It takes 97 minutes of work to be able to buy a Big Mac in Bogota.

How long to earn a Big Mac?
Swiss bank releases its ranking of the costs of living worldwide, this time with a little spin: How long does a local have to work to earn enough to buy a tasty American icon?
By The Associated Press
Residents of Tokyo have the highest purchasing power in the world, edging out people in Los Angeles, Sydney, London and Toronto, according to a new survey by the Swiss banking giant UBS that uses the "Big Mac" as its benchmark.
Tokyo scored at the top of the survey, which aims to eliminate variables such as exchange rates, even though it is one of the most expensive cities in the world, UBS said in the "Prices and Earnings" report released Wednesday.
"Wages only become meaningful in relation to prices -- that is, what can be bought with the money earned," it said.
The bank calculated the "weighted net hourly wage in 14 professions" and divided it into the local price of "a globally available product," for which it chose McDonald's flagship hamburger.
"On a global average, 35 minutes of work buys a Big Mac," it said. "But the disparities are huge: in Nairobi, 1.5 hours' work is needed to buy the burger with the net hourly wage there. In the U.S. cities of Los Angeles, New York, Chicago and Miami, a maximum of 13 minutes' labor is needed."
In Tokyo, it takes a mere 10 minutes. Bogota, Colombia, came in last among the 70 cities surveyed at 97 minutes.

Oslo world's costliest city
The UBS survey, conducted every three years, rated Oslo as the most expensive city on the basis of the cost of a basket of 122 goods and services, excluding rent. It was followed by London; Copenhagen, Denmark; Zurich, Switzerland; Tokyo; Geneva; New York; Dublin, Ireland; Stockholm, Sweden; and Helsinki, Finland.
The least expensive cities were Manila, Philippines; Delhi; Buenos Aires; Bombay and Kuala Lumpur.

UBS said that if the cost of housing was included, "life is particularly expensive in London and New York."
The bank also compared wages. In that contest Copenhagen was tops, with an index of 118.2. For that comparison, New York -- in fifth place -- was taken as the base with an index of 100. Second place went to Oslo, followed by Zurich and Geneva. London was in sixth, followed by Chicago, Dublin, Frankfurt and Brussels.
At the other end was Delhi, with an index of 6.1.
"In the cities of Western Europe and North America, workers in 14 representative professions earn a gross hourly wage averaging US$18 (euro14); in the Eastern European and Asian cities examined, the figure was only US$4-US$5 (euro3.10-euro3.90)."
But taxes and social security payments take a big bit in northern Europe, with Scandinavian and German cities losing ground.

Wages high, standards high in U.S.
Rankings were similar to the last survey in 2003, with changes resulting largely from shifts in foreign exchange rates, the study said. New York and Chicago dropped in the expensive cities ranking, mostly due to the weaker dollar.
"Shanghai and Beijing, meanwhile, remain comparatively inexpensive despite an economic boom because the national currency, the renminbi, has so far resisted pressures to appreciate."
Workers in Seoul, South Korea, work the longest. Those in Paris have the shortest work week.
"Based on a 42-hour work week, Asian workers labor about 50 days a year more than their peers in Paris," it said.
The study said 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," it said. "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. The average purchasing power in Central and South America is just a third of the level in the North American cities."

How long to earn a Big Mac?
City Min. City Min. City Min.
Tokyo 10 Nicosia, Cyprus 19 Prague, Czech Republic 39
Los Angeles 11 Brussels, Belgium 20 Tallinn, Estonia 39
Chicago 12 Milan, Italy 20 Warsaw, Poland 43
Miami 12 Taipei, Taiwan 20 Vilnius, Lithuania 43
New York 13 Barcelona, Spain 21 Beijing 44
Auckland, New Zealand 14 Paris 21 Budapest, Hungary 48
Sydney, Australia 14 Stockholm, Sweden 21 Istanbul, Turkey 48
Toronto 14 Singapore 22 Rio de Janeiro, Brazil 53
Dublin, Ireland 15 Lyon, France 24 Bratislava, Slovakia 55
Zurich, Switzerland 15 Manama, Bahrain 24 Santiago, Chile 56
Frankfurt, Germany 16 Dubai, United Arab Emirates 25 Kiev, Ukraine 56
Geneva 16 Moscow 25 Buenos Aires, Argentina 56
London 16 Rome 25 New Delhi 59
Vienna, Austria 16 Athens, Greece 26 Bangkok, Thailand 67
Berlin 17 Riga, Latvia 28 Bucharest, Romania 69
Hong Kong 17 Seoul, South Korea 29 Sofia, Bulgaria 69
Luxembourg 17 Johannesburg, South Africa 30 Bombay, India 70
Montreal 17 Lisbon, Portugal 32 Manila, Philippines 81
Munich, Germany 17 Kuala Lumpur, Malaysia 33 Mexico City 82
Copenhagen, Denmark 18 Ljubljana, Slovenia 35 Caracas, Venezuela 85
Oslo, Norway 18 Worldwide average 35 Jakarta, Indonesia 86
Amsterdam, Netherlands 19 Sao Paulo, Brazil 38 Lima, Peru 86
Helsinki, Finland 19 Shanghai, China 38 Nairobi, Kenya 91
Madrid, Switzerland 19 Bogota, Colombia 97

By Peter Miami on Aug 10, 2006, 07:54 in Friendly Talkzone.

