A tourist stands in Zurich, Switzerland. RossHelen | Getty Images

Cities in Europe and Australasia offer the highest quality of life in the world, new research from Deutsche Bank showed. Published Thursday, the report analyzed the costs and quality of living for residents in 56 cities around the world. Zurich, Switzerland, topped the index, despite not being the top-rated city in any of the sub categories. The Swiss city came second in the purchasing power index and was ranked the third safest city in the world. Residents of New Zealand's capital city, Wellington, had the second highest quality of life in the world, according to the analysis. It offers short commutes, low levels of pollution and has one of the world's best purchasing power ratings.

Boston and San Francisco were the only U.S. cities to be named among the top 10 cities, coming in eighth and ninth place respectively. San Franciscans had the best purchasing power in the world, while Boston was the eighth best city in the world for healthcare – but both cities scored poorly when it came to the overall cost of living. San Francisco climbed 21 places higher over the last five years, which the report's authors attributed to the rapid growth of the U.S. tech sector that helped boost incomes in the city. New York, meanwhile, was ranked 31st on the list, owing to low ratings in healthcare and the living costs. Meanwhile, Lagos, Nigeria, was named the city with the lowest quality of living, followed by Beijing and the Philippine capital Manila.

Delving into the cost of living around the world, Deutsche Bank analysts compared the cost of consumer staples in each city. Norwegian capital Oslo – which was ranked 7th in the overall quality of life index – was the most expensive city for buying two litres of Coca-Cola, where it would cost $4.73 – that's 197% more than the cost of Coke in New York City. Meanwhile, an iPhone XS was more expensive in countries where residents generally had less purchasing power. The smartphone model, if bought in Brazil, would be 164% pricier than if it was bought in the U.S., costing $2,050. It was also expensive in Turkey, Argentina and India, costing between 130% to 150% more in those countries than it would in the United States. This according to the Deutsche Bank report.