London is the fifth most expensive city in the world to live in but wage levels have failed to keep up compared to other major centres, a report by Swiss Bank UBS has found.
The British capital ranked behind Zurich, Geneva, New York and Oslo when it came to the relative cost of goods, including rent, but was in 13th place on a comparison of gross salaries.
The study found that whilst it was cheaper to live in Sydney, Copenhagen and Chicago, residents there earned more relative to Londoners.
UBS found that London was also far more expensive than comparable European capital cities Paris and Berlin.
Among the cheapest places in the world to live were Sofia in Bulgaria, Bucharest in Romania and New Delhi and Mumbai in India, where wages were also among the lowest of the 71 locations compared around the world.
