Dubai among world’s top cities for high salaries

775
Dubai among world's top cities for high salaries
The Dubai Mall by Emaar Properties.

Staff Report

A new report by Deutsche Bank ranks Dubai 14th in the world in high monthly salaries and 11th in disposable income.

The bank’s ‘Mapping the World’s Prices’ 2019 report says Dubai offers an average monthly salary estimated at Dh10,488 ($2,856) to employees in 2019. The emirate is ranked the 11th best city for disposable income after rent, estimated to be around Dh7,595 ($2,068).

While Dubai, one of the most preferred global destinations for high net worth individuals, ranks 17th overall in its Quality of Life index in 2019 – up one place on 201- other regional cities like Riyadh ranks 26th and Cairo ranks 49th. On the flip side, Dubai is among the most expensive cities in the world for internet, the report said.

The world’s top city on the survey’s quality of life index – which takes into account the cost of living, healthcare, pollution and climate – is Zurich, followed by Wellington and Copenhagen.

In the survey, which compares global prices and living standards in 55 global cities, San Francisco came out on top for highest salaries and disposable income after paying rent, outranking Zurich for the first time in the eight years.

In 2019, Dubai emerged as a cheaper place to rent, according to the survey. However, rising costs in other areas meant that the average disposable income enjoyed by a typical couple after rent payments actually fell, the survey found. In the backdrop of a slump in Dubai property and rental markets, the emirate came down four places with average monthly rental costs for a two-bedroom apartment at $1,576 per month, down 13 per cent on 2018.

According to the survey, consumer price inflation in the UAE jumped to 3.08 per cent in 2018 from 1.97 per cent in 2017 following the introduction of a five per cent value added tax on most goods and services on January 1, 2018.

San Francisco’s emergence as the top city for highest salaries and disposable income was mainly due to the “rapid growth of the US tech sector.” The shift can also be attributed to the surge of the dollar since the survey started in 2012. Over the past year, the dollar has strengthened against most of the 42 currency pairs used in the report. New York, Boston and Chicago entered the top five for salaries, edging out cities in Australia and Europe.

San Francisco is followed by Zurich, New York, Boston, Chicago, Sydney, Oslo, Copenhagen, Melbourne and London in the top ten cities for high monthly income.

The index also showed that for the budget-conscious looking to spend a weekend outside the home country, it’s best to avoid places like Milan. While weekenders heading to the Italian city can expect to spend $2,706 there, the most expensive in the world, it costs $1,327 to spend a weekend in Dubai, cheaper than in 24 other cities like Rome, Singapore, Cairo, and New York, which could cost anything from $1,500 to $2,000. Dubai is also the cheapest getaway with five-star hotels with a view, estimated at $339 per night compared to $961 for one night in Milan. The cheapest place to go for a weekend, however, is Turkey, which can set a visitor back just $711.

Places that can easily create a hole in the wallet for dating include Zurich, where an outing can cost $202.7, the world’s costliest. The cheapest option would be Cairo, which can cost just $41.9.

For a daily car rental, the most expensive place is London, at $172.4, while the most budget-friendly destination would be Johannesburg in South Africa. – abdulbasit@theuaenews.com