Report: Chicago Is The 7th Most Expensive City In The World

By Kate Shepherd in News on Sep 18, 2015 7:00PM

Chicago might not be as relatively cheap as we thought. You might even save money living in Tokyo or Sydney, believe it or not.

The Windy City is the seventh most expensive city in the world and the second priciest city in the U.S. after New York City, according to a new report by Swiss financial services company UBS.

The ranking is based on the cost of goods and services and includes rent. The most expensive cities from one to ten are: New York City, Zurich, Geneva, Oslo, London, Hong Kong, Chicago, Copenhagen, Sydney and Tokyo. Miami came in at #11 and Los Angeles at #13.

What makes Chicago so expensive in the eyes of UBS? Surprisingly, it's clothing. Both men and women in Chicago would spend over $1,100 for new business apparel, which is about half the price Warsaw residents would spend, according to the Tribune.

The study also ranked net wages and domestic purchasing power with Chicago coming in at #7 and #6 respectively.

Another interesting tidbit: on average, Chicago workers only have to work for 11 minutes to earn enough money to buy one Big Mac from McDonald's. It also takes 11 minutes to earn a Big Mac in New York City, Miami and Los Angeles.

You can read more of UBS' interesting 2015 Prices & Earnings study here.