Oslo is world's most expensive city
A new study "Prices and Earnings" by investment bank UBS has compared purchasing power in 71 cities around the world based on the cost of a standardised basket of 122 goods and services. Oslo came out as the most expensive city, closely followed by London, Copenhagen, Zurich and Tokyo.
This result could be slightly misleading, however, as, along with the US, Scandinavia and Switzerland also pay the highest wages offsetting their high living costs. Moreover, the basket of goods and services does not include the cost of housing; when this is taken into account, it is London and New York that are the most expensive places to live.
The rise of Dublin
The highest wages are paid in Copenhagen, Oslo, Zurich, Geneva, New York and London. In a comparison of net wages, however, the Scandinavian and German cities lose ground due to their high tax rates and social security payments. UBS hail English-speaking Europe in their report as "the shooting star" in the international comparison of wages, with Dublin and London new in the top ten.
The UBS study found that the highest purchasing power - defined as how long you have to work to buy a Big Mac! - was in Zurich and Geneva, closely followed by Dublin, Los Angeles and Luxembourg. After buying the study's basic basket of goods and services, earners in these cities retain the highest portion of their net wages as disposable income to spend on things like vacations, luxury items or savings.
The average purchasing power in Central and South America is just a third of the level in the North American cities. But the biggest upward jumps compared to the previous issue of “Prices and Earnings” three years ago have also been in Latin America in São Paulo, Rio de Janeiro and Santiago de Chile. The basket of goods and services cost the least in Kuala Lumpur, Mumbai, Delhi and Buenos Aires.
Interestingly, a historical analysis of UBS' data shows that Europeans have reduced their working hours in the last 30 years in favor of more leisure time. Americans and Asians, on the other hand, seem to have a higher regard for earned income.
The UBS studies "Prices and Earnings" can be downloaded at www.ubs.com/research
A new study "Prices and Earnings" by investment bank UBS has compared purchasing power in 71 cities around the world based on the cost of a standardised basket of 122 goods and services. Oslo came out as the most expensive city, closely followed by London, Copenhagen, Zurich and Tokyo.
This result could be slightly misleading, however, as, along with the US, Scandinavia and Switzerland also pay the highest wages offsetting their high living costs. Moreover, the basket of goods and services does not include the cost of housing; when this is taken into account, it is London and New York that are the most expensive places to live.
The rise of Dublin
The highest wages are paid in Copenhagen, Oslo, Zurich, Geneva, New York and London. In a comparison of net wages, however, the Scandinavian and German cities lose ground due to their high tax rates and social security payments. UBS hail English-speaking Europe in their report as "the shooting star" in the international comparison of wages, with Dublin and London new in the top ten.
The UBS study found that the highest purchasing power - defined as how long you have to work to buy a Big Mac! - was in Zurich and Geneva, closely followed by Dublin, Los Angeles and Luxembourg. After buying the study's basic basket of goods and services, earners in these cities retain the highest portion of their net wages as disposable income to spend on things like vacations, luxury items or savings.
The average purchasing power in Central and South America is just a third of the level in the North American cities. But the biggest upward jumps compared to the previous issue of “Prices and Earnings” three years ago have also been in Latin America in São Paulo, Rio de Janeiro and Santiago de Chile. The basket of goods and services cost the least in Kuala Lumpur, Mumbai, Delhi and Buenos Aires.
Interestingly, a historical analysis of UBS' data shows that Europeans have reduced their working hours in the last 30 years in favor of more leisure time. Americans and Asians, on the other hand, seem to have a higher regard for earned income.
The UBS studies "Prices and Earnings" can be downloaded at www.ubs.com/research
posted by tony at 5:00 PM
0 Comments:
Post a Comment
<< Home