Boston University

53. Arizona State University - Tempe

54. National University of Singapore

55. Monash University

56. Iowa State University

57. University of Warwick

58. Rutgers University - New Brunswick

59. Tel Aviv University

60. University of Bristol

61. University of Sydney

62. University of New South Wales

63. McGill University

64. University of Manchester

65. Aarhus University

66. University of Virginia

67. University of Iowa

68. Tsinghua University

69. University of Zurich

70. North Carolina State University at Raleigh

71. University of Arizona

72. University of California - Santa Barbara

73. Catholic University of Louvain

74. University of Waterloo

75. Georgia Institute of Technology

76. McMaster University

77. University of Groningen

78. University of California - Irvine

79. California Institute of Technology

80. Chinese University of Hong Kong

81. University of Alberta

82. Washington University in St Louis

83. University of Bonn

84. University of Queensland

85. University of Edinburgh

86. University of Tokyo

87. University of Nottingham

88. Maastricht University

89. Virginia Polytechnic Institute and State University

90. Vanderbilt University

91. University of York

92. Purdue University

93. University of Montreal

94. Hong Kong University of Science and Technology

95. University of Vienna

96. Syracuse University

97. Western University

98. University of Southampton

99. University of Illinois at Chicago

100. University of Oslo

Economics subfields in the World

2024 Best Economics Doctor's Degree Schools

Choosing a great economics school for your doctor's degree, overall quality is a must, average early-career salaries, other factors we consider, one size does not fit all.

The economics school you choose to invest your time and money in matters. To help you make the decision that is right for you, we've developed a number of major-specific rankings , including this list of the Best Economics Doctor's Degree Schools.

Best Schools for Doctorate Students to Study Economics in the United States

18 top schools for a doctorate in economics, related programs, additional noteworthy schools.

Rank	College	Location
19		Notre Dame, IN
20		Los Angeles, CA
21		Charlottesville, VA
22		Madison, WI
23		Baltimore, MD
24		Champaign, IL
25		Los Angeles, CA

Economics by Region

Region

Other Rankings

Best associate degrees in economics, best master's degrees in economics, best value in economics, best for non-traditional students in economics, best online in economics, most popular online in economics, best bachelor's degrees in economics, best overall in economics, highest paid grads in economics, best for veterans in economics, most popular in economics, most focused in economics, economics related rankings by major, economics concentrations.

Major	Annual Graduates
	900
	307
	19
	12
	10

Majors Similar to Economics

Related Major	Annual Graduates
	654
	577
	469
	249
	108
	73
	24
	14
	9
	6

Notes and References

Popular reports, compare your school options.

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• Undergraduate Program
• M.S. Program
• Ph.D. Program
• Undergraduate Student Resources
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• Econ Help Room
• Working Papers
• Extension and Outreach
• Ask an Economist
• Ph.D. Students
• Job Market Candidates
• M.S. Students
• Retired Faculty
• Student Success Stories
• Alumni Success Stories
• Faculty and Staff Resources

Rankings of Doctoral Programs in Economics

There are numerous rankings of Economics Ph.D. programs available.

U.S. News and World Report

According to the 2017 rankings released by U.S. News and World Report , Iowa State University's graduate program in Economics was ranked 28th among public universities and tied for 53rd overall. This ranking was two slots higher than the previous ranking.

National Research Council

One recent assessment resulted from a comprehensive survey of doctoral programs undertaken by the National Research Council (“ A Data-Based Assessment of Research-Doctorate Programs in the United States (2010) ”).  The NRC’s program assessment methodology and results are somewhat complex, but one synthesis of their findings  places our program within the top 30 Economics Ph.D. programs in the U.S .; and among the top 10 in public universities.

Research Papers in Economics (RePEc)

RePEc , sponsored by the Research Division of the Federal Reserve Bank of St. Louis, is a comprehensive database of research papers in economics.  The information in the database is used to rank the research productivity of registered authors based on a variety of metrics.  Authors’ rankings, in turn, are used to rank the institutions with which they are affiliated for academic departments of both economics and agricultural economics .

American Economic Association

Links to other rankings of graduate programs in economics are provided on the American Economic Association website .

Econphd.net

By field of specialization, a ranking by econphd.net places our department 4th in the “subdiscipline” of Resource and Agricultural Economics.   This subdiscipline is further partitioned according to JEL descriptors into two parts:  Resource and Environmental Economics, in which we rank 8th; and Agricultural Economics, in which we rank 1st overall.

