Here’s some news for those city slickers: Mumbai and Delhi are among the world’s least expensive cities. According to a study (‘Price and Earnings 2006’ report) conducted by Swiss banking major and the world’s largest wealth manager UBS across 71 cities, Mumbai is the second least expensive city (up one position from its 71st position in the 2005 ranking), while Delhi is a tad expensive as the fourth least expensive. And the gross earnings in Indian cities are less than 10 per cent of the wages earned in top-ranked cities. This clearly means that whatever one manages to save is not even enough to splurge on other activities like, say, shopping! Some more bad news. Delhi has been ranked right at the bottom of the earnings chart with gross hourly average wage of $ 6.1, as against Copenhagen’s $ 118.2 (gross earnings are the highest in Scandinavia). Among the other cities covered in the study globally, Oslo, London, Copenhagen, Zurich and Tokyo are the five most expensive cities (excluding the cost of housing). Living costs are highest in London & New York if rents are included.
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Source:- IIPM Editorial & IIPM Publication
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