By Andy Sambidge
UBS survey also places Doha 36th out of 72 cities worldwide; list topped by Oslo, Tokyo, Zurich
Dubai has been named the most expensive city in the Middle East but was still outside the top 20 worldwide, according to a new survey by Swiss bank UBS.
Dubai ranked 22nd globally for the price of a standardised basket of 122 goods and services while Doha was placed 36th out of 72 cities covered.
Oslo, Tokyo and Zurich were ranked the most expensive cities in the world, according to the study.
When rents are added to the mix, New York, Hong Kong and Dubai jump up in the list, UBS added.
By contrast, the cost of living is lowest in the Indian cities of Delhi and Mumbai.
For the level of wages paid, Dubai ranked 33rd and Doha 46th with the highest gross wages earned by workers in Zurich, Geneva and Copenhagen. Delhi and Mumbai brought up the rear of the earnings rankings, where workers receive only around six percent of the average Zurich wage.
The UBS survey also ranked Dubai 27th for individual purchasing power while Doha was placed 44th.
UBS also ranked cities based on the length of worktime it took employees to buy a BigMac. It was estimated that Dubai workers would need to work for 12 minutes while Doha workers would work for 21 minutes.
The survey also showed that people work the most in Asia, Africa, the Middle East and South America, at over 2,000 hours per year.
The shortest working hours and highest number of days of paid vacation are enjoyed by workers in Western Europe.
To ensure the global comparability of the study, the data collected for each country in local currency was converted into a single, common currency.
Is this regarded as a favourable ranking, massively attractive to foreign investors? In all probability it represents quite the opposite. Somewhere below Doha's ranking would have been far better in terms of bringing more human assets into the Dubai economy.
This is prestige at its most negative for a city, why on earth would you want to highlight the fact that you represent an expensive place to live, does it make you a major 'player'? What kudos is there in that? Personally speaking I'd want my UBS entry removed forthwith.