Journal Articles Ranking Economics Programs

• Based on faculty productivity, “ A Guide to Graduate Study in Economics: Ranking Economics Departments by Fields of Expertise, ” by T.C. Grijalva and C. Nowell, Southern Economic Journal, 2008: 74(4), pp. 971-96.  According to this study, our program ranks 31st overall (15th among public universities) and 1st overall in the field of Agricultural and Natural Resource Economics.
• A more recent ranking of economics programs, see " Ranking U.S. Economics Programs by Faculty and Graduate Publications: An Update Using 1994 - 2009 Data, " by M. A. McPherson, Southern Economic Journal, 2012:  79 (1), pp. 71-89.

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QS World University Rankings by Subject 2021: Economics and Econometrics 2021

Discover where to study with the QS World University Rankings by Subject 2021.

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Education Rankings by Country 2024

There is a correlation between a country's educational system quality and its economic status, with developed nations offering higher quality education.

The U.S., despite ranking high in educational system surveys, falls behind in math and science scores compared to many other countries.

Educational system adequacy varies globally, with some countries struggling due to internal conflicts, economic challenges, or underfunded programs.

While education levels vary from country to country, there is a clear correlation between the quality of a country's educational system and its general economic status and overall well-being. In general, developing nations tend to offer their citizens a higher quality of education than the least developed nations do, and fully developed nations offer the best quality of education of all. Education is clearly a vital contributor to any country's overall health.

According to the Global Partnership for Education , education is considered to be a human right and plays a crucial role in human, social, and economic development . Education promotes gender equality, fosters peace, and increases a person's chances of having more and better life and career opportunities.

"Education is the most powerful weapon which you can use to change the world." — Nelson Mandela

The annual Best Countries Report , conducted by US News and World Report, BAV Group, and the Wharton School of the University of Pennsylvania , reserves an entire section for education. The report surveys thousands of people across 78 countries, then ranks those countries based upon the survey's responses. The education portion of the survey compiles scores from three equally-weighted attributes: a well-developed public education system, would consider attending university there, and provides top-quality education. As of 2023, the top ten countries based on education rankings are:

	1
	2
	3
	4
	5
	6
	7
	8
	9
	10

Countries with the Best Educational Systems - 2021 Best Countries Report*

Ironically, despite the United States having the best-surveyed education system on the globe, U.S students consistently score lower in math and science than students from many other countries. According to a Business Insider report in 2018, the U.S. ranked 38th in math scores and 24th in science. Discussions about why the United States' education rankings have fallen by international standards over the past three decades frequently point out that government spending on education has failed to keep up with inflation.

It's also worthwhile to note that while the Best Countries study is certainly respectable, other studies use different methodologies or emphasize different criteria, which often leads to different results. For example, the Global Citizens for Human Rights' annual study measures ten levels of education from early childhood enrollment rates to adult literacy. Its final 2020 rankings look a bit different:

Education Rates of Children Around the World

Most findings and ranking regarding education worldwide involve adult literacy rates and levels of education completed. However, some studies look at current students and their abilities in different subjects.

One of the most-reviewed studies regarding education around the world involved 470,000 fifteen-year-old students. Each student was administered tests in math, science, and reading similar to the SAT or ACT exams (standardized tests used for college admissions in the U.S.) These exam scores were later compiled to determine each country's average score for each of the three subjects. Based on this study, China received the highest scores , followed by Korea, Finland , Hong Kong , Singapore , Canada , New Zealand , Japan , Australia and the Netherlands .

On the down side, there are many nations whose educational systems are considered inadequate. This could be due to internal conflict, economic problems, or underfunded programs. The United Nations Educational, Scientific, and Cultural Organization's Education for All Global Monitoring Report ranks the following countries as having the world's worst educational systems:

Countries with the Lowest Adult Literacy Rates

	27%
	31%
	34%
	35%
	37%
	37%
	38%
	41%
	45%
	47%

• Education rankings are sourced from both the annual UN News Best Countries report and the nonprofit organization World Top 20

