Vienna has the best living standard in the world, according to the Mercer 2011 Quality of Living survey.
According to MarketWatch...
"Living conditions are analyzed according to 39 factors, grouped in 10 categories, including politics and social environment, economic environment, health and sanitation, education, transportation, housing and recreation. Mercer’s Quality of Living index covers 221 cities, ranked against New York as the base city."
According to Mercer, Quality of Living Ranking; the Top 5 Cities are: