Vienna retains spending power spot

Vienna is among the world’s top 25 cities in spending power, a global study has found.Swiss bank UBS announced today (Thurs)  that Vienna had retained 24th place in its international spending power survey. The institute added that the Swiss cities of Zurich and Geneva were in first and second places, respectively, ahead of New York, USA, and Sydney, Australia.UBS investigated incomes, price levels and spending power in 75 cities on all continents.Its research also shows that Vienna’s overall price level declined from eighth to 15th due to the dwindling value of the Euro. The Austrian capital’s price level would have declined to 26th place had flat rent rates been included since living costs in Vienna are relatively low in international comparisons.Norwegian capital Oslo was found to be the most expensive city in the world ahead of Zurich and Geneva. Tokyo, Japan, is fourth this year, followed by Danish capital Copenhagen.These findings come days after Austrian insurance officials said people employed in Vienna had raked in an average of 2,298 Euros monthly before taxes last year, or 395 Euros more than those working in the province of Burgenland, where average wages were lowest.People employed in Vorarlberg came in second with an average monthly income of 2,292 Euros, followed by Upper Austria (2,243 Euros) and Styria (2,145 Euros).The average Austrian income was 2,197 Euros monthly before taxes in 2009, up by two per cent compared to wages in the previous year.Meanwhile, pollsters IFES and SORA said that 10 per cent of Austrians – 350,000 people – claimed that they were unable to make ends meet with what they earned. The agencies said just 256,000 people had said the same when questioned 10 years ago.