Oslo is the world’s most expensive city, according to a new report. The news comes via a study commissioned by Swiss banking firm UBS. The probe said that although the Norwegian capital has the highest prices of 72 major urban centres worldwide, its residents can also take advantage of the best purchasing power. Officials said this comes largely thanks to the city’s residents receiving the fourth highest salaries globally.
Coming in second and third place for the highest cost of living were Zurich and Tokyo, respectively, whilst India’s major metropolises of Mumbai and Delhi were found to have the lowest cost of living in the world. However, the average wage in the Indian centres was equal to only six per cent of the figures seen in Zurich.
UBS researchers noted that purchasing power is equally as significant as salary or the cost of living. The report’s authors said, “Workers in Zurich can buy an iPhone after 22 hours work. In Manila, by contrast, it takes around 20 times longer,” The Local reports.
Meanwhile, Geneva and the Danish capital came in second and third place in terms of salaries, although UBS reported that when taxes are included, Luxembourg moves into third, pushing Copenhagen down to fourth.