London is the world's most expensive city to live in, according to the latest Prices and Earnings report from UBS Wealth Management.
The UK’s capital tops the list of most expensive cities including rents, with Dublin coming in third behind Oslo. When rents are excluded, London is third behind Oslo and Copenhagen, with Dublin in fourth place, up from 13th in 2005.
Since UBS’s last global survey of prices and earnings, in early 2006, there has been a dramatic shift in the relative values of currencies. And as exchange rates move, so do relative price levels around the world. The sharply declining relative value of the dollar has pushed US cities down in the global price rankings, with New York in 18th place excluding rents, though America’s financial capital is the fifth most expensive if rents are taken into account.
Copenhagen and Oslo again top the list in terms of wages, but take-home pay is highest in Zurich. Dublin came fifth in terms of gross wages, with London in 10th place and New York 13th.
On a purchasing power basis, taking local disposable incomes, prices and rents into account, Copenhagen comes top again, followed by Zurich. Dublin come in 18th, with London just behind Paris in 26th place.
The report updates the figures in 2006’s survey of prices and earnings in 71 cities around the world, using the average exchange rate over the review period to convert the basket of currencies into a single reference currency, rather than purchasing power parity rates.
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