A recent study conducted by Swiss bank UBS on 77 metropolitan areas has shown that Egypt’s capital Cairo is the least expensive city in the world, while the Swiss city of Zurich is the most expensive.
In Africa, Johannesburg came in as the most expensive city; it ranked 53rd out of the 77 countries included in the report. It was followed by Nairobi (Kenya, 68th), Lagos (Nigeria, 76th) and Cairo (Egypt, 77th).
The UBS’s study looked into a subset of data on where young people could buy a range of goods and services, including an Apple phone and a laptop and a Netflix subscription.
It used New York City as the benchmark.
People in Zurich benefit from having the third lowest iPhone prices in the world but they will have pretty empty pockets after paying the highest prices for their jeans, Netflix and coffee.
And at $6.33 (CHF6.29) a pop, a Big Mac in Zurich approaches the cost of a whole meal in other cities.
In Cairo, for example, a Big Mac combo meal will set you back only $3.71.
On average, a 900 square-foot apartment in what’s considered an expensive neighborhood will cost $476 per month. Utilities (gas, electricity, heating) will cost $52.
However, according to the UBS study Cairo ranks near the bottom in terms of average annual salary and purchasing power.
