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Auckland named 24th most expensive city in the world

Auckland named 24th most expensive city in the world
Struggling in the City of Sails? You're not alone: Auckland has shot up the list of the world's least affordable cities.

Auckland - the 24th most expensive cityStruggling in the City of Sails? You're not alone: Auckland has shot up the list of the world's most expensive cities.

A survey by Swiss bank UBS places Auckland as the 24th most expensive city, calculated by comparing the cost of an average 'basket' of 122 goods and services.

Two years ago Auckland was ranked 43rd in the Prices and Earnings report – the only New Zealand city included in the study.

Oslo, Zürich and Geneva remain the most expensive cities overall, but they're also where some of the highest salaries can be found.

With 2011 wage levels in New York used as a benchmark at 100 points, wages in Swiss cities Zurich and Geneva were 149.1 points and 107 points respectively, compared with Auckland at 64.3.

UBS said while wages had risen more than 45 percent in Auckland over the past two years, living costs have soared 58 percent.

Tokyo was the least affordable Asian city, ranked sixth most expensive city overall, with Sydney just behind in seventh place. Ranked 36th just two years ago, the increase was due to the Australian dollar's continued appreciation against both the US dollar and the euro.

The American cities surveyed showed lower price levels than in previous years. UBS economists said this was due in great part to the depreciation of the US dollar against many of the world's other currencies. New York was the most expensive American city, occupying spot number 14 – it had previously been among the top 10.

TOP 10 MOST EXPENSIVE CITIES

1. Oslo

2. Zurich

3. Geneva 

4. Copenhagen 

5. Stockholm 

6. Tokyo 

7. Sydney

8. Helsinki

9. Toronto

10.Singapore

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