Deutsche Bank has released its 8th annual survey of global prices and living standards.

This report places Melbourne as the seventh highest in the quality-of-life index, which takes into consideration a number of different factors, such as the consumers buying power, the local crime rate, the state of the health care sector, cost of living, property rates, commuting times and traffic, pollution levels and climate likeability.

Additionally, Melbourne was also ranked seventh in the disposable income index (money remaining after rent), and managed to enter the top ten of the monthly net salary of its citizens (ninth).

The capital of Victoria is ranked first on the “cost of bad habits” (such as drinking) index, taking Oslo’s place in that specific category from last year.

READ MORE: Melbourne once again ranked world’s most liveable city

Melbourne also holds the highest cost in smoking, as one packet of cigarettes would cost someone almost five times as much as it would in Athens.

The Greek capital also noted an improvement, albeit small, in regards to the previous survey, going up four places in the quality-of-life index (34th from 38th), one position in monthly salaries (42nd from 43rd) and two places in disposable income (40th from 42nd).

Surprisingly though, Athens tops the rank as one of the most expensive cities worldwide to buy an iPhone.

The well-known smartphones are 127 per cent more expensive in Athens than they are in their native USA, putting Greece on the fifth position on the respective table.