The Swiss cities of Zurich and Geneva have once again been named the most expensive cities in the world to live in, according to UBS AG's "Prices and Earnings" study. However, their residents also earn significantly more than those in other countries, Interfax reports.
In the overall price ranking, St. Petersburg ranked 51st out of 77 cities, Moscow ranked 54th, but in terms of income, the opposite is true: Moscow ranked 63rd, St. Petersburg ranked 66th.
The third most expensive city is Oslo, with Copenhagen and New York also in the top 5.
The monthly income for a family of three in Zurich, which covers a minimum set of goods and services and does not include rent, is ₽1,260. In Geneva, it is slightly less – ₽1,165, in New York – ₽1,673, and in London (8th place) – ₽1,411, according to a UBS report.
A Swiss bank estimates the minimum cost in St. Petersburg at almost $2,300, while in Moscow you can live cheaper – $2,264.
Cairo will require the least expenses - $1272 per month, two lines above it is Kyiv $1618.
The most expensive food in the cities studied by UBS is in Geneva and Zurich, while the cheapest is in Kyiv and Lagos. Housing costs are highest in Hong Kong and New York (almost 1,400,000 rubles per month), while in Moscow you can get by for less than 1,400,000 rubles, similar to Frankfurt or Brussels.
The Russian capital is among the top three cities for women's clothing prices, with men's clothing costing $14,000 per month less (8th place). Milan is the main hub of men's and women's fashion, while budget-conscious shoppers should consider Nairobi or Lagos.
High prices also mean significant expenses for tourists visiting these cities. A one-day visit to New York City will cost a couple over $1,000, though it's worth considering that this includes a stay in an excellent hotel, two meals at a restaurant, a bottle of wine, taxi fare, and a number of other incidentals.
Seoul jumped to second place this year ($1002) due to the Winter Olympics. Paris offered a vacation for $888 per night, with comparable prices in Dubai and Frankfurt. A visit to St. Petersburg, Milan, or Sydney will cost approximately $670 for two, while Moscow or Athens will cost $608.
In the "Big Mac Index," which shows how many minutes you need to work to earn enough money to buy the sandwich, Moscow is roughly in the middle—a Muscovite earns the required amount in half an hour (42nd place).
Hong Kong, Taipei, and Tokyo topped this index, which measures purchasing power, with scores of around 12, respectively. Residents of 11 cities, including Zurich, Chicago, and Sydney, need fifteen minutes or less to buy a Big Mac at work. Three years ago, the number of such cities was around 20.
At the bottom of the list by a wide margin is Nairobi, where it takes over two hours, or almost 134 minutes, to earn enough for a sandwich. Cairo, Lagos, New Delhi, and six other cities also require over an hour.
A similar "iPhone Index" shows that to buy the latest iPhone, a Zurich resident would need to work 38.2 hours, a Geneva resident 47.5 hours, and a New Yorker over 54 hours. A Moscow resident would have to work seven and a half weeks at eight hours a day, while a Kyiv resident would need to work almost 18 weeks.
As part of the study, UBS examined prices for 128 goods and services and wages for 15 professions in 77 cities around the world from January to April 2018.
Source: trn-news.ru