New Delhi, Mumbai Among World's Cheapest Cities to Live In: UBS

London is the fifth most expensive city in the world to live in but wage levels have failed to keep up compared to other major center, a report by Swiss bank UBS has found.The British capital ranked behind Zurich, Geneva, New York and Oslo when it came to the relative cost of goods, including rent, but was in 13th place on a comparison of gross salaries.The study found that whilst it was cheaper to live in Sydney, Copenhagen and Chicago, residents there earned more relative to Londoners.

Rising levels of rent have helped to push up the cost of living in London in recent years with Britain having failed to build enough homes to meet rising needs.Demand has also risen because of growing levels of net migration and people opting to rent for longer in order to save up for increasingly more expensive properties, the report said.Meanwhile, earnings have risen more slowly than inflation for most years since the 2007/08 financial crisis although they have begun to pick up robustly this year.UBS found that London was also far more expensive than comparable European capital cities Paris and Berlin when the price of an average basket of 39 foodstuffs was compared but Zurich, Seoul and New York were the costliest locations.