Oslo, Copenhagen, Tokyo and Zurich are among the most expensive cities in the world. If rents are included in the comparison of living costs, London tops the list. Meanwhile, as the US dollar has lost value, US cities have become cheaper since 2003. This update to the “Prices and Earnings” survey from UBS compares purchasing power in 71 cities around the world, recalculated to reflect exchange rate, inflation and growth trends.

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