London is the fifth most expensive city in the world inwhich to live and work, but its workers are notamong the top 10 average earners globally.
The findings, from UBS, the Swiss bank, show that the widely held belief among Londoners thatthe city is painfully pricey to live in has some basis in reality.
“This suggests London isn’t a highly priced labour market in terms of the purchasing power ofgoods [and] labour remains quite competitive from a business perspective,” said Bill O’Neill,head of the UK investment office at UBS Wealth Management.
“这表明，就商品购买力而言，伦敦不是一个高价的劳动力市场，而从商业角度来说，其劳动市场的竞争依然相当激烈，”瑞银财富管理(UBS Wealth Management)英国投资办事处主管比尔攠尼尔(Bill O’Neill)表示。
Excluding rent, London is the sixth most expensive city in the world, and workers’ grossearnings are, on average, the 13th highest.
UBS compared prices, wages and earners’ purchasing power in 71 cities worldwide in nominalUS$ terms. It found that, based on the prices for a standardised basket of 122 goods andservices, Zurich, Geneva and New York City were the most expensive cities in the world. Thecost of living was lowest in eastern Europe, with Kiev the cheapest city in which to live andwork.
UBS also found that, since the financial crisis, there had been marked divergence in relativelabour costs within the eurozone. Since 2009, gross hourly wages have fallen by 2 per cent inDublin, by 15 per cent in Lisbon, but had risen 11 per cent in Milan.
Workers in Zurich, Geneva, and Luxembourg earn the highest gross wages. In Nairobi, Jakartaand Kiev, workers receive only about a 20th of average gross earnings in Zurich. Salaries wentfurthest in Luxembourg, Zurich and Geneva, whereas those in Nairobi and Jakarta had thelowest purchasing power.
It would take workers in London more than 41 hours to earn enough money to buy an iPhone 6,compared with less than 30 hours in US and Swiss cities. A Big Mac costs almost three hours ofaverage earnings in Nairobi, compared with just nine minutes in Hong Kong — the lowest —and 12 minutes in London.
But the affordability of a Big Mac in Hong Kong came at a price. People in Hong Kong work thelongest hours, four more a day than workers in Paris, who spend the fewest hours at work.
On average people worked over 2,000 hours a year in 19 major cities, most of them in Asia andthe Middle East.
The shortest work schedule and highest number of days of paid vacation are enjoyed byworkers in western Europe.
The UBS study of wages and prices has been running since 1971. The last one, in 2012, foundthat London was the 10th priciest city in the world, and wages were the 19th highest.