At **** U.S. dollars, Switzerland has the most expensive Big Macs in the world, according to the January 2025 Big Mac index. Concurrently, the cost of a Big Mac was **** dollars in the U.S., and **** U.S. dollars in the Euro area. What is the Big Mac index? The Big Mac index, published by The Economist, is a novel way of measuring whether the market exchange rates for different countries’ currencies are overvalued or undervalued. It does this by measuring each currency against a common standard – the Big Mac hamburger sold by McDonald’s restaurants all over the world. Twice a year the Economist converts the average national price of a Big Mac into U.S. dollars using the exchange rate at that point in time. As a Big Mac is a completely standardized product across the world, the argument goes that it should have the same relative cost in every country. Differences in the cost of a Big Mac expressed as U.S. dollars therefore reflect differences in the purchasing power of each currency. Is the Big Mac index a good measure of purchasing power parity? Purchasing power parity (PPP) is the idea that items should cost the same in different countries, based on the exchange rate at that time. This relationship does not hold in practice. Factors like tax rates, wage regulations, whether components need to be imported, and the level of market competition all contribute to price variations between countries. The Big Mac index does measure this basic point – that one U.S. dollar can buy more in some countries than others. There are more accurate ways to measure differences in PPP though, which convert a larger range of products into their dollar price. Adjusting for PPP can have a massive effect on how we understand a country’s economy. The country with the largest GDP adjusted for PPP is China, but when looking at the unadjusted GDP of different countries, the U.S. has the largest economy.

The millionaire population in Singapore stood at around ******* in 2021 and is projected to increase to about ******* in 2026. This estimated growth in the millionaire population reflects the trend of increasing household wealth in Singapore, which grew by more than 146 percent since 2000. Millionaire’s playground In 2022, the Economist Intelligence Unit ranked Singapore as the world’s most expensive city, alongside Hong Kong and Paris. The high cost of living in Singapore is in large part due to the extremely high cost of owning a car, as well as high property and food prices. With the tenth-highest average wealth per adult in the world, and relatively low financial inequality, it seems that the residents of Singapore are able to afford life in the city with the third most expensive beer prices in the world. Declining wealth in old age The reality, however, is far less glamorous. While the median wealth per adult increased in 2019 from 2018, it was still the second-lowest value in the past five years. Many Singaporeans are feeling the pinch, especially the most vulnerable members of society, such as the elderly, who make up the majority of the workforce in jobs such as cleaning. Worryingly, many Singaporeans are also not financially prepared for retirement. This could lead to increasing inequality in the future, with many people unable to afford the lifestyle that they are accustomed to.

In December 2023, the average rent per square meter of an apartment in the first arrondissement of Paris amounted to ** euros. This arrondissement, situated in the center of the French capital, is the smallest by area and yet, one of the most expensive ones for renters. Paris appears to have some of the highest rents in Europe. The housing crisis in France Although France had the highest number of completed housing units per 1,000 citizens in Europe in 2022, demand in the capital far outweighs supply. The lack of affordable housing for purchase increases competition in the rental market, leading to rents soaring in the past decade. Residential prices in capital cities in Europe are usually higher than the national average, but in France, this trend is even more pronounced. In 2022, homebuyers in Paris paid more than three times higher than the national average - a price gap only Lisbon comes close to. The cost of living in the French capital Paris counts some of the world’s most incredible historical sites, as well as a vibrant culture. But living in the City of Lights is becoming more expensive every year. In 2019, The Economist Intelligence Unit’s Worldwide named Paris the second city with the highest cost of living worldwide. Even though the average cost for public transport is surprisingly low in Paris, compared to other European cities, real estate prices and the costs of food or entertainment can make Parisian life less romantic than expected.