Download Table Data

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	41%	2022	203
	35%	2018	202
	100%	2016	201
	81%	2022	200
	88%	2020	198
	86%	2015	197
	72%	2022	196
	54%	2022	195
	86%	2022	194
	62%	2016	193
	90%	2022	192	87
	62%	2018	191
	0%		190
	83%	2015	189
	0%		188			77
	91%	2015	187
	95%	2015	186
	89%	2015	185
	81%	2021	184
	0%		183
	99%	2021	182
	0%		181
	95%	2020	180
	52%	2017	179
	89%	2021	178
	92%	2021	177
	68%	2022	176
	98%	2022	175
	95%	2019	174	71	59	70	69
	97%	2015	173
	92%	2021	172
	90%	2022	171
	98%	2000	170
	99%	2005	169
	0%		168
	98%	2012	167
	100%	2021	166	48	43	40	38
	98%	2020	165
	98%	2022	164	28	28	27	28
	99%	2021	163	47
	45%	2021	162
	37%	2020	161
	27%	2022	160
	63%	2021	159
	59%	2022	158
	0%		157
	81%	2022	156
	31%	2020	155
	58%	2022	154
	98%	2011	153
	62%	2022	152
	76%	2022	151
	48%	2017	150
	82%	2022	149
	77%	2022	148
	38%	2022	147
	37%	2021	146
	94%	2021	145	32	35	36	30
	100%	2021	144
	34%	2022	143
	77%	2018	142
	78%	2020	141	85	78
	100%	2014	140
	67%	2021	139
	61%	2018	138
	0%		137
	58%	2019	136
	90%	2019	135
	98%	2021	134	51	57	49	43
	76%	2021	133
	89%	2019	132	76
	70%	2015	131
	47%	2022	130
	82%	2022	129
	95%	2021	128
	98%	2021	127	53	54	58	53
	84%	2022	126	86	85	78	73
	49%	2022	125
	0%		124
	64%	2015	123
	75%	2020	122	84	80
	67%	2019	121
	84%	2022	120	83	73	75
	94%	2022	119
	91%	2022	118
	77%	1999	117
	96%	2019	116	75	76	60	56
	89%	2015	115
	90%	2021	114	41	36	33	32
	77%	2022	113	56	58	57	57
	90%	2020	112	82		74
	98%	2022	111
	0%		110
	89%	2019	109	74	79	76	71
	100%	2021	108
	94%	2021	107	44	48	46	48
	80%	2020	106	77	69
	89%	2020	105
	84%	2022	104	72	75	67	63
	99%	2019	103	61	66	56
	88%	2022	102
	74%	2018	101	34	34	32	34
	0%		100
	99%	2021	99	43	45	47	40
	100%	2020	98
	0%		97
	95%	2021	96	69	72	69	60
	94%	2020	95
	0%		94
	96%	2020	93
	0%		92
	94%	2017	91	33	39	41	37
	83%	2022	90	70	71	68	68
	95%	2019	89	39	40	38	39
	72%	2022	88
	100%	2010	87
	100%	2019	86	66	61	65	61
	81%	2001	85
	75%	2022	84	37	37	39	42
	0%		83
	98%	2018	82	59	60
	89%	2021	81	81	74
	99%	2021	80
	0%		79
	92%	2021	78
	94%	2020	77	68	64	64	59
	99%	2021	76	46	44	43	33
	99%	2001	75
	96%	2020	74	54	56	51	49
	81%	2018	73	67	67
	0%		72
	96%	2019	71	52	50	55	52
	100%	2022	70
	70%	2020	69
	99%	2019	68	57	68	63	58
	96%	2020	67	58	52	54	55
	99%	2022	66
	97%	1980	65
	100%	2019	64
	100%	2022	63	80	84	72
	0%		62
	0%		61	79	81	66	67
	98%	2021	60
	0%		59
	97%	2022	58	63	70	62	62
	100%	2019	57	64	53	52	51
	71%	2021	56
	95%	2021	55
	94%	2022	54	73	65	73	65
	96%	2019	53	65	62	59	64
	99%	2020	52
	96%	2020	51
	99%	2021	50
	99%	2018	49
	100%	2018	48
	98%	2021	47
	99%	2014	46
	98%	2020	45	38	32	35	46
	98%	2021	44	62	63	61	54
	100%	2020	43	78	82	71	70
	0%		42	22	21
	0%		41	50	47	45	44
	97%	2022	40	49	51	48	35
	95%	2020	39	40	41	37	36
	99%	2018	38	35	33	34	29
	97%	2019	37	30	31	31	31
	99%	2018	36	14	13	14	16
	0%		35	16	17	16	13
	99%	2011	34	31	30
	98%	2018	33	29	29	28	26
	99%	2014	32
	0%		31	1	1	1	1
	99%	2021	30	36	38	30
	100%	2021	29	60	46	42	45
	0%		28	7	6	6	6
	0%		27	15	14	11	14
	100%	2021	26	42	42	44	47
	100%	2021	25	55	49	50	50
	97%	2021	24	24	24	25	20
	100%	2021	23	25	27	26	23
	100%	2021	22	27	25	23	21
	92%	1983	21	26	26	24	25
	99%	2020	20	17	18	17	18
	0%		19	4	4	4	3
	0%		18
	0%		17	8	9	8	7
	0%		16	5	5	5	5
	0%		15	9	8	9	8
	0%		14
	97%	2020	13	23	23	22	24
	0%		12	2	2	2	2
	97%	2020	11	20	22	21	19
	0%		10	21	20	20
	0%		9	13	12	13	12
	0%		8	12	15	15	15
	0%		7	3	3	3	4
	0%		6	6	7	7	11
	100%	2001	5	45	55	53	41
	0%		4	18	16	18
	0%		3	11	10	10	9
	0%		2	10	11	12	10
	0%		1	19	19	19	22
	97%	2006
	100%	2000
	99%	2021
	100%	2015
	97%	1980
	73.12%

Which country ranks first in education?

