Business World

Friday 19 July 2019

Zurich is the most expensive city in world, but Dublin’s ranking may surprise you

Dublin comes in as the 17th most expensive city.
Dublin comes in as the 17th most expensive city.
Ellie Donnelly

Ellie Donnelly

The average person will have to work for just under 18 minutes to afford a Big Mac in Dublin.

In comparison, a person working in New York will work an average of just over 15 minutes in order to afford the McDonals meal, a report from Swiss Bank UBS has found.

In order to afford the iPhone X, the average worker in Dublin will have to work for just over 87 hours, while in comparison, in New York the average employee will work for 54 hours before being able to afford the phone.

And despite the boom appearing to be back in Dublin, the city does not feature in the top ten most expensive major cities in the world, coming in as the 17th most expensive city.

Dublin also features in 17th for purchasing power.

The Swiss financial hub of Zurich remains the world's most expensive major city and Egypt's capital Cairo the cheapest, the annual rankings of 77 metropolitan areas by Swiss bank UBS found earlier this week.

Los Angeles features the world's best buying power for the average worker's salary, with Angelenos able to afford almost a quarter more than New Yorkers, according to the study, which uses New York as the basis for comparisons.

Still, when factoring the high salaries many Zurich residents enjoy, the Swiss lakeside city came second to the Californian metropolis in purchasing power, with New York tenth. London was 23rd.

In a subset of data for 11 big cities, UBS looked at where millennials would be best off to buy a package of typical must-have goods including an Apple iPhone, a laptop, and a Netflix subscription. Expensive Hong Kong was the surprise winner.

A couple looking for a Friday night out with a meal, bottle of wine and a movie will pay the most in Tokyo, New York and Stockholm, while the best values were in Prague, Mexico City and Rio de Janeiro.

(Additional reporting from Reuters)

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