UBS Global Wealth Management’s Chief Investment Office (CIO) has published new research on how prices and earnings of 77 international cities fare against each other.
The study compares 128 prices of various goods and services as well as average earnings of 15 professions representing the average working population. Consisting of more than 75,000 data points, the results are for the first time presented interactively on a microsite which allows visitors to compare cities and explore their development over time.
According to the study’s Purchasing Power Index, residents of European and North American cities typically enjoy the best buying power overall, with Bahrain’s capital Manama and Hong Kong the only non-transatlantic contenders in the Top Ten. Global financial capitals New York and London rank 10th and 23rd respectively.
The report compared a black coffee (Americano) of regular size, excluding the cost of sugar and milk, with the following findings:
Qatar capital Doha was found to have the priciest cup of coffee at $6.40, followed by Copenhagen at $6.24, and the Middle Eastern economic powerhouse Dubai, at $5.70. Joburg was rated well down the list, at 70, costing an average of $1.49 for a cup.
The cheapest cities included Rome ($0.99), Lisbon ($0.74), and Nigeria’s Lagos, where the cheapest coffee can be found at an average of ($0.62).