Which country ranks last in education, frequently asked questions.

• Best Countries for Education - 2023 - US News
• Literacy rate, adult total (% of people ages 15 and above) - World Bank
• World Best Education Systems - Global Citizens for Human Rights
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• World’s 10 Worst Countries for Education - Global Citizen
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Masters in Finance pre-experience 2024

#NameLocation (main campus)Salary today (US$)Salary percentage increase1France572France993France804France955China105

Masters in Finance post-experience 2024

#NameLocation (main campus)Salary today (US$)Salary percentage increase1UK782UK893Netherlands43

Masters in Finance pre-experience 2023

#NameLocation (main campus)Salary today (US$)Salary percentage increase1France632France1203France714France765China95

Masters in Finance post-experience 2022

#NameLocation (main campus)Salary today (US$)Salary percentage increase1UK872UK613Singapore81

Masters in Finance pre-experience 2022

#NameSalary percentage increaseLocation (main campus)Salary today (US$)1111172,693253155,113372106,229461127,967562116,514

Further reading

Business Education: Financial Training

The FT’s 2024 ranking of the world’s top masters in finance programmes with analysis on the latest trends, data and key findings

Salaries for masters graduates in finance sector power ahead

Alumni earn $98,000 three years after course completion, latest FT data show

Business school teaching case study: executive pay and shareholder democracy

Prof Winfried Ruigrok of St Gallen university examines the contentious issue of CEO remuneration

AI in finance is like ‘moving from typewriters to word processors’

Tools are set to make some skills redundant and free up time for more value-added tasks

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• Entry year 2024
• Duration Full time 4 - 5 years

As the most research-intensive business school in the UK, according to the latest Research Excellence Framework , there really is no better place to gain a deeper insight into economics.

In our quadruple-accredited, world-ranked Management School, you can benefit from excellent academic supervision, interact with respected economists and be part of a thriving research community of staff and students. We aim to prepare you for a successful research-driven career in academia, government, research organisations, or business.

Our main specialisms are Behavioural and Experimental Economics; Labour, Education and Health Economics; Macroeconomics and Financial Markets; Political Economy and International Trade, and Industrial Organisation and Economic Theory. We also host LExEL (a modern experimental lab) and the UK Housing Market Observatory . Please read our research and supervisor pages to match your research interests to available supervisors.

As well as a traditional four-year PhD programme, we also offer an integrated PhD of a one-year Master's followed by four years of doctoral study. Management School and Economic and Social Research Council scholarships are available.

As a student in our department, you will have access to advanced research training courses delivered by us and the ESRC-funded North West Social Science Doctoral Training Partnership (NWSSDTP). These courses are continually updated to remain at the forefront of research.

You will benefit from close research supervision and feel an active member of the department’s research environment by attending a vibrant weekly seminar series, research workshops and conferences. You will also have access to state-of-the-art databases, dedicated office space, scientific computing facilities and IT support. In addition to your thesis, an oral examination will form an integral part of the assessment of your doctoral research.

Programme Structure

This is a four-year programme. The first year includes a range of advanced modules, which are delivered by the Department or by our ESRC NWSSDTP partners at the Universities of Manchester and Liverpool.

The final three years of the PhD programme are dedicated to full-time research for the completion of the doctoral thesis. Upon completion of the programme, you should have a thorough understanding of economic theory and its applications, as well as an ability to think critically about, and apply quantitative methods to, economic problems.

Typical PhD Modules

• Research Skills for Economists
• Microeconometrics
• Applied Macroeconomics
• Microeconomics

After completing the taught component of the programme, those students who perform well and pass qualifying coursework and examinations proceed to develop a substantive research proposal (ECON880) under the guidance of their supervisory team. The research proposal is essentially a preliminary draft of the student’s first research paper, which builds upon the advanced research training undertaken throughout the year (especially the Research Skills module). Students defend their research proposal in an upgrade/confirmation panel that takes place in September.

Research Focus

During your final three years, you will focus almost entirely on research and work on your research papers/chapters. You will be encouraged and financially supported to present your work in seminars, conferences and workshops to obtain feedback, interact with other researchers and establish research networks. If deemed beneficial by the supervisory team, you can also participate in NWSSDTP Economics modules, which you didn't take in the first year, and attend courses, masterclasses and workshops outside the NWSSDTP Economics pathway.

