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Quarterly full report for second-quarter UBS AG. Quarterly reporting archive. Second quarter Domestic purchasing power Buying an iPhone in Zurich requires 22 hours of work In Manila this takes around 20 times longer. Editorial 5 Methodology 6 Overview Price levels 8 Wage levels 9 Domestic purchasing power 10 Working time required to buy 11 Exchange rates used Price comparison Total expenditure on goods and services 14 Food prices 15 Prices for womans and mens clothing 16 Prices of home electronics and household appliances 17 Housing 18 Public transport 20 Car prices and maintenance costs 21 Restaurant and hotel prices 22 Prices of a city break 23 Prices of services Wage comparison International wage comparison 26 Gross and net hourly pay 27 Taxes and social security contributions 28 Working hours and vacation days 30 Exchange rate changes 31 Inflation 32 Geographical distribution of regions 33 Appendix In which regions are electronic devices particularly cheap?
In this study, now our fifteenth comparison of purchasing power in 72 cities around the world, we look at these and other questions in depth We gleaned the results from what now amount to more than 50, price and earnings data items.
First published in , we update the study every three years with current data from price and earnings surveys conducted in the various cities The fact that we have taken Europe as the basis for our reference basket of prices and earnings may have a limiting effect on certain parts of our study.
At the same time, we have specified the items surveyed as broadly as possible to ensure comparability We were aided in this process by intensive and regular communication with local data collectors. We are once again indebted to chambers of commerce, universities, members of student organizations, various individuals and UBS employees around the world for their help in preparing this years study We would like to thank all those involved for their efforts.
This year, we again confirmed certain expectations. People in Asia still work considerably longer hours than their European counterparts, for example, but earn significantly less on average per hour worked The data also shows the impact of the financial and debt crisis, whether in terms of.
Methodology for the comparison of prices and earnings Between the end of April and the end of May we carried out a standardized price and earnings survey in 72 cities around the world.
The survey was conducted locally by mutually independent observers. A total of more than 50, data points were collected and included in the survey evaluation. The index values are based on the figures actually obtained in the survey The sample size per city may not be statistically representative for single data points. The top and bottom places in the rankings are currently occupied by the same cities as three years ago There have been a number of major changes in the middle group, however Our analysis shows that changes in inflation and especially in exchange rates are the key factors that bring about shifts in price levels calculated in US dollars For instance, the New Zealand and Australian dollars appreciated strongly against the US dollar, leading to a marked rise in US dollar price levels in Auckland and Sydney The index of Moscow also gained due to currency appreciation, further amplified by general price inflation.
On the other hand, Dublin experienced a relative decline in the price index due to the financial and euro crisis. Methodology These calculations are based on the cost of a basket of goods and service weighted according to European consumption habits 1. Wage levels Zurich, Geneva, Copenhagen and Oslo head the rankings The trend established in recent years has reaffirmed itself in international comparison: At the top of the index are European cities, while in the regional comparison the highest wages are, on average, paid in North America At the lower end of the scale are South American cities, where on average gross earnings are only about one quarter of their North American counterparts While average values provide a good overview, a closer look at the individual figures shows how wide the pay divide is in particular regions.
Delhi also slipped back, trading places with Mumbai; alongside Manila and Jakarta, the Indian city now brings up the rear of the wage rankings Net wages are a good indicator of the budget that employees have available to spend However, it should be considered that certain country or city-specific deductions may not be included in these figures and in certain cases could place an additional strain on net wages.
Methodology Effective hourly wages for 15 professions, weighted according to distribution; net after deductions of taxes and social security contributions see pp. Domestic purchasing power The value of wages Price and earnings trends show the value of a basket of goods and services or the level of remuneration in a given profession over time High absolute prices or low wage levels have only a limited bearing on the prosperity of a citys population, however.
It is only by comparing the two figures that we can establish how many goods and services can be purchased with a given level of income Taking annual net income as the benchmark, residents of North American cities can afford to buy our reference basket of goods on average around twelve times per year, compared to just under ten times for those in Western Europe Citizens in the surveyed cities in Eastern Europe and South America have to budget carefully, as they can only afford to buy just under five baskets per year.
Based on the assumption that our weighted basket of goods corresponds to the monthly spending of a European family of three, these figures also indicate that in many cases one income per family is not sufficient to allow them to purchase the reference basket twelve times per year This analysis based on annual income partly ignores differences in productivity between individual cities, however, as a higher number of working hours can partially make up for lower hourly wages see also page 30 The table opposite therefore shows purchasing power in terms of both annual income and hourly wages, based on effective hours worked per year and profession Copenhagen has the highest purchasing power in terms of gross hourly wages, followed by Zurich, Geneva and Los Angeles Bringing up the rear are Nairobi, Kiev, Manila and Jakarta, where the real equivalent value of wages is between five and seven times lower than in New York.
