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| Life costs less in India; But wages among world's lowest | | |
New Delhi, Aug 09: There is some good news and there is some bad news for Indian urbanites -- Mumbai and Delhi are among the world's least expensive cities and so people living in the two biggest cities of the country could go on shopping till they drop.
However, they do not have enough in their kitty to splurge on the baskets of goods and services as the wages of the people living in the two cities are also among the lowest in the world. The gross earnings in Indian cities are less than 10 per cent of the wages in top-ranked cities.
According to a study conducted by Swiss banking major and the world's largest wealth manager UBS, Mumbai has emerged as the second least expensive city, while Delhi is a tad expensive as the fourth least expensive.
At the same time, Delhi has been ranked at the lowest position in the earnings chart with gross hourly average wage of USD 6.1, as against Copenhagen's USD 118.2.
UBS said in its Price and Earnings 2006 report, published today, that a Delhiite needs to work nearly one hour (59 minutes) to buy a large McDonald burger, which is higher than the global average of 35 minutes of work.
In contrast, in American cities like Los Angeles, New York, Chicago and Miami a maximum of 13 minutes are needed for a mouthful of a Big Mac, while the time jumps to as high as one and a half hours in Nairobi.
Among the 71 cities covered in the study globally, Oslo, London, Copenhagen, Zurich and Tokyo are the five most expensive cities, while excluding the cost of housing.
However, the living costs are highest in London and New York if rents are included.
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