In your final year, you will be expected to complete your main research paper, the job market paper, and start preparing for the following year’s job market. The Department supports you during this stage through introductory talks, mock interviews and job market presentations.

Research activities

Departmental Seminars, Workshops and Conferences

The Department runs three weekly seminar series: an internal, a PhD, and an external. These seminar series provide an invaluable opportunity for PhD students to be exposed to cutting-edge research in their field, present their work and obtain feedback. The Department also organises conferences and workshops that PhD students are invited to attend. Visit our events for more information .

NWSSDTP PhD Conference in Economics

Every year in May, the Departments of Economics of the Universities of Lancaster, Liverpool and Manchester organise the NWSSDTP PhD Conference in Economics. This two-day event consists of keynote speeches by prominent economists, presentations from PhD students from the three institutions, and a conference dinner. Past keynote speakers include Professor Jeffrey Wooldridge from Michigan State University, Professor Daniel S. Hamersmesh from the University of Texas at Austin, Professor Rachel Griffith from the University of Manchester, and Professor Ed Karni from Johns Hopkins.

NWSSDTP Summer School in Economics

The NWSSDTP Summer School is an intensive, one-week event that consists of a series of lectures and seminars/labs taught by world-leading academics. It provides an excellent opportunity for PhD students to further enhance their skills and knowledge in a specific area of economics/econometrics, and it facilitates interactions across PhD students, faculty and course lecturers.

Research partnerships

The Department has strong links with non-Higher Education Institutions (HEI) and several of our PhD students have worked on research projects in collaboration with these organisations. Below is a list of our non-HEI partners together with current and past PhD projects.

• Department of Work and Pensions, “Child Support and Separation: Effects on Parents and Children”
• Bank of England, “Housing Markets and the Macroeconomy”
• Gambling Commission, “Understanding Gambling”
• Department of Business Innovation and Skills, “Drivers of Efficiency in Higher Education”
• Office of Manpower, Economics “Labour Supply and Incentives in the Medical Profession”
• RAND Europe, “Alcohol, Habits and Prices”
• Department of Business Innovation and Skills, “The Returns to Higher Education: Some Further Analysis”
• The Work Foundation, “Transitions from Schools and Youth Unemployment”

Research Training Seminars

There are two compulsory seminars in the first term, which include an online test:

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Academic requirements.

A relevant UK Master's degree with the minimum of 65% overall and 65% in the dissertation, or a non-UK Master's degree, graded at the equivalent level.

We may also consider non-standard applicants, please contact us for information.

If you have studied outside of the UK, we would advise you to check our list of international qualifications before submitting your application.

Additional Requirements

As part of your application you also need to provide a viable research proposal of up to 5000 words which has potential to make a significant contribution to prior literature. Guidance can be found on our writing a research proposal webpage.

English Language Requirements

We may ask you to provide a recognised English language qualification, dependent upon your nationality and where you have studied previously.

We normally require an IELTS (Academic) Test with an overall score of at least 7.0, and a minimum of 6.0 in each element of the test. We also consider other English language qualifications .

If your score is below our requirements, you may be eligible for one of our pre-sessional English language programmes .

Contact: Admissions Team +44 (0) 1524 592032 or email [email protected]

Fees and funding

Location	Full Time (per year)	Part Time (per year)
Home	£4,786	£2,393
International	£20,790	£10,395

General fees and funding information

There may be extra costs related to your course for items such as books, stationery, printing, photocopying, binding and general subsistence on trips and visits. Following graduation, you may need to pay a subscription to a professional body for some chosen careers.

Specific additional costs for studying at Lancaster are listed below.

College fees

Lancaster is proud to be one of only a handful of UK universities to have a collegiate system. Every student belongs to a college, and all students pay a small College Membership Fee  which supports the running of college events and activities. Students on some distance-learning courses are not liable to pay a college fee.

For students starting in 2023 and 2024, the fee is £40 for undergraduates and research students and £15 for students on one-year courses. Fees for students starting in 2025 have not yet been set.

Computer equipment and internet access

To support your studies, you will also require access to a computer, along with reliable internet access. You will be able to access a range of software and services from a Windows, Mac, Chromebook or Linux device. For certain degree programmes, you may need a specific device, or we may provide you with a laptop and appropriate software - details of which will be available on relevant programme pages. A dedicated  IT support helpdesk  is available in the event of any problems.

The University provides limited financial support to assist students who do not have the required IT equipment or broadband support in place.

