“Prices and Earnings 2018” was issued by the Swiss bank UBS on 29 May.
Rankings for 77 cities were calculated using a formula of net hourly wages and several baskets of goods, excluding rent. New York City was used as the index’s baseline city.
Net annual income in Luxembourg was 117.3% of New York, UBS said.
The 10 cities with the highest purchasing power in UBS study (index compared to New York City):
- Los Angeles (123.9%)
- Zurich (122.5%)
- Miami (121.7%)
- Geneva (118%)
- Luxembourg (117.3%)
- Chicago (105.7%)
- Toronto (101.5%)
- Manama (100.6%)
- Hong Kong (100.3%)
- New York (100%)
Luxembourg ranked 3rd in average earning levels, 4th in working time and 15th in overall price levels.