Swiss Have Highest Purchasing Power

Zurich,
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GENEVA, Feb. 28 - Residents of Swiss cities have the world's highest purchasing power, despite having to pay more for goods than in most other European countries, according to a results of a survey released on Monday.

The latest update to the Prices and Earnings survey by Swiss bank UBS found that Zurich, Basel, Geneva and Lugano were among the most expensive cities in the world.

The survey, which is published by UBS economists every three years, compares the prices of goods and services, wages, wage deductions and working hours, along with the resulting purchasing power in 71 cities around the globe.

In terms of cost of living, Oslo remains the most expensive city in the world. Zurich ranks fourth, Basel seventh, Geneva ninth and Lugano tenth.

Gross earnings are the highest in Copenhagen and Oslo, with Copenhagen replacing Zurich as the city with the highest wages. It is due to the weaker Swiss franc compared with the Danish currency.

Copyright: Xinhuanet