We all know its crazy expensive to live in New York and London, especially when housing costs are factored in. But as housing prices reach astronomic heights over the past few years, rising energy prices, and increasing rents, suddenly Los Angeles doesn't feel like the affordable alternative its been to those other cities. As it turns out, our money still goes farther than in cities like New York and Miami. And don't even get us started on London and Oslo. UBS has released its 2006 Study "Prices and Earnings," providing a global comparison of purchasing power in 71 cities around the world. And we totally kick ass! Woo-hoo!
A dollar earned in Los Angeles, after deducting taxes and social security contributions, is worth more than in Chicago, New York, Miami, Toronto and Montreal. Although the highest wages are paid in New York, it also has the highest cost of living anywhere in the Americas. Thanks to their much higher wages, after buying the basic basket of goods and services, workers in North American cities have far more left over for vacations, luxury items or savings than their counterparts in Latin America.Ok, so maybe not the most earth-shattering news that we have more money than favelados living in Cidade de Deus. So consider this: we only have to work an average of 13 minutes to afford a Big Mac while those suckers in Scandinavian cities have to work 15-20 minutes. What a bunch universal-healthcare-loving, subsidized-education-learning, rich-social-provision-having suckas.