The Swiss city of Zurich was ranked the most expensive major city in the world, while the Egyptian capital, Cairo, was ranked the least expensive major city in the world, according to an annual ranking compiled by the Swiss bank UBS that covered 77 urban centers.

The study, which uses New York City as its benchmark, indicates that Los Angeles offers the world’s highest purchasing power for the average wage earner, as its residents can afford to buy a quarter more than New Yorkers can.
However, taking Zurich’s higher wages into account, its residents rank second after Los Angeles in terms of purchasing power, while New York ranks tenth and London 23rd.

The bank examined a subset of data to determine the best place for young adults in their early 20s to purchase a range of goods and services, including an Apple phone, a laptop, and a Netflix subscription.