We’re all secretly envious of colleagues and friends who work in cities bigger and better than ours. The allure of a big, old city is understandable; work opportunities often pay better, the quality of life is superior and cultures are often open and accommodative. However, with the charm and comfort of a big city, comes a higher cost of living.
Earlier this month, Deutsche Bank came out with its annual ‘Mapping the world’s prices’ report, which took stock of goods and services in the world’s biggest cities, says a report. The index extensively studied different goods and services in each city, and also studied factors like health, safety, climate, pollution, traffic, salary etc. Researchers collected the data by surveying prices on the internet as well as by using crowd-sourcing techniques. This interplay has helped them list the cities which offer the highest salary to its citizens.
Following are the top 24 cities in the world where you can earn maximum money. The figure next to the city is how much people earn on an average in USD every month, after reducing taxes.
1. Zurich, Switzerland - $5,876
2. San Francisco, USA - $4,817
3. Boston, USA - $4,322
4. New York, USA - $4,304
5. Chicago, USA - $3,622
6. Sydney, Australia - $3,451
7. Melbourne, Australia - $3,344
8. Oslo, Norway - $3,154
9. Singapore - $3,077
10. Copenhagen, Denmark - $2,958
11. Wellington, New Zealand - $2,941
12. Tokyo, Japan - $2,897
13. London, UK - $2,776
14. Auckland, New Zealand - $2,762
15. Hong Kong - $2,715
16. Frankfurt, Germany - $2,626
17. Stockholm, Sweden - $2,622
18. Helsinki, Finland - $2,620
19. Dublin, Ireland - $2,603
20. Paris, France - $2,583
21. Toronto, Canada - $2,560
22. Amsterdam, Netherlands - $2,493
23. Ottawa, Canada - $2,446
24. Edinburgh, UK - $2,293
(No Indian city made it to the top 24 list)
That all the top cities are from developed countries doesn’t really come as a surprise. However, this information must be viewed in context of the cost of living in different cities. Indian cities might not have made it to the top of the list in terms of salary, but one can seek solace in the fact that Bangalore, New Delhi and Mumbai were the first, second and third, respectively in terms of ‘Cost of Living’. Furthermore, the cheapest floor rents are also in Bangalore, Kuala Lumpur and New Delhi. So if we don’t earn more, we also don’t spend more.
In the overall index, the ‘Quality of Life’, Wellington from New Zealand made it to the top, followed by Edinburgh, Vienna, Melbourne and Zurich. From a total of 47 cities in the list, Bangalore is placed at rank 34, New Delhi at 41 and Mumbai at 45. Manila, Philippines finished last in the overall ‘Quality of Life’ list. While Mumbai was the worst in the ‘Traffic to commute time index’, Delhi was second to last in the Pollution Index (only to be beaten by Beijing, China for the last position).
The report, in its sixth edition, gives an insight into different goods and services, and how much people in different cities earn. With pollution, traffic and climate concerns, hubs like London, New York and Tokyo – all big city brands in themselves – find that they have been ranked much lower in terms of overall quality of living. The report says that “megacity inhabitants may be willing to sacrifice quality of life short term if they aspire to further their careers.” Additionally, it concludes by saying that “that, in the long run, the prices of the same products in different cities will tend to become more uniform, particularly in countries with similar levels of economic development.”