Londoners have to work an average of 41.2 hours to be able to buy an iPhone 6 – far more than their counterparts in New York City, LA, Miami, Chicago, Zurich or Geneva, where it takes less than 30 hours to notch up enough readies to splurge on the smartphone.
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Dubai is one of only four cities in the study where an average unfurnished three-room apartment rents for more than 3,000 USA dollars a month, namely USD 3,240.
Bus drivers in Luxembourg earn more than $85,000 per year, compared with $37,000 for their counterparts in London while shoppers in Zurich have to pay four-and-a-half times more than those in Kiev for the same basket of groceries. But when it comes to net salaries, the lowest urban earners live in Jakarta, Kiev, and Nairobi.
How many hours’ earnings buy a Big Mac® or an iPhone?
According to the September 2015 UBS report titled Prices and Earnings, these are the top 10 cities in the world where you can expect to earn big bucks. That is, if you’re in the right field.
The wage value has been best described by comparing domestic purchasing power for goods that are as homogenous as possible worldwide. Zurich, Geneva, and New York city topped the list. Nairobi and Jakarta have the lowest purchasing power, affording just one-tenth as much as workers in Luxembourg. New York City comes in third on the list, but leaps into top position if the cost of paying rent is added to the equation, writes Benjamin Snyder for Fortune.
The shortest working hours were found to be in Paris, while Manama had the most paid vacation. with an average of 34 days a year.
“The Swiss National Bank’s decision to remove the cap has moved prices a lot”, said Daniel Kalt, at UBS economist, during an interview with Bloomberg.
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While the wage level is the fourth-highest among Asian cities, next to Tokyo, Hong Kong and Seoul, home rental prices in Taipei are comparatively higher than Tokyo and Seoul, according to the report.
