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London Is World's 2nd Most Expensive City

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found this article interesting. Index uses New York as a base of 100.

Oslo Priciest City, Workers in Copenhagen Earn Most, UBS Says

2006-08-09 08:55 (New York)

By Alice Ratcliffe

Aug. 9 (Bloomberg) -- Oslo is the world's most expensive

city followed by London and Copenhagen, while a worker in

Copenhagen makes about 20 times more than one in Delhi,

according to a UBS AG study on prices and earnings.

Oslo is three times as expensive as Kuala Lumpur, based on

rankings of 71 cities cited in the study published today by

Zurich-based UBS, Europe's biggest bank by assets. The last time

the survey was completed in 2003, Oslo was also most expensive,

followed by Hong Kong and Tokyo. One reason for Hong Kong's drop

was China's controls on its currency, keeping it from rising

against other currencies, UBS said.

The study excluded rent. ``Including rent'' in the

rankings, ``London and New York are the most expensive places to

live by a wide margin,'' UBS analysts Andreas Hoefert and Pu

Yonghao said in the study.

A worker in Copenhagen earned the highest wages, followed

by one in Oslo, Zurich, Geneva, New York and London. Delhi,

Manila and Jakarta workers earned the least. In Western Europe

and North America, workers in 14 professions averaged $18 in

gross hourly wage. In Eastern European and Asian cities, the

worker got $4 to $5 per hour, according to the study.

``Based on a 42-hour work week, Asian workers labor about

50 days a year'' more than their peers in Paris or Berlin,

according to the study. In Asian cities, people work the longest

with a ``mean annual working time of 2,088 hours.'' That

compares with 1,480 hours in Paris and 1,610 in Berlin, the

study says.

Taxes, Social Security

Scandinavian and German cities ``lose ground due to their

high tax rates and social security payments'' when gross and net

salaries are compared. Stockholm ranked 16th on a gross salary

basis and 21st in terms of net salary. Berlin ranked 14th in

terms of gross salary and 16th on a net basis.

On a net salary basis, workers in Zurich and Geneva earned

the most, followed by those in Oslo, Dublin and New York. The

two Swiss cities also ranked first in purchasing power,

according to the study, based on net hourly pay divided by the

cost of 122 goods and services, excluding rent. They were

followed by Dublin, Los Angeles and Luxembourg.

Based on a separate index of how long a worker must labor

to earn a Big Mac hamburger, Tokyo leads with only 10 minutes,

the least of any in 70 cities. A worker in Bogota needs 97

minutes, the longest of any of the 70 cities, UBS said.

Following are price comparisons for cities based on 122

goods and services favoring ``Western European'' consumer

habits, excluding rent:



Oslo 121.5

London 110.6

Copenhagen 109.2

Zurich 107.4

Tokyo 106.8

Geneva 102.9

New York 100.0

Dublin 98.3

Stockholm 98.1

Helsinki 97.0


Kuala Lumpur 36.8

Mumbai 38.5

Buenos Aires 41.9

Delhi 42.8

Manila 46.7

Kiev 47.8

Nairobi 48.4

Lima 49.1

Vilnius 49.4

Beijing 49.6

New York = 100


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  • 301 Brexit, House prices and Summer 2020

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