Want to make enough money to buy a Big Mac? You’d likely be far better off doing so in Toronto than in Montreal, according to a new study of prices and wages in major world cities.
The 2012 edition of the Prices and Earnings report from Swiss bank UBS finds it takes — on average — 11 minutes to earn enough money to buy a Big Mac from a McDonald’s restaurant in Toronto. In Montreal, the average worker takes 19 minutes to earn the same Big Mac.
PHOTOS: WORLD CITIES WITH THE HIGHEST EARNINGS
UBS uses the cost of a Big Mac to illustrate consumers’ purchasing power across 72 major cities around the world. It reflects not just how much people earn in those cities, but also how much they have to shell out to buy food.
Tokyo is the best city in the world to buy a Big Mac, provided you earn local money there; it takes nine minutes, on average, to earn the money needed for one. It takes 84 minutes to earn a Big Mac in Nairobi, Kenya, making it the worst city in the survey to buy a Big Mac.
SEE ALSO: CITIES WITH THE MOST EXPENSIVE HOTEL ROOMS
MOST EXPENSIVE CITIES FOR EXPATRIATES
New York City comes in slightly better than Toronto (10 minutes) while Montreal’s 19 minutes is comparable to Barcelona (19 minutes) and Brussels (20 minutes).
(The Big Mac index is a commonly used measure of purchasing power because McDonald’s prices tend to reflect affordability in the areas where the restaurants are located.)
In a separate survey, the UBS report found that people in Zurich, Switzerland, earn the most money among the major cities surveyed. Another Swiss city -- Geneva -- came in second.
The highest-ranking U.S. city on the list was New York, in sixth place, followed by Los Angeles at 11th. Toronto and Montreal, the only Canadian cities surveyed, ranked 23rd and 24th respectively.
That represents a significant slide for the two cities. In the 2011 index, Toronto and Montreal came in at 14th and 15th place, respectively.
WORLD CITIES WITH THE HIGHEST EARNINGS
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25. Milan, Italy - 70.3
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
24. Montreal, Canada - 76.2
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
23. Toronto, Canada - 76.8
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
22. Dublin, Ireland - 77.7
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
21. Paris, France - 78.1
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
20. Amsterdam, Netherlands - 78.3
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
19. Berlin, Germany - 79.2
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
18. London, U.K. - 79.5
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
17. Vienna, Austria - 80.2
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
16. Helsinki, Finland - 80.2
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
15. Brussels, Belgium - 81.5
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
14. Miami, U.S.A. - 81.8
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
13. Stockholm, Sweden - 82.9
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
12. Chicago, U.SA. - 83.3
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
11. Los Angeles, U.S.A. - 86.3
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
10. Frankfurt, Germany - 88.2
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
9. Munich, Germany - 91.5
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
8. Tokyo, Japan - 92.4
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
7. Sydney, Australia - 94.1
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
6. New York City, U.S.A. - 100
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
5. Luxembourg - 105.4
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
4. Oslo, Norway - 119.1
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
3. Copenhagen, Denmark - 123.1
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
2. Geneva, Switzerland - 123.6
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
1. Zurich, Switzerland - 131.1
Number represents earnings as a ratio of earnings in the benchmark city, New York (New York = 100).
Source: UBS
CITIES WITH THE MOST EXPENSIVE HOTEL ROOMS
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20) Istanbul, Turkey
Average Room Rate: £165.08 ($259.21)
19) Rome, Italy
Average Room Rate: £167.18 ($262.51)
18) Singapore
Average Room Rate: £167.97 ($263.75)
17) Copenhagen, Denmark
Average Room Rate: £169.08 ($265.49)
16) Frankfurt, Germany
Average Room Rate: £170.62 ($267.91)
15) Sao Paulo, Brazil
Average Room Rate: £170.95 ($268.43)
14) Tokyo, Japan
Average Room Rate: £177.82 ($279.21)
13) Oslo, Norway
Average Room Rate: £180.35 ($283.19)
12) San Francisco, California
Average Room Rate: £180.38 ($283.23)
11) Stockholm, Sweden
Average Room Rate: £191.16 ($300.16)
10) Washington, D.C.
Average Room Rate: £191.87 ($301.27)
9) Paris, France
Average Room Rate £193.91 ($304.45)
8) Hong Kong
Average Room Rate: £194.51 ($305.42)
7) Sydney, Australia
Average Room Rate: £198.28 ($311.34)
6) New York, NY
Average Room Rate: £203.54 ($319.60)
5) Rio de Janeiro
Average Room Rate: £204.65 ($321.34)
4) Zurich, Switzerland
Average Room Rate: £211.09 ($331.45)
3) Geneva, Switzerland
Average Room Rate: £215.92 ($339.04)
2) Lagos, Nigeria
Average Room Rate: £217.05 ($340.81)
1) Moscow, Russia
Average Room Rate: £258.11 ($405.28)
MOST EXPENSIVE CITIES FOR EXPATRIATES
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10. Nagoya, Japan
<strong>Rank in 2011:</strong> 11th
9. Hong Kong, Hong Kong
<strong>Rank in 2011:</strong> 9th
8. N'Djamena, Chad
<strong>Rank in 2011:</strong> 3rd
6. Singapore, Singapore
<strong>Rank in 2011:</strong> 8th
6. Zurich, Switzerland
<strong>Rank in 2011:</strong> 7th
5. Geneva, Switzerland
<strong>Rank in 2011:</strong> 5th
4. Moscow, Russia
<strong>Rank in 2011:</strong> 4th
3. Osaka, Japan
<strong>Rank in 2011:</strong> 3rd
2. Luanda Angola
<strong>Rank in 2011:</strong> 1st
1. Tokyo, Japan
<strong>Rank in 2011:</strong> 2nd
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The Huffington Post Canada | By Daniel Tencer Posted: 09/18/2012 8:36 am Updated: 09/18/2012 8:36 am