Prices and Earnings

February 28, 2005

“Prices and Earnings” survey from UBS

A comparison of purchasing power around the globe, 2005 update

US cities cheaper, Scandinavia and Switzerland expensive

Oslo, Copenhagen, Tokyo and Zurich are among the most expensive cities in the world. If rents are included in the comparison of living costs, London tops the list. Meanwhile, as the US dollar has lost value, US cities have become cheaper since 2003. This update to the “Prices and Earnings” survey from UBS compares purchasing power in 71 cities around the world, recalculated to reflect exchange rate, inflation and growth trends.

Since UBS conducted its most recent price and earnings survey in spring 2003, there has been a big shift in the relative values of currencies. And as exchange rates change, so do relative price levels in the countries concerned. The weak US dollar has seen US cities fall in the global price rankings, so that a shopping spree in the US is now an attractive proposition for Europeans. Similarly, Hong Kong is no longer among the costliest locations. Meanwhile, on the back of the rise in the Danish krone, Copenhagen has moved up in the rankings to become the world’s second most expensive city. The latest price comparison uses the detailed statistics on living costs gathered in the spring 2003 survey, updated to reflect exchange rates and inflation as at end-2004.

Higher earnings thanks to economic growth

As well as accounting for exchange rates and inflation, the recalculated earnings index also recognises that a slice of economic growth is passed on to the workforce in the form of real wage increases. In the updated index, the highest gross wages are paid in Scandinavia and Switzerland. The city with the highest gross wage level is now Copenhagen, ahead of Zurich, Basel and Oslo. But owing to higher taxes and social security contributions, the Scandinavian cities have all moved down the rankings on net wages.

Big difference in purchasing power between old and new EU members

On a global comparison, people now have to work one or two minutes less on average than in 2003 to earn a Big Mac or a kilo of rice or bread. Real wage increases have boosted purchasing power across most of the new EU states in eastern Europe, so Lithuanians, Poles and Czechs now have to invest less working time to pay for a Big Mac. However, the accession of ten new member states from eastern Europe in spring 2004 cut the average purchasing power in the EU by around 20%. There is still a gulf in purchasing power between the old and new EU member states, mainly because of the big difference in wage levels. On a global comparison, net purchasing power is highest in Swiss cities and in Luxembourg, Los Angeles and Miami.

編譯夏嘉玲/綜合報導

瑞士聯合銀行（UBS）集團針對全球70個城市的購買力進行研究，發現全球購買力最強的城市是日本東京，美國洛杉磯居次，芝加哥與邁阿密並列第三，紐約第五，最弱的則是南美國家哥倫比亞首府波哥大。

這項「價格與收入」調查還發現，物價最貴的城市是挪威奧斯陸，前十名中除了日本東京，全是歐美城市，第二名到第十名依序是英國倫敦、丹麥哥本哈根、瑞士蘇黎士、東京、瑞士日內瓦、美國紐約，愛爾蘭都柏林、瑞典斯德哥爾摩以及芬蘭赫爾辛基。台北物價排名第40名。

工作時數以南韓首爾最長，法國巴黎則最短。若以每周工作42小時換算，則巴黎人一年工作天數比亞洲國家少約50天。

調查以速食巨擘麥當勞的大麥克漢堡為評估指標，發現東京人只要工作10分鐘就買得起一個大麥克，香港人需17分鐘(第15名)，台北人需20分鐘(第26名)，新加坡22分鐘(第32)，南韓首爾29分鐘(第40)，上海與北京分別要38分鐘(第46)與44分鐘(第51)，波哥大則要97分鐘。

UBS三年一度的「價格與收入」調查計算14種專業行業的加權平均淨時薪， 在當地購買大麥克的能力。全球平均而言，買一個大麥克所需的工作時間為35分鐘。物價則以122種物品與服務的價格為計算標準，最便宜的多為亞洲城市，菲 律賓馬尼拉物價最低廉，接著依序是印度德里、阿根廷布宜諾斯艾利斯、印度孟買以及馬來西亞吉隆坡。

評比標的為何選大麥克？

瑞士聯合銀行的「價格與收入」調查中，以麥當勞大麥克漢堡為全球城市購買力評比標的，是因為麥當勞遍布全球，店內的漢堡、炸雞等速食，是無數男女老少經常接觸的食品。

麥當勞是全球最大的速食連鎖餐廳，如今遍布世界119國、分店逾三萬家，全球消費者人數號稱每天約4500萬人次。

【2006/08/10 聯合晚報】 ＠ http://udn.com