For most taught postgraduate applications there is a non-refundable application fee of £40. We cannot consider applications until this fee has been paid, as advised on our online secure payment system. There is no application fee for postgraduate research applications.

For some of our courses you will need to pay a deposit to accept your offer and secure your place. We will let you know in your offer letter if a deposit is required and you will be given a deadline date when this is due to be paid.

The fee that you pay will depend on whether you are considered to be a home or international student. Read more about how we assign your  fee status .

If you are studying on a programme of more than one year’s duration, tuition fees are reviewed annually and are not fixed for the duration of your studies. Read more about  fees in subsequent years .

Scholarships and bursaries

You may be eligible for the following funding opportunities, depending on your fee status and course. You will be automatically considered for our main scholarships and bursaries when you apply, so there's nothing extra that you need to do.

Unfortunately no scholarships and bursaries match your selection, but there are more listed on scholarships and bursaries page.

If you're considering postgraduate research you should look at our funded PhD opportunities .

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We also have other, more specialised scholarships and bursaries - such as those for students from specific countries.

Browse Lancaster University's scholarships and bursaries .

Similar courses

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Studentships and Funding

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Departmental scholarships

Economics phd scholarship accordion.

The Department of Economics invites applications for a funded PhD studentship within the nascent field of Neuroeconomics.

The post-holder will engage in 4-year, full-time Economics PhD training from October 1, 2024, under the primary supervision of Professor Carlos Alós-Ferrer . The studentship covers tuition fees for four years and includes a generous living allowance. The successful candidate will need to be familiar with data analysis or formal-analytical modelling. Programming skills are a plus. Applicants should typically have or be on track to obtain an MSc in Economics, Psychology, Mathematics, or a related field, but candidates with other quantitative backgrounds could be considered.

The PhD project is interdisciplinary and will require the post-holder to work across disciplines (economics, psychology, decision neuroscience, or mathematics, depending on the post-holder’s background and qualifications). The project is concerned with why and how humans make mistakes in their economic decisions, from the psychological and neural roots of persistent errors to the economic consequences of cognitive failures. It requires a willingness to work with process data, including response times and, potentially, eye-tracking and neural data. The project specifics will be further tailored to the post-holder’s skills and interests and can be more experimental/applied or more analytical/mathematical.

The Economics PhD programme at Lancaster is aimed at high-calibre students who wish to pursue a research career. The Department has a strong Behavioural and Experimental Economics group and hosts a modern experimental lab ( LExEL ).

The successful applicant will acquire knowledge and skills in economics and psychology through initial coursework, continuing training, and co-authoring research papers. As a PhD student, the post-holder will be supervised by Professor Alós-Ferrer and other faculty members and have access to advanced research training courses at LUMS and nearby institutions. The post-holder will also be expected to participate in research activities such as the department’s internal/external/PhD seminar series, as well as interdisciplinary workshops and conferences, both national and international.

How to apply

Informal enquiries can be addressed to [email protected] .

Applications should be made through the Lancaster University postgraduate application portal .

To apply, please provide a Personal Statement outlining your background, suitability, motivation, and any previous experience relevant to the project. Please mention that you are applying for the PhD position in Neuroeconomic Decision Theory. In addition, please submit a research statement outlining your research interests, including any ideas YOU have that relate to the project. If you have participated in any research projects, please explain your role in those. In the application portal, please submit this Research Statement in lieu of a Research Proposal.

Applicants must also submit a CV, Academic transcripts (bachelor's and master's), two academic references (names and contact data—no letters), and evidence of English language proficiency (if necessary). Applicants might also submit a sample of research work, e.g. a Master Thesis (or draft thereof). Applications will be reviewed as they arrive, and the post will be filled as soon as possible (but no earlier than June 30 2024).

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Lancaster is ranked =99th worldwide for Business and Economics in the Times Higher Education World University Rankings by subject 2024.

Alumni Profiles

Emma Gorman

PhD Economics , 2019

Xingzhi Yao

PhD Economics, 2018

PhD Economics, 2016

Anwen Zhang

PhD Economics, 2015

Vasilis Pappas

PhD Economics, 2013

Franz Buscha

PhD Economics, 2007

PhD Economics, 2003

Nahed Taher

PhD Economics, 2001

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The world’s most liveable cities in 2024

Our sister company has rated the best, and worst, cities in which to live.

To read more of The Economist’s data journalism visit our  Graphic detail page.

H OW DO YOU measure liveability? EIU, our sister company, came up with a formula to help companies calculate hardship allowances when relocating their staff. The annual survey rates 173 cities across five categories: stability, health care, culture and environment, education, and infrastructure. Our map and charts below show how the cities compare this year.

