Kuala Lumpur's among the cheapest city to live in
KEE HUA CHEE’s cheap side shows as he explains why he prefers Cheras to Kensington. HERE’S a nice birthday gift for our just-turned-49 nation: Kuala Lumpur is the best lowest-cost city in the world! Well, that’s what I gleaned anyway from the prestigious Union Bank of Switzer-land’s eagerly awaited Prices and Earnings 2006 report that was released last month. KL came in at No. 71 on the list of 71 cities surveyed. But being last is a good thing on this list because it means that it’s cheaper to live in KL than in any of the other cities. The tri-annual survey compared the cost of a basket of goods and services across all the cities, and the basket was the cheapest in KL. Yet, when it comes to wages, KL’s No. 53 on the list, not the last. Which means, you can earn a decent wage yet still live cheaply in KL! (Go to ubs.com for full details and complete lists.) KL’s cheap, but not in a nasty way. You can live well and cheaply here. To express it in economic jargon, KL is currently in that unique and enviable position of having a relatively high standard of living but low cost of living. Singapore and Hong Kong have very high standards of living but it also costs a lot to live there, which, of course, kinda cancels out the buzz. New Yorkers’ labour costs a lot. And then there’s that trendy city to beat all trendy cities: London. Who wouldn’t want to live there? Someone who doesn’t want to pay through his nose for everything, perhaps? Take, for instance, a British friend of mine who moved to KL for work purposes: he was convinced there was a typo in his Getting to Know Malaysia information kit because a maid’s salary was listed as RM450. He thought it was supposed to be £450 (RM3,105)! For comparative surveys like this, the price of burgers at the ubiquitous McDonald’s chain is one item that is usually compared because a Big Mac is a Big Mac is a Big Mac wherever you are in the world. (In fact, this is such an uniform type of food, The Economist magazine came up with the Big Mac Index in 1986 as an informal way of measuring purchasing power parity between currencies and the index has been published annually since.) So, in KL, a Big Mac costs RM5.98; in London, where I go to lose weight, it costs RM13.30. A Value Meal of burger, fries and Coke starts at RM8.35 in KL. In London, the same costs around RM27, almost three times more. See what I mean? In London, RM1mil is still worth something but you would have to live in the ulu outer suburbs euphemistically called “Greater London”. Travelling time to Inner London is at least 50 minutes by Tube on a good day, as you have to change trains at least once or twice. London If you do manage to live in the heart of London, a secured garage space or parking lot in front of your doorstep can cost up to RM250,000 – the price of an entire condo in KL! Says the 52-page UBS report, “It is no wonder that ? residents (of expensive cities) often tolerate extreme commutes in order to find affordable housing.” Actually, instead of spending all that money on the tri-annual survey, the Swiss bankers should have just asked KL-ites and they would have been told that the Malaysian capital is definitely the best place to work, play and party in. We could have told them to think about this – practically every African country’s capital is cheaper to live in, but we don’t have to dodge bullets in KL and warlords only appear in bad TV movies. Singapore appears to be more sophisticated and advanced but try buying a house there for less than RM1mil! And doesn’t it seem like food costs double? Bangkok’s nightlife sizzles – but what about the crime and horrendous daytime traffic jams? For once, being rock bottom means we get the thumbs up! So dear! Oslo, London, Copenhagen, Zurich and Tokyo, in that order, are now the world’s most expensive cities, based on a standardized basket of 122 goods and services that includes the costs of food, housing, utilities, schooling, transport and lifestyle activities. London and New York are particularly expensive due to housing. The biggest gap is in Asia. Tokyo is the world’s fifth most expensive city while the cheapest is Kuala Lumpur followed by Mumbai and Delhi. Singapore, Taipei, Sydney and Auckland occupy the middle places. Making the most The world’s highest wages are in Copenhagen, Oslo, Zurich, Geneva, New York and London where the average wage of 14 representative professions is RM66 per hour. While Norway, Sweden and Denmark have the highest wages, they also have the highest taxes so, in real terms, Zurich and Geneva have the highest purchasing power. As for London, it ranks only 20th in domestic purchasing power. Says the report, “After statutory deductions, people living in the Swiss cities, Dublin and Los Angeles have the most left over from their wages.” So hard working! OF course, we hard working Asians work the longest, as any of us can attest. Seoul takes the lead with its residents working 50.2 hours per week – which explains why South Korea is so productive and well off. Based on an average of a 42-hour workweek, Asians toil 2,088 hours a year while Berliners work only 1,610 hours a year. Asians work 1,200 hours more than Parisians, where a year’s work equals a mere 1,480 hours – and they are still fighting for a 35-hour week. No wonder Parisians can idle away entire afternoons at cafes or strolling in parks and along the Seine. Asians also have the lowest number of holidays, only 12 a year compared with the global average of 20.
Copyright © 1995-2005 Star Publications (Malaysia) Bhd
Copyright © 1995-2005 Star Publications (Malaysia) Bhd
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