Peter Miami says on Aug 10, 2006, 07:56:

The link for the article is; http://articles.moneycentral.msn.com/News/ToykoResidentsHaveMostBuyingPower.aspx

Peter Miami

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juanalejo says on Aug 10, 2006, 10:34:

Money And less than half of that to get a decent lunch in Bogotá and probably twice or three and times as much in the rich countries. This is good news for Colombian health.

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MacGringo says on Aug 10, 2006, 11:29:

You are correct juanalejo, it can be quite expensive to eat healthily in some European countries.
Thats what I like about Colombia, it seems to be the correct way around, that the majority of people can afford the healthy more imporatnt foods and all the junk food stuff is more expensive. Is good for the Colombian people that they have a great range of fresh fruit and other healthy foods on their doorstep.
Whereas in some parts of Europe, its cheaper to live if you want to eat shit.

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. says on Aug 10, 2006, 13:43:

That's true mates I can get an almuerzo ejecutivo (soup, rise, meat, beans, salad, egg, natural juice and so much more) for less than $1.50 dollars in Bogota,then I have to work (if getting the minimun wage)30 minutes. Then If I wanted to get the same meal in London, I would have to work 2 hours to get it (if getting the minimun wage), yes big macs are more expensive than healthy food. What a funny, when I do not want to spend a lot of money, I just go to any MAC restaurant in UK. When I was in Colombia, I used to go for lunch at the restaurant and ask for an almuerzo ejecutivo to avoid expending money.

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william_andrew_channell says on Aug 11, 2006, 06:47:

Forget Big Macs. Talk to me in terms I can relate to. How long does it take to earn a Corralisima?

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David in Idaho says on Aug 11, 2006, 17:05:

incredible disparity A couple months ago I was in Madrid and one poor kid in our group shelled out five euros (~$7) for a meagre plate of fries at the Plaza Mayor. They weren't even very good fries.

Compare that with today's good news: I just wired money to Barranquilla to secure our wedding location. We're renting a castle and serving a multi course meal to fifty guests for just $700. I can hardly believe it. In the states this wedding would be many thousands.

I wonder what it would cost to have McDonald's cater the reception?

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moondance says on Aug 12, 2006, 06:00:

disparity of course spent plenty time in Cuba....trick is to go to local festivals where they take the local currency (not the convertible peso, which is pegged at 20% more than the american dollar).....when the salaries are just $12-$20/month, cubans must find places where they can afford to enjoy themselves.....as a tourist, gives us a great advantage
Imagine a plate of fried chicken and rice...my cost 18 cents....local juice in a bag....5 cents.........last time, bought 3 green peppers, 6 tomatoes, bunch of carrots and bag of onions for under a dollar....just knowing where to shop

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mcraig says on Aug 12, 2006, 07:37:

Europe is ridicoulously expensive in certain areas The three times I have been there it just gets more an more expensive to stay. An london being the most expensive , I stayed there an three weeks in leeds england my last trip an it was just out of control expense wise. The worse part about is your paying more for some of the worst food there is the English eat like crap everything they do for dishes tastle like crap. How you can screw up a breakfast I dont know but the black feet whatever put on a plate for breakfast makes me ill.

Of course in Italy the food is expensive an fablous the street vendors serve the best italian food you could ever get in america. Italy to me is the best ocuntry to visit that is for viewing an eating an the scenery.

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moondance says on Aug 12, 2006, 08:02:

mcraig last time you were where? please offer specifics?

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griffbos says on Aug 12, 2006, 16:17:

Save your money McDonalds is the worst of the fast foods in the USA if your going to spend that kind of money wait until Buger king or Wendys gets there for me wendys has the best tasting and quality they don't use fillers in the burgers like McDomalds and Buger king do. you say McDonalds is for the midle/upper class of colombia if they knew that there burger was not 100% beef but up to 30% filler they wouldn't be wasting there money either on these gross sandwiches.

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David in Idaho says on Aug 12, 2006, 16:37:

Gringos know the truth about burgers ... ... but they still eat them. Just about anyone you ask on the street will agree that McDonald's is fake and full of crap. But obviously this awareness doesn't stop the restaurants from thriving.

Some places I've been in the world, American fast food joints are seen as trendy and hip, like our music and fashion. People eat there to be cool, or to be seen there. I doubt the quality of the food is the first reason for anyone! Is it that way in Colombia? I managed to avoid all such places the whole time I was there.

And yes, Wendy's is better. But you pay for that 100% all beef patty!

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