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Seoul is the 11th most expensive city in the world

September 20, 2015
A woman shops for groceries at a discount store in Seoul in this file photo. (Korea Times file)

A woman shops for groceries at a discount store in Seoul in this file photo. (Korea Times file)

Seoul is the 11th most expensive city to live in among 71 major cities around the world.

The findings are based on the “2015 Prices and Earnings” survey from Swiss financial services company UBS, released recently.

UBS conducted the survey in March, researching the local prices of 122 products and services in the cities.

With New York’s prices set at 100, Korea rates 79.2.

The top 10 cities are Zurich (108.7), Geneva (106.1), New York, Oslo (92.9), Copenhagen (88), London (84.7), Chicago (83.5), Tokyo (83.1), Auckland (82.8) and Sydney (80.5).

Korea had the highest prices for digital devices such as iPhones, 40-inch color LED TVs, laptops and digital cameras.

It also had the highest prices for men’s and women’s suits.

Seoul had comparatively low prices for public transport, with bus and subway fares at $1.06 (45th) and taxi fares at $4.45 (16th).

The survey also covered the income of workers in 15 different jobs. Seoul ranked 35th, but considering its high cost of living, the value of income is lower.