Mexico City, where you work more and earn less

Mexico City

is the third metropolis in the world where employees work the most hours per year, surpassed only by Hanoi (Vietnam) and Bombay (India), according to a report by global firm UBS.

UBS, specializing in financial services, prepared a report on prices and wages and to compare the cost of living in 77 cities .

However, the net annual income of Mexico City inhabitants is one of the lowest recorded, according to the analysis, as it is equal to a tenth of what New Yorkers earn.

This is related to the purchasing power of salaries. For instance, while in New York you only need to work 54.1 hours to purchase an iPhone, in Mexico City you need 637.5 hours – that is, 11.8 times more.

Another similar example: to buy a Big Mac, in Hong Kong you just have to work 11.8 minutes (the lowest among the 77 cities compared) but in Mexico City, you need 86.8 minutes – 7.4 times more.

This study, which was issued for the first time in 1971, compares 128 prices of several goods and services, as well as the average cost of living of 15 careers representing the average working population.

Purchasing power rates in Los Angeles, Zurich, and Miami are the highest, with 123.9, 122.5, and 121.5 units.

By contrast, Bogotá, Buenos Aires, and Mexico City have 36.7, 31.3 and 26.4 units, respectively.

It's worth noticing that Mexico City is among the least expensive cities to leave in, out of the 77 compared. The cost of the reference basket of 128 goods and services for a family of three is calculated at USD$ 1,872.7 while in New York it's USD$ 3,673.

Yet the purchasing power in Mexico is barely 16.1% of the one salaries have in New York, the reference point of the study.

How much do Mexicans pay in taxes?

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