Sydney is one of the best cities in the world for supporting the economic ambitions of young people, but it’s also one of the worst for cost of living.

Sydney was ranked ninth among 35 cities for encouraging economic prospects for its people aged 18 to 35, The Economist Intelligence Unit’s Youth Economic Strategy Index found.

Each of the cities were scored on 31 indicators that contribute to young people’s economic prospects, including local government policies and levels of youth engagement.

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Sydney received top ratings for its quality of education and employment opportunities and healthcare, as well as access to technology and financing for tertiary education.

“I am pleased to see Sydney in the top 10, and am particularly heartened to see the city ranked first for quality of education and employment opportunities for youth, acknowledging efforts to support education and youth employment programs,” Committee of Sydney chair Lucy Turnbull said.

Toronto took the top spot. Photo: Getty

The black spot on Sydney’s ranking was its high cost of living. It was listed as the second-worst city behind Singapore for the cost of living for young people.

This week, the rental affordability index described Sydney as the most unaffordable city for renters, with many low-income earners paying almost two-thirds of their income in rent.

New York, which is one of the most expensive cities in the world, was ranked 29th on the cost of living front, while Sydney was 34th.

Sydney also didn’t perform well in terms of industrial relations (30/35).

But an entrepreneurial spirit was apparent across the board, with 77 per cent of respondents around the world expressing an interest in working for themselves or starting their own business.

WHERE THE BEST ECONOMIC PROSPECTS EXIST FOR YOUNG PEOPLE:

1. Toronto

2. New York

3. Chicago

4. Singapore

5. Hong Kong

6. Washington DC

7. Los Angeles

8. London

9. Sydney

10. Miami

(Source: Accelerating Pathways: Youth Economic Strategy Index 2015 – The Economist Intelligence Unit)