Australia's fastest-growing city, Melbourne, has again been recognised as the best city in the world to live, topping the Economist Intelligence Unit's (EIU) 2014 Global Liveability Index for the fourth year in a row.

Video: Melbourne's creative opinion leaders share their insights

The EIU's Liveability Ranking assesses living conditions in 140 cities across the globe by assigning a rating across five broad categories, including: stability; healthcare; culture and environment; education; and infrastructure.

Ranked first, Melbourne scored a perfect 100 in healthcare, education and infrastructure and within the culture and environment basket, a perfect 100 on sport.

Vienna and Vancouver have again been ranked second and third.

Four Australian cities have again been ranked in the top 10, as are three Canadian cities.

Rank City Overall Rating (100=ideal)
1 Melbourne 97.5
2 Vienna 97.4
3 Vancouver 97.3
4 Toronto 97.2
=5 Adelaide 96.6
=5 Calgary 96.6
7 Sydney 96.1
8 Helsinki 96.0
9 Perth 95.9
10 Auckland 95.7

Source: Economist Intelligence Unit

This news comes only weeks after Melbourne, Tokyo and Copenhagen topped culture and lifestyle magazine Monocle's Quality of Life Survey 2014. As Monocle put it "Finding the measure of a city is as much about the intangibles that light up a community as the infrastructure keeping it going." It also takes into consideration the more subjective appeal of the places it lists, such as overall aesthetics and convenience of services.

The Victorian state capital offered an enviable lifestyle, underpinned by resilient economic credentials, world class infrastructure, excellent health and education systems and progressive business regulation.

With Melbourne set to become Australia's largest city as early as 2030, the Victorian Government is investing in key infrastructure, from road and rail projects to hospitals and schools, to ensure our state remains the best possible place to live, work and do business.

The State Government of Victoria continues to work closely with Australian and international businesses to facilitate new investments that the new create jobs and build an even better, more prosperous State.

Melbourne's much vaunted liveablity was largely due to consistent investment in infrastructure. Over the past decade, Government investment in infrastructure has doubled, with investment in roads, public transport, health, schools and other infrastructure over 2014-2015 estimated at A$7.5 billion.

Lilian Jiang, State Manager (Victoria) at Bank of China Limited Australia said Melbourne provided expatriates with a highly enjoyable lifestyle.

"Central Melbourne is small enough to allow me to walk to most business meetings, yet big enough to accommodate so many parks, museums and historical architecture," Ms Jiang said.

"My family loves our regular weekend trips to nearby beaches, vineyards and mountains, which are all within an hour's driving distance. Melbourne is truly my home away from home."

American spelling: livability, livable, Global Livability Survey.