Despite being one of the most expensive cities in the world, Sydney frequently ranks in the top ten most liveable cities in the world. It is classified as an Alpha global city by the Globalization and World Cities Research Network, indicating its influence in the region and throughout the world. Ranked eleventh in the world for economic opportunity,[21] Sydney has an advanced market economy with strengths in finance, manufacturing and tourism. Established in 1850, the University of Sydney was Australia’s first university and is regarded as one of the world’s leading universities.