Oslo, Zurich and Geneva are at the top in UBS survey of the most expensive city globally
The most recently released “Price and Earnings” study carried out by UBS Wealth Management Research ranks Dubai as the 16th most expensive city across the globe. The survey covers 73 cities globally.
At the top of the pack were Oslo and Zurich, as well as Geneva, with Tokyo, Copenhagen and New York following.
Placing above Dubai in the survey (not necessarily in order) were Helsinki, London, Montreal, Paris, Stockholm, Singapore, Sydney, Toronto and Vienna.
Locations were ranked relative to an index of price levels that excluded rent and began with the standard that New York equals 100. The ranking method then took into account the costs of a weighted collection of 122 goods and services typical in households throughout Western Europe.
The study found that the cost for this basket with a variety of goods and services was cheapest in Mumbai and Manila, as well as Bucharest.
Also, when measuring the domestic purchasing power in these cities it was found that employed residents of Zurich and Sydney, as well as Miami and Los Angeles had the highest with their after tax hourly wages. Dubai employees fell in at 32nd in the world for this type of purchasing power.
Those countries surveyed with the lowest domestic purchasing power for their employees were Jakarta and Nairobi, as well as Manila.
The current study, updated from last year’s edition, compares the purchasing powers across the world and is up for publication at three year intervals.
Last year’s edition included a standardized survey of wage and price levels in 73 global cities. In the 2010 update that data from the first portion of 2009 was adjusted with the cumulative inflation figures from March 2009 to June of this year. The movement of exchange rates over that time period was also taken into account.
Only average rates of exchange were used for June and July of this year due to sharp fluctuations from one day to the next.Paul Holdsworth, Staff Writer, Gulf Jobs Market News