Delhi, Mumbai cheapest of major cities

Last Updated: Mon, Sep 17, 2012 02:53 hrs

New Delhi: A recent survey has revealed the cost of living in the two major Indian cities Delhi and Mumbai is among the lowest in the world.

Swiss bank UBS has found in its annual survey of 72 cities that Oslo, Tokyo and Zurich are the most expensive cities in the world while the two Indian cities mark low cost of living.

"The latest edition of the "Prices and Earnings" study from UBS examines wage purchasing power in 72 cities around the globe," UBS said about the recent survey in a statement.

"Oslo, Tokyo and Zurich are the most expensive cities in the world, according to the prices for a standardized basket of 122 goods and services. When rents are added to the mix, New York, Hong Kong and Dubai jump up in the list. By contrast, the cost of living is lowest in the Indian cities of Delhi and Mumbai," it said.

The highest gross wages are earned by workers in Zurich, Geneva and Copenhagen, it said.

"After deduction of taxes and social security contributions, however, Luxembourg overtakes Copenhagen due to the higher level of deductions in the Danish capital," UBS said.

"Delhi and Mumbai bring up the rear of the earnings rankings, where workers receive only around six percent of the average Zurich wage," it said.

"Salaries go farthest in Zurich, where the net hourly wage buys the most goods and services from our standardized basket in international comparison," it said.

"In Tokyo it takes nine minutes of work to earn enough to buy a Big Mac, while in Nairobi it takes 81 minutes. Workers in Zurich can buy an iPhone after 22 hours work; in Manila, by contrast, it takes around 20 times longer," UBS said.

It said: "People work the most in Asia, Africa, the Middle East and South America, at over 2,000 hours per year. The shortest working hours and highest number of days of paid vacation are enjoyed by workers in Western Europe."

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