The Strategist

The Most Expensive Cities to Live In

09/18/2015 - 15:35

Swiss cities Zurich and Geneva have been named the most expensive in the world to live in. They are ahead of even New York and London, according to a study of UBS AG bank.

A family of three people need to earn $ 3,600 per month in Zurich to provide a minimum set of goods and services, consisting of 122 positions - and note, that rent is not even included. In Geneva, a decent living is ensured with $ 3,500 a month, in New York - $ 3340, in London - about $ 2,800, the report says.

In cities such as Kiev and Sofia, the family will be able to live on $ 1,300 a month. Even in New Delhi and Mumbai, the minimum monthly income should be approximately $ 1,500.

If we consider the rent, New York is on the first place, with the average cost of renting an apartment with unfurnished two-bedroom $ 4320 per month compared to $ 2390 in Zurich.

High prices also mean significant costs for tourists who wish to visit these cities. A day visit to Geneva and Zurich, as well as to Tokyo and New York, will cost at least $ 1000 to a couple of tourists.

However, the inhabitants of Swiss cities earn much more than in other countries. An average salary in Zurich is more than $ 41 an hour - it's 21 times more than the average salary from Kiev. In the index of wages, where a New Yorker’s reward is taken as 100 points, Zurich scored 141.7 points, Geneva - 135.1 points. Nairobi, Kenya shares the last place with Kiev at 6.3 points. Cities such as Warsaw, Tallinn, Bratislava, Moscow and Athens found themselves in the bottom half of the list.

Taking the Big Mac index, shows how many minutes one need to work to earn enough money for buying this sandwich, Hong Kong and Luxembourg topped the rating with indicators 9 and 10 minutes respectively. Residents of 19 cities should spend less than 15 minutes at the workplace to purchase the Big Mac (Tokyo, Sydney, Vienna, Munich, Montreal and the capital of Cyprus, Nicosia).

At the bottom of the list is occupied by Nairobi – one need to work for nearly three hours, or 173 minutes, to have the sandwich. It takes over an hour in Cairo, Jakarta, Mexico City and Manila.

A similar iPhone index shows that a resident of Zurich needs to work 21 hours to get the smartphone. Less than 30 hours are required for inhabitants of New York, Miami, Los Angeles and Chicago; 41 hours for a Londoner.