Swiss Bank UBS released the 16th edition of its UBS Prices and Earnings study, which examines prices, wages and earners purchasing power in 71 cities worldwide. The study, published roughly every three years since 1971 compiles over 68,000 data points reflecting economic events that have shaped the world since the last edition in 2012.
CHEAPEST PLACES IN WORLD TO LIVE IN
- As per report New Delhi and Mumbai are among the cheapest places in the world to live, along with Sofia in Bulgaria and Bucharest in Romania.
- In these four cities, the wages were among the lowest of the 71 locations around the world.
- The Ukrainian capital Kyiv the cheapest city in the world.
The reason for the Indian cities scoring high on the lower end is attributed to inequality between the richest and poorest in India’s major cities which keeps wages and prices low, while spending is also stifled by government subsidies.
EXPENSIVE PLACES IN WORLD TO LIVE
- Zurich is the most expensive city in the world, which is followed by Geneva, New York and Oslo.
- London is the fifth most expensive city in the world to live in but wage levels have failed to keep up compared to other major centres. It was ranked 13th when it came to comparison of gross salaries.
EXPENSE AND SALARY VARIES
- A Londoner must work 41.2 hours to afford an iPhone 6, twice as long as a resident of Zurich who only needs to work 20.6 hours.
- Londoners having to work for just 6 minutes to buy the basic foodstuff, half the time it would take a New Yorker.
- UBS is committed to providing private, institutional and corporate clients worldwide, as well as retail clients in Switzerland, with superior financial advice and solutions while generating attractive and sustainable returns for shareholders.
- Headquartered in Zurich, Switzerland