Subscribe Now

travelers today

Home » City Guides

Survey names Oslo the world's priciest city

Travelers Today       By    Reuters

Updated: Sep 17, 2012 09:34 AM EDT

Text Size: A A A

Oslo, Norway(Photo : Flickr)

(Reuters) - Oslo is the most expensive city in the world, ahead of Zurich and Tokyo, but the well-paid residents of the Swiss financial hub enjoy the greatest purchasing power, according to a study released on Friday.

The annual survey of 72 cities by Swiss bank UBS (UBSN.VX) found its own hometown had the world's highest average wages and the biggest purchasing power.

The study examined the price of a basket of 122 goods and services, adjusted for currency fluctuations. The cost of living index was calculated by dividing the price of goods by the weighted net hourly wage in 15 sectors.

Share This Story

"In Tokyo it takes nine minutes of work to earn enough to buy a Big Mac, while in Nairobi it takes 84 minutes," it said.

Zurich residents must work 13 minutes for the hamburger, but other goods were relatively cheaper than in Tokyo, putting the Swiss city top of the purchasing power index.

"Workers in Zurich can buy an iPhone after 22 hours work; in Manila, by contrast, it takes around 20 times longer," UBS said.

Workers had to toil 42 minutes in Istanbul and 29 minutes in Shanghai for a Big Mac, while in New York and Hong Kong just 10 minutes were required.

The cheapest places to live were Delhi and Mumbai. New York was the sixth most expensive, Moscow came in at number 40 and Shanghai at 49.

The survey also looked at working hours and found the shortest were in Paris, Lyon and Copenhagen. Workers in Asia, Africa, the Middle East and South America toil the longest, at over 2,000 hours per year, it found. (Reporting by Catherine Bosley; Editing by Robin Pomeroy)

© 2014 Traverlers Today, All rights reserved. Do not reproduce without permission.
Join Our Conversation

ADVERTISEMENT

Travel Tips

Traveling with Liquids

Travel Hacks: Traveling with Liquids

Liquids can be one of the trickiest parts of packing for a flight, especially if you are bringing a carryon. Either they are over the limit, or they leak in your bag. Whatever the reason they seem to be a nuisance.

Subscribe to our newsletter

Receive the latest travel news, reviews, and more..

Want more Travel?

Most Popular

Holiday Getaway

Why You Should Head To Europe For Your Next Holiday Getaway!

Thinking of traveling this Thanksgiving and Christmas season? But afraid spending much too much over your next last-minute getaway? Here are some of the best tips to follow if you intend to save much while enjoying the perfect European holiday getaway.

New York Pot Arrests

New York Pot Arrests: New Policy Promotes Summonses Instead Of Arrests Since Officers Want To Focus On Other Crimes

New York pot arrests are going to be different this time around after a few changes on the city's marijuana policy have been made.

USS Ross Sailors Attacked By Turkey Youth Union In Istanbul

USS Ross Sailors Attacked By Turkish Mob In Istanbul, Bags Placed Over Heads?

USS Ross sailors attacked by about 20 political activists happened in Istanbul Wednesday. Members of the Turkish Youth Union hurled objects at them, chased the three men and at one point, placed a bag over one of the heads of the USS Ross sailors attacked.

Pack of street dogs

Pack of Dogs Responsible For Wyoming Woman’s Tragic Death

Pack of dogs named responsible to a death in Wyoming on Wednesday.

Napoleon Bonaparte's bicorne hat.

Napoleon Hat $2.4 Million Sold To South Korean Collector; Famous Chapeau Of Napoleon Bonaparte Estimated To Sell At $500K Was Purchased For More Than $2M

Napoleon hat $2.4 million was sold at a recent action. A collector from South Korea, whose identity has not been revealed, purchased the famous chapeau.

White marble statue on tomb of Frederic Chopin (1810-1849), composer and Polish pianist. Bronze statue of Dominique Vivant Denon (1747-1825), engraver, writer, French administrator. Pere Lachaise Cemetery in Paris, France.

Chopin’s Heart Exhumed Secretly? Returned to Warsaw Church for another 50 Years

Chopin Heart Exhumed – The heart Chopin of the iconic composer, Frederic Chopin, has reportedly been secured in a jar of liquor in Poland for 155 years. Chopin’s heart was exhumed recently in order for experts to ensure that the alcohol had not evaporated before they return the organ to its final resting place.

Over 700 Sickened By Virus On Cruise Ship

Crown Princess Norovirus Update: 172 Confirmed Infected, Second Infection This Year

Crown Princess Norovirus update – For the second time this year, another Crown Princess Cruise ship has fallen victim to the Norovirus. After just six months since the first infection spread in one Crown Princess Cruise ship, a second cruise has been infected with 172 people confirmed to be carrying the virus.

Brooklyn Bridge

Brooklyn Bridge Climber Arrested And Charged With Criminal Trespass And Reckless Endangerment; French Tourist States He Was Only Trying To Get Sweeping Photos Of The City

Brooklyn Bridge climber arrested on Monday. The French tourist was charged with reckless endangerment and criminal trespass.

Jekyll Island Resort

Relax Where the Rich Once Played: Jekyll Island

Located in the on the southeastern coat of Georgia is Jekyll Island, a small island retreat nestled in the marshes that the south is known for. While some people have made their permanent home here, the island feels isolated. With few hotels and no major city center, Jekyll Island is the perfect get away spot.

Find Us on Facebook

travelers today

© Copyright 2014 Travelers Today All Rights Reserved.

Subscribe to our newsletter
Real Time Analytics