• Switzerland's news in English
 
app_header_v3

Swiss have world’s highest prices: new study

The Local · 30 Apr 2014, 10:40

Published: 30 Apr 2014 10:40 GMT+02:00

The International Comparison Program report, released on Tuesday in the US, compares purchasing power and real expenditures of 177 countries using statistics from 2011.

Switzerland ranks ahead of Norway, Bermuda, Australia and Denmark in the table for highest “price level indexes,” the report says.

The lowest-cost country is Egypt, just ahead of Pakistan, Myanmar and Ethiopia.

The rankings are calculated to discount currency rate impacts.

Other countries in the top 10 for highest prices include Sweden (sixth), followed by Japan, Finland, Luxembourg and Canada.

The United States, which the study ranks as the world’s largest economy, ranks 25th for prices.

The study says that in terms of Gross Domestic Product, China’s economy was 87 percent of the size of America’s, double what it was in relation to the US in 2005.

India ranks as the world’s third largest economy with a GDP equivalent to 37.1 percent of the US economy, followed by Japan (28.2 percent), Germany (21.6 percent), Russia (20.7 percent) and France (15.3).

The study found that the countries with the highest per capita income were Qatar, Macao, Luxembourg, Kuwait and Brunei.

Malawi, Mozambique and Liberia headed the list of countries at the opposite end of the spectrum where annual income per resident was less than $1,000.

Story continues below…

The study found that 48 percent of the world’s $90.6 trillion economic output in 2011 came from "middle-income" countries, which accounted for 32 percent of the total in 2005.

Global output increased 29 percent from 2005 to 2011.

To check out the report, click here.

The Local (news@thelocal.ch)

Your comments about this article

Today's headlines
Court sides with chickens in dispute over noisy henhouse
File photo: Stuart Richards

Court orders a man to pay more than 36,000 francs ($36,600) in court costs after it rejected his complaint that his neighbours’ chickens made too much noise.

Pilot of crashed Swiss jet confirmed dead
The Swiss jet was an F/A-18 Hornet. Photo: Fabrice Coffrini/AFP

The 27-year-old's remains are found at the crash site.

17-year-old dies from injuries after Salez train attack
The attack happened on a Südostbahn (SOB) train on August 13th. Photo: AFP photo/newspictures.ch/Beat Kaelin

Teenager is the second victim to die in the attack, which also killed the perpetrator.

Chewbacca stolen in ‘terrorist attack’ on Swiss hair salon
There's now only one Chewbacca in the salon's window display. Photo: Coiffure X

Reward posted after masked man kidnaps giant cut-out of Star Wars character.

Army locates crashed Swiss jet, pilot still missing
The Swiss jet was an F/A-18 Hornet. Photo: Fabrice Coffrini/AFP

The remains of a Swiss army fighter jet that disappeared over the Alps on Monday have been located in central Switzerland.

Swiss prisons fear drone deliveries to inmates
File photo: Nicolas Tucat/AFP

Could drones be used to deliver weapons to prisoners?

United Nations weighs in on burqini ban debate
A London demonstration against the burqini ban. Photo: Justin Tallis/AFP

Burqini bans "fuel religious intolerance" says a UN spokesman.

Record numbers sign up for Swiss Erasmus replacement
File photo: Francisco Osorio

More people than ever are taking part in Switzerland’s study abroad scheme, despite the fact the country is no longer a full member of the EU’s Erasmus programme.

Search underway for pilot of Swiss jet missing in Alps
A Swiss F/A-18 Hornet jet. Photo: Fabrice Coffrini/AFP

The jet is believed to have crashed while taking part in a training exercise.

Why Switzerland is getting worse for expats
Photo: Fabrice Coffrini/AFP

Switzerland plunges 17 places in a global survey of expat life.

Sponsored Article
Why expats choose international health insurance
Photo: AFP
National
Foreigners in Switzerland surpass 2 million mark
Photo: AFP
National
Expert predicts major quake for Switzerland by 2040
Photo: The Local
National
Geneva runs out of permits for non-EU workers
Sponsored Article
Five things Americans should know about voting abroad
Photo:C Carlstead
National
Geneva advises teachers on religion in school
Sponsored Article
Jordan: where history meets adventure
Photo: Starship
Technology
Swiss Post trials robot parcel deliveries in Bern
Photo: AFP
Politics
Survey: Swiss optimistic about Brexit effect
Photo: Neil Heritage/Endeavour Fund
Features
Amputee's Matterhorn trek 'makes it more possible' for others
Sponsored Article
Why expats choose international health insurance
Photo: EPFL
International
Switzerland tops global innovation table – again
Photo: Vasily Cotovanu
National
Asylum centre plans shelved after Swiss village protests
Photo: The Local
Politics
Neuchâtel looks to boost rights for foreigners
Sponsored Article
Jordan Pass: your ticket to the experience of a lifetime
Photo: AFP
Sport
In pictures: final day success takes Swiss to seven medals
Sponsored Article
Life in Jordan: 'Undiscovered treasure'
Photo: AFP
National
Experts debate rail security following Swiss train attack
File photo: AFP
Sport
Two basejumpers die in Lauterbrunnen accidents
Photo: AFP
International
Amnesty fears for child migrants at Italian border
Photo: AXA Winterthur
National
Report: Geneva is Swiss capital of car theft
Photo: Dani Pozo/AFP
National
Top tips for watching the meteor shower in Switzerland
File photo: Andrew Turner
Technology
Swiss start-up to offer drone service to farmers
Photo: Beat Strasser
National
British quadruple amputee summits Matterhorn
Photo: Judit Klein
National
Switzerland sees rise in child victims of forced marriage
Photo: Michael Schlick/OS Muhr
National
Swiss hiker in Austria rescued after sending SOS to America
Photo: Chris Murphy
Features
14 mistakes foreigners make on moving to Switzerland
Photo: AFP
Lifestyle
Swiss resort unveils huge ‘natural’ fresco on mountain
Photo: C Sonderegger/Swiss Tourism
National
Five great Swiss traditions all expats should try
4,439
jobs available