Athens is the 38th most expensive city in the world, just below Hong Kong and above Lisbon, according to a triennial report published by UBS Wealth Management Research.
The study shows the effects of currency moves and compares prices and earnings in 73 cities for 122 goods and services worldwide. Oslo, Zurich and Geneva were the three most expensive cities.
In terms of wage levels, residents of Athens come 33rd on the UBS list, below Lisbon, earning just under half of the average New York salary. According to the study of Prices and Earnings goods and services were particularly low in Mumbai, Manila and Delhi.
The American cities surveyed show lower price levels than in previous years. UBS economists attribute this in great part to the depreciation of the US dollar against many of the world’s other currencies.
Meanwhile, Venezuela’s capital Caracas suffers from high inflation; this, together with its pegged currency, resulted in higher prices, lifting its position in the price rankings. Should Venezuela devalue its currency again, it would result in a downward shift. Finally, surveyed emerging markets hover around a similar level with Caracas, Doha and Shanghai and exhibit high gross domestic product growth and, as a consequence, were able to increase their positions in the rankings.