Vienna took the top spot once again in 2024, earning the title of the most liveable city in the world for a third consecutive year. The Austrian capital received perfect scores in four of the index’s five categories, but a lack of major sporting events contributed to its lower tally of 93.5 out of 100 in the culture and environment category. (It is far from lacking in other forms of culture .) Three other European cities made the top five: Copenhagen, Zurich and Geneva. All three are notable for their modest population size, which tends to lead to lower crime rates and less crowded roads and public-transport systems. Two Canadian cities—Calgary and Vancouver—and four in Asia-Pacific—Melbourne, Sydney, Osaka and Auckland—complete the top ten (see map).

War-torn Damascus remains rooted to the bottom of the table. The Syrian capital has been the least liveable city in the index since 2013, and scored just 30.7 in 2024. Its stability score of 20 is tied with Karachi as the lowest of all the cities surveyed. Kyiv also performs badly in this category, pushing it into the bottom ten cities on the index for the second year in a row. Tel Aviv shares the same poor stability rating, and its scores on infrastructure and on culture and environment dropped by 7.2 and 6.7 points respectively amid the war in Gaza. The Israeli city fell 20 places down the ranking to 112th, the biggest movement in this year’s survey.

After a sharp drop and rebound over the covid years, globally the average liveability score increased by just 0.06 points over the past year, compared with 2.84 in the 12 months to June 2023 (see chart). Civil unrest troubled Europe, as French farmers blocked motorways into Paris and protests against immigration policies sprung up across the continent. Riots in Nouméa , in New Caledonia, and campus protests across America—which happened after the survey took place—do not bode well for next year’s index.

The cost-of-living crisis is also taking a toll. Although inflation is coming down in many countries, its effects, particularly on housing costs, are still being felt. The high prices are weighing on infrastructure scores, particularly in Australia and Canada. The quality of urban living may be at its highest in well over a decade, but not all are experiencing that equally. ■

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More From Forbes

The 20 best cities to live in the world, ranked in a 2024 report.

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View of the historic Zurich city center with famous Fraumunster Church on the Limmat River.

What are the best cities to live in the world? Every year, the Economist Intelligence Unit (EIU) evaluates cities across the globe for their liveability, releasing the much-anticipated Global Liveability Index 2024 .

The EIU’s report examines 173 cities using 30 indicators divided into several categories, including stability, healthcare, culture, environment, education and infrastructure, then ranks them on a 100-point scale. The aim? To show how comfortable these cities are to live in.

The World’s Best City to Live

For the third consecutive year, Vienna, Austria—a place celebrated for its unmatched blend of cultural richness and essential public services—claims the title of the world’s best city to live.

“This year, Vienna once again got perfect scores (of 100) for four of the five categories, although its score for culture and environment was a less-perfect 93.5, owing to a lack of major sporting events,” Barsali Bhattacharyya, deputy industry director at EIU, told me in an interview.

Vienna has been named the world's best city to live for the third year in a row. Pictured here: St. ... [+] Charles Church "Karlskirche" Church.

Overall, Western Europe remains the world’s most liveable region with eight cities in the top 20. Coming in second on the list—also for the third year in a row—is Copenhagen, Denmark. Zurich, Switzerland ousted Melbourne, Australia to take the third place on the list in 2024 (a position it held in 2022). Compare these results to 2023 and 2022 .

Best High-Yield Savings Accounts Of 2024

Best 5% interest savings accounts of 2024, global trends.

So what do the results say about global liveability? This year’s report reveals a positive trend, primarily driven by significant improvements in healthcare and education in developing nations. However, these gains are somewhat offset by declining scores in several top-tier cities. Geopolitical risks also had an impact on the overall index.

“Global liveability has risen fractionally over the past year but risks to stability remain,” says Bhattacharyya. “High inflation, accompanied by interest rates and other economic headwinds, has led to frequent protests worldwide.”

One surprise in this year’s results, according to Bhattacharyya: “Overall, cities across the developing world have significant strides in improving their liveability standards, while those in rich countries have seen a decline in scores.”

The Best Cities to Live in the U.S.

Again this year, the U.S. didn’t crack the list of top 20 best places to live—but it moved up, with Honolulu taking the top spot as the best U.S. city to live for the second year in a row. Honolulu ranked 23 on the overall list—a two point increase from 2023, when it was number 25 overall. Honolulu performed well due to its robust educational facilities. It also scored strongly on stability as compared to other U.S. cities.

One notable trend in the U.S. is that smaller cities tend to outperform the biggest metropolises. Besides Honolulu at the top, Pittsburgh (number 3), Boston (number 7) and Minneapolis (number 10) made the list of the top 10 places to move in the U.S. “The U.S.’s most populous cities, such as New York (70th) and Los Angeles (58th), have impressive scores for their cultural offerings, but weaker ratings for stability and infrastructure,” says Bhattacharyya.

