Friday, August 28, 2009

Switzerland Boasts World's Best Wages but it's not the Cheapest Place to Live

Employees in Zurich and Geneva have the highest net wages in the world, a study by banking group UBS shows, while those in India's Mumbai take home the lowest.

The Swiss cities were also ranked among the top five most expensive in the world in the bank's 2009 "Price and Earnings" international study.

"With its extremely high gross wages and comparatively low tax rates, Switzerland is a very employee-friendly country," the Swiss bank said in a statement.

"No other cities allows workers to take home more income at the end of the month than Zurich and Geneva."

Oslo was this year's most expensive city, based on a standardised basket of 122 goods and services, followed by Zurich, Copenhagen, Geneva, Tokyo and New York.
When rents are also taken into account, however, New York rises to the top spot, the study said.
London, which was the second most expensive city in 2006, fell nearly 20 places following the pound's drop earlier this year.

The analysis involved more than 30,000 data points, collected by several independent observers in each city, in March and April, the bank said. All amounts were converted into a single currency before being compared.

The world's cheapest places to live were Malaysia's Kuala Lumpur, Manila in the Philippines, and India's Delhi and Mumbai.

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