LA is joined by Miami, Chicago, Toronto and New York among the top 10 cities in the world for local purchasing power. Residents of Los Angeles emerge as the most well-off in the world in purchasing power terms, with the spending value of their incomes 48% higher than Londoners. Since then, salaries have climbed everywhere and the gap between London and other European capitals has closed,” it said.Īmerican and Canadian consumers emerge as the world’s wealthiest in real terms, with their spending power far superior to Europeans apart from Switzerland. “A secretary in London in 2015 was likely earning around $28,606 a year – a few hundred more than secretaries in Berlin and several thousand more than those in Paris and Madrid. Secretaries in London also used to earn comfortably more than their colleagues in other European capitals, but no longer. Today they outpace London, where average salaries have declined and are now the lowest of the four European cities,” the Swiss bank said. “If we look at salaries for a product manager, London topped the table in 2015, but salaries have since risen significantly in Madrid, Paris and Berlin. Salaries for many jobs have fallen in dollar terms in London since UBS last carried out a detailed examination of prices and earnings in 2015. UBS also found that while food prices in dollar terms have dropped significantly, avocados are peculiarly expensive, with prices in London the second highest in the world. To afford an iPhone X, the average Londoner would need to work 11.3 days to earn the $1,390 required, compared to 6.7 days in New York for $1,088. The comparisons are based on prices and earnings converted into US dollars, and underline how much London has fallen on a global basis since sterling plummeted after the Brexit vote. Three years ago, when UBS last carried out the study, London was ranked sixth on prices and 13th on earnings.
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