GENEVA (AFP) - - Tourists to Europe will have to fork out more as currency fluctuations mean they will be visiting some of the world's most expensive cities, researchers from Swiss bank UBS said Tuesday.
A survey by economists at Swiss bank UBS lists Oslo, London and Copenhagen as the three most costly cities, while Dublin has crept ahead to fourth place.
By contrast, cities in the United States have become cheaper thanks to the weaker US dollar. New York now ranks at just number 18, after cities such as Tokyo, Brussels and Lyon.
"The US dollar's sharp depreciation has made New York a much more affordable place for European shoppers. London is now 26 percent more expensive," noted the researchers.
Among Asian cities, Tokyo is the most expensive, followed by Seoul, Singapore and Hong Kong.
Visitors on a tight budget may wish to pick Kuala Lumpur, Buenos Aires and Mumbai, which are the three cheapest cities for visitors.
However, for residents, it is a slightly different story.
London is the most expensive city after taking rent into consideration, followed by Oslo, Dublin, Copenhagen and New York.
As for those who bring home the most money after taxes, it is the inhabitants of Swiss city Zurich. Excluding housing costs, Zurich residents also have the highest spending power in net wages.
At the other half of the chart, Jakarta residents get the least for the amount of work they put in, followed by residents in Mumbai and Delhi.
(source: http://sg.news.yahoo.com/afp/20080318/tts-switzerland-tourism-wages-survey-c1b2fc3.html )
My Comments:
Time to head to US cities for a shopping spree due to the further weakening of the greenback?
Singapore becomes the third most expensive Asian cities; certainly not a very good news for us who welcome travellers from worldwide.
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