Gross or net hourly wages divided by the cost of the entire basket of goods excluding rent Net annual income divided by the cost of the entire basket of goods excluding rent.
Working time required to buy Earning a Big Mac faster The quality and nature of many goods varies widely from one place to the next. This is compounded by regional influences that affect the characteristics and availability of individual products One commodity is especially well suited for the purposes of international comparison by virtue of the fact that it is pretty much the same wherever you buy it around the globe: the Big Mac On average among the countries surveyed, it takes 28 minutes to earn enough money to buy a Big Mac nine minutes less than in While in Western Europe people can bite into their burger after only 17 minutes work, in South America it takes 49 minutes, almost three times as long Like three years ago, Tokyo continues to occupy the top spot, while Nairobi is in last place with the longest working time required A rise in global average wages can be observed compared with This has had a consistently positive impact on purchasing power for certain goods, as the comparison between two basic foodstuffs shows: the amount of work needed to buy a kilo of bread international average is now 17 minutes 25 minutes , while for rice it is 16 minutes 22 minutes.
Saving for an iPhone can take patience In this years survey we replaced the iPod nano used in with the iPhone 4S 16 GB one of the most sought-after products in recent years. If we exclude discounted offers used to lock buyers into a contract, buying an iPhone can take a considerable amount of work People working in Zurich are able to afford the smartphone the quickest, that is, after 22 hours of work. The working time required is ten times longer in Mexico City and Bucharest According to the regional average, the amount of time needed in North America 35 hours , Oceania 42 hours and Western Europe 48 hours is under 50 hours, while in Eastern Europe, South America, Asia and Africa the purchase would on average require considerably more than three weeks salary assuming a hour working week.
Exchange rates used 1 Major currencies feel the effects of the financial crisis When comparing data over an extended period, exchange rate trends play an especially crucial role Toward the end of the period from and and after the outbreak of the financial crisis in the United States in , in particular, smaller currencies such as the New Zealand dollar or the Norwegian krone and currencies of countries in which traditional commodities are mined and exported dropped sharply in value These smaller currency zones fell victim to their low liquidity as investors sought refuge in the major currencies of the US dollar and the euro, and depreciated due to falling commodity prices This trend has reversed somewhat since , after both the US dollar and the euro suffered due to political and economic developments, and the trend in interest rates and commodity prices began to favor the diversification currencies.
Spotlight on political motives The appreciation of numerous currencies against the major currencies since has been additionally boosted by the expansive monetary policy in the euro and dollar zones, where the purse strings have been loosened considerably in an attempt to mitigate the effects of the financial crisis. Another country has joined the Eurozone since Estonia, which replaced its national currency with the euro effective January This takes the number of countries using the euro up to 17 Accordingly, this years study comprises 21 cities from the Eurozone The sharp appreciation of the Swiss franc against the euro and also against the US dollar has had differing effects.
While Swiss people traveling in the Eurozone and the United States are likely pleased about the strength of their domestic currency since it gives them more bang for their buck, it is unfavorable for Swiss exporters because it makes their goods and services more expensive.
Note See also page 31, exchange rate movements Sources: Reuters EcoWin, Bloomberg 1. Asia is the most heterogeneous region in terms of prices The continent is represented at both extremes of the price list: Tokyo ranks high, while Delhi and Mumbai rank low Greatest disparity among prices of non-tradable goods In contrast to foodstuffs, clothes and electronics products, many services are not traded internationally Non-tradable goods such as haircuts, cleaning services or even taxi journeys are therefore closely tied to local wage levels Such services are much cheaper in lower-wage regions than in places like Switzerland or North America where wages are highest The price range for services is also much wider than for goods that can be traded internationally.
Methodology Cost of a basket of goods and services weighted according to European consumption habits 1. Food prices Food most expensive in Tokyo, Zurich and Geneva The average global cost of our food basket, comprising 39 different products, is US dollars Our survey takes account of monthly spending for food weighted according to consumption, with important food staples being given a higher weighting Food is most expensive in Tokyo US dollars , Geneva US dollars and Zurich US dollars , and is cheapest in the Indian cities of Mumbai US dollars and Delhi US dollars While a kilo of bread costs an average of 3.
Methodology Cost of a basket of goods containing 39 food items weighted according to European consumption habits 1. My Portfolio. My Watchlists. Investment style. Investment themes. Top News. Top Fundamentals. Top Technicals. Top Movers. Investment selections. Technical Rankings. Fundamental Rankings.
Stock Screener Home. MarketScreener tools. Dynamic chart. Our Services. MarketScreener Portfolios. Add to my list. Zurich retains its position as the most expensive city, followed by Geneva and Oslo. Los Angeles boasts the world's best buying power for the average worker's salary, with LA residents now able to afford almost a quarter more Now in its 17th edition, this year's report is presented in an interactive, digital format that allows users to compare cities and explore their development over time.
Readers can explore city specific stories and dive into the data to come to their own conclusions.
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