Want the world's best wages? Move to Switzerland
By Miral Fahmy
SINGAPORE (Reuters Life!) - It pays to work in Switzerland: employees in Zurich and Geneva have the highest net wages in the world, a study by banking group UBS shows, while those in India's Mumbai take home the lowest.
The Swiss cities were also ranked among the top five most expensive in the world in the bank's 2009 "Price and Earnings" international study.
"With its extremely high gross wages and comparatively low tax rates, Switzerland is a very employee-friendly country," the Swiss bank said in a statement.
"No other cities allows workers to take home more income at the end of the month than Zurich and Geneva."
The study, published every three years, compares the income and purchasing power of employees in 73 cities across the globe, highlighting wide discrepancies in wages between different regions, and even within the same country.
The biggest gaps were found in Asia, the study said, with Tokyo ranking as one of the world's five costliest cities while the capitals of developing countries such as Malaysia, the Philippines and India were all at the bottom of the price range.
Oslo was this year's most expensive city, based on a standardized basket of 122 goods and services, followed by Zurich, Copenhagen, Geneva, Tokyo and New York.
When rents are factored in, however, New York rises to the top spot, the study said. Continued...