Across North America, the scores dropped—and housing was a big reason, especially in Canada. Toronto dropped from the top 10 in 2023 to the 12th position for 2024. “The main reason for the decline in North America’s scores in this year’s index is a lower infrastructure score for Canada on account of low housing supply,” says Bhattacharyya. “As in some other advanced economies, Canadian house price growth accelerated markedly during the pandemic, when mortgages were quite cheap. The combination of low housing supply and strong population growth, further driven by high levels of immigration, has led to record-low vacancy rates.”

There were several issues at play in the U.S. “Cities in the U.S. face a few well-established structural problems that affect their scores in our index,” says Bhattacharyya. “Foremost among these is a greater incidence of social unrest, which is often rooted in racial inequalities. Moreover, weak gun-control laws mean that crime is often violent and fatal and undermines social cohesion.”

The coastline of Honolulu, Hawaii, which was named the best place to live in the U.S.

The Biggest Changes

Despite dominating the top 20 with eight cities on the list, Europe faces challenges, recording the largest overall decline due to deteriorating stability scores. A surge in protests across Western Europe—spanning issues from far-right extremism to EU agricultural policies—reflects underlying societal tensions that could threaten future stability.

The biggest leap up the ranks globally was made by Hong Kong, which saw improvements in its score for stability. Hong Kong has also registered improvement in its healthcare facilities over the years. “Although not quite back to its pre-2019 scores, Hong Kong’s political landscape has stabilized, with the risks of disruptions from mass protests now negligible,” says Bhattacharyya. “The national security law and the local regulations introduced earlier in 2024 have restored political stability.”

But there are some drawbacks in Hong Kong, according to Bhattacharyya. “This change in score reflects a huge tradeoff to Hong Kong’s civil society, as evidenced by the city’s plunging score in our separately published Democracy Index.”

Meanwhile, there are stark contrasts in the Middle East and North Africa region. The ongoing conflict between Israel and Hamas has significantly impacted Tel Aviv, which has plummeted by 20 places to rank 112th.

On the other hand, Gulf cities like Dubai and Abu Dhabi have seen major improvements in their liveability scores. “This year, Dubai has joined Abu Dhabi in achieving the highest tier of liveability in our index (i.e. a score of 80 or above). Both cities score highly on stability, infrastructure and education and have seen steady improvements in overall ratings over the past few years,” says Bhattacharyya.

Saudi Arabia also performed well. “In the past few years, Saudi Arabian cities have seen strong investment in domestic infrastructure, education and health in order to become more attractive to foreign tourists and expatriates, and diversify their economies,” says Bhattacharyya. “These efforts have been rewarded with movements up the rankings.”

Read on for the rankings of the best cities to live around the world and in the United States.

A view of traditional houses in the Nyhavn area of Copenhagen, Denmark, which was named the world's ... [+] second best city to live for the third year in a row.

Ranked: The 20 Best Cities To Live in the World

1. Vienna, Austria

2. Copenhagen, Denmark

3. Zurich, Switzerland

4. Melbourne, Australia

5. Calgary, Canada (tied with Geneva)

5. Geneva, Switzerland (tie)

7. Sydney, Australia (tied with Vancouver)

7. Vancouver, Canada (tie)

9. Osaka, Japan (tied with Auckland)

9. Auckland, New Zealand (tie)

11. Adelaide, Australia

12. Toronto, Canada

13. Helsinki, Finland

14. Tokyo, Japan

15. Perth, Australia

16. Brisbane, Australia

17. Frankfurt, Germany (tied with Luxembourg)

17. Luxembourg, Luxembourg (tie)

19. Amsterdam, Netherlands

20. Wellington, New Zealand

Honolulu has been named the best city to live in the U.S. and the 23rd best place to live in the ... [+] world. Here, a surfboard-lined alley off the commercial shopping district of Kalakaua Avenue by Waikiki Beach.

Ranked: The 10 Best Cities To Live In The U.S.

1. Honolulu, Hawaii (overall ranking: 23)

2. Atlanta, Georgia (overall ranking: 29)

3. Pittsburgh, Pennsylvania (overall ranking: 30)

4. Seattle, Washington (overall ranking: 34)

5. Washington D.C. (overall ranking: 38)

6. Chicago, Illinois (overall ranking: 39)

7. Boston, Massachusetts (overall ranking: 45)

8. Miami, Florida (overall ranking: 47)

9. San Francisco, California (overall ranking: 49)

10. Minneapolis, Minnesota (overall ranking: 50)

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