Satellite altimetry water level measurements are valuable in episodic and climate change related hydrodynamic impact studies, despite their sparse temporal distribution over the global ocean. This study presents the spatiotemporal characteristics of the open-ocean satellite derived water level measurements globally for the period 31/12/1992-15/10/2019 and evaluates their efficacy to represent the water level even during intense atmospheric conditions. Water level measurements from 23 different satellite missions are compared with tide gauge records and hydrodynamic simulations. The satellite measurements reproduce the water-level variations with good to excellent skill for ~60% of the areas considered. Additionally, satellite measurements and local atmospheric conditions are utilized in order to examine whether statistical data driven models can contribute to decreasing the temporal sparseness of the water level data over the global ocean. The suitability of this low computational-cost method is demonstrated by deriving a 63-year hindcast of the daily maximum water level for the global ocean, and for a medium-term 15-day ensemble forecast. The publicly available long-term water-level hindcast and the parameters of the data-driven statistical model derived can serve as a tool for designing and facilitating local and global coastal risk-assessment studies.