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Prices, Wages and Purchasing Power: Which Cities Lead the Way?
October 8, 2015
According to a recent study, Dubai is one of only four cities in the world where rent exceeds more than $3,000 per month for an average unfurnished three bedroom apartment. The other cities which make the list include New York at $4,320, Hong Kong at $4,220 and finally London at $3,350 per month.
The study conducted reviewed prices, wages and earners’ purchasing power in 71 cities throughout the world. This interesting study is published on average every 3 years since the first study took place in 1971. The study comprises over 68,000 data points reflecting economic events which have shaped the world.
Workers in Geneva, Zurich and Luxembourg earned the highest gross wages with Manama workers in Bahrain earning the highest average net wages in the Middle East. At the other end of the spectrum the lowest ranked cities included Nairobi, Jakarta and Kiev where workers only received around 5% of average earnings of workers in Zurich.
The study has shown that salaries in Geneva, Zurich and Luxembourg go farthest in comparable purchasing terms whilst Jakarta and Nairobi are the lowest. The shortest working hours were found to be in Paris, while Manama had the most paid vacation days off work, namely 34 days a year.
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