The results are in..
by The Associated Press
How long to earn a Big Mac? <-click on the link for a better looking chart :)
City and No. of Minutes
Tokyo 10 / Nicosia, Cyprus 19 / Prague, Czech Republic 39 / Los Angeles 11 / Brussels, Belgium 20 / Tallinn, Estonia 39 / Chicago 12 / Milan, Italy 20 / Warsaw, Poland 43 / Miami 12 / Taipei, Taiwan 20 / Vilnius, Lithuania 43 / New York 13 / Barcelona, Spain 21 / Beijing 44 / Auckland, New Zealand 14 / Paris 21 / Budapest, Hungary 48 / Sydney, Australia 14 / Stockholm, Sweden 21 / Istanbul, Turkey 48 /Toronto 14 / Singapore 22 / Rio de Janeiro, Brazil 53 / Dublin, Ireland 15 / Lyon, France 24 / Bratislava, Slovakia 55 /Zurich, Switzerland 15 / Manama, Bahrain 24 / Santiago, Chile 56 / Frankfurt, Germany 16 / Dubai, United Arab Emirates 25 / Kiev, Ukraine 56 /Geneva 16 / Moscow 25 / Buenos Aires, Argentina 56 / London 16 / Rome 25 / New Delhi 59 / Vienna, Austria 16 / Athens, Greece 26 / Bangkok, Thailand 67 /Berlin 17 / Riga, Latvia 28 / Bucharest, Romania 69 / Hong Kong 17 / Seoul, South Korea 29 / Sofia, Bulgaria 69 /Luxembourg 17 / Johannesburg, South Africa 30 / Bombay, India 70 / Montreal 17 / Lisbon, Portugal 32 / Manila, Philippines 81 /
Munich, Germany 17 / Kuala Lumpur, Malaysia 33 / Mexico City 82 /Copenhagen, Denmark 18 / Ljubljana, Slovenia 35 / Caracas, Venezuela 85 / Oslo, Norway 18 / Worldwide average 35 / Jakarta, Indonesia 86 /Amsterdam, Netherlands 19 / Sao Paulo, Brazil 38 / Lima, Peru 86 / Helsinki, Finland 19 / Shanghai, China 38 / Nairobi, Kenya 91 / Madrid, Switzerland 19 / Bogota, Colombia 97Residents of Tokyo have the highest purchasing power in the world, edging out people in Los Angeles, Sydney, London and Toronto, according to a new survey by the Swiss banking giant UBS that uses the "Big Mac" as its benchmark.
Tokyo scored at the top of the survey, which aims to eliminate variables such as exchange rates, even though it is one of the most expensive cities in the world, UBS said in the "Prices and Earnings" report released Wednesday. "Wages only become meaningful in relation to prices -- that is, what can be bought with the money earned," it said.
The bank calculated the "weighted net hourly wage in 14 professions" and divided it into the local price of "a globally available product," for which it chose McDonald's flagship hamburger.
"On a global average, 35 minutes of work buys a Big Mac," it said. "But the disparities are huge: in Nairobi, 1.5 hours' work is needed to buy the burger with the net hourly wage there. In the U.S. cities of Los Angeles, New York, Chicago and Miami, a maximum of 13 minutes' labor is needed."
In Tokyo, it takes a mere 10 minutes. Bogota, Colombia, came in last among the 70 cities surveyed at 97 minutes.
Oslo world's costliest city The UBS survey, conducted every three years, rated Oslo as the most expensive city on the basis of the cost of a basket of 122 goods and services, excluding rent. It was followed by London; Copenhagen, Denmark; Zurich, Switzerland; Tokyo; Geneva; New York; Dublin, Ireland; Stockholm, Sweden; and Helsinki, Finland.
The least expensive cities were Manila, Philippines (So I guess I made the right decision of not leaving this country after all. Di ako lugi sa Philippines. Haha); Delhi; Buenos Aires; Bombay and Kuala Lumpur.
UBS said that if the cost of housing was included, "life is particularly expensive in London and New York."
The bank also compared wages. In that contest Copenhagen was tops, with an index of 118.2. For that comparison, New York -- in fifth place -- was taken as the base with an index of 100. Second place went to Oslo, followed by Zurich and Geneva. London was in sixth, followed by Chicago, Dublin, Frankfurt and Brussels.
At the other end was Delhi, with an index of 6.1. "In the cities of Western Europe and North America, workers in 14 representative professions earn a gross hourly wage averaging US$18 (euro14); in the Eastern European and Asian cities examined, the figure was only US$4-US$5 (euro3.10-euro3.90)." But taxes and social security payments take a big bit in northern Europe, with Scandinavian and German cities losing ground.
Wages high, standards high in U.S.
Rankings were similar to the last survey in 2003, with changes resulting largely from shifts in foreign exchange rates, the study said. New York and Chicago dropped in the expensive cities ranking, mostly due to the weaker dollar.
"Shanghai and Beijing, meanwhile, remain comparatively inexpensive despite an economic boom because the national currency, the renminbi, has so far resisted pressures to appreciate."
Workers in Seoul, South Korea, work the longest. Those in Paris have the shortest work week.
"Based on a 42-hour work week, Asian workers labor about 50 days a year more than their peers in Paris," it said.
The study said a dollar earned in Los Angeles, after deducting taxes and Social Security contributions, is worth more than in Chicago, New York, Miami, Toronto and Montreal.
"Although the highest wages are paid in New York, it also has the highest cost of living anywhere in the Americas," it said. "Thanks to their much higher wages, after buying the basic basket of goods and services, workers in North American cities have far more left over for vacations, luxury items or savings than their counterparts in Latin America. The average purchasing power in Central and South America is just a third of the level in the North American cities."