UBS News Alert
UBS study: «Prices and Earnings»
A comparison of purchasing power around the globe, 2010 update
Oslo, Zurich and Geneva again the world's most expensive cities.
According to a UBS study, Oslo, Zurich and Geneva are the world's most expensive cities once again this year, followed by Tokyo, Copenhagen and New York. The lowest prices for a broad basket of goods and services can be found in Mumbai, Manila and Bucharest.
Price levels in Auckland and Sydney have risen substantially due to the strengthening of the Australian and New Zealand dollars, putting the two cities in the top third of the 73 cities surveyed. Caracas, in contrast, has become much cheaper than it was a year ago. Inflation has been extremely high in Venezuela at +40 percent, but this was more than made up for by an almost 50 percent devaluation of the Venezuelan bolivar.
Purchasing power greatest in Zurich, Sydney and Miami
Employees in Zurich, Sydney, Miami and Los Angeles enjoy the most purchasing power from their hourly wages (after taxes). In many cities in developing nations, significantly lower wages mean that domestic wage purchasing power is still more than 80 percent lower than in Zurich. Employees in Jakarta, Nairobi and Manila had the lowest purchasing power among the cities surveyed.
Yonghao Pu, Head Wealth Management Research Asia Pacific
Tel. +852-297 186 93
Europe, Switzerland and other countries:
Daniel Kalt, Head of Global Economic Research
Tel. +41-44-234 25 60
Andreas Höfert, Chief Economist
Tel. +41-44-234 67 96