Tel Aviv skyline
Tel Aviv skyline Hadas Parush/Flash 90

Tel Aviv is the most expensive city in the Middle East in terms of price levels, the 2015 edition of the Prices and Earnings report from Swiss bank UBS confirmed on Thursday. 

Israel's second largest city is closely followed by Dubai in the United Arab Emirates, which actually ranks higher when including rent prices into the calculation. 

The world's most expensive cities - according to the survey which examines the price levels, wage levels and purchasing power of 71 cities worldwide - are Zurich, Geneva and New York. 

Tel Aviv ranks 22nd overall in terms of price levels but places only 33rd when it comes to earning power. Workers in the first Hebrew city, however, have the highest wages in the Middle East. 

The report indicates that employees in Zurich, Geneva and Luxembourg City are earning the highest grossing salaries worldwide, while workers in Nairobi, Jakarta and Kiev earn the lowest. 

Luxembourg City, Zurich and Geneva also enjoy the most purchasing power, while Nairobi, Jakarta and Kiev are again at the bottom. In the Middle East, Dubai just trumps Tel Aviv in purchasing power, but both loom far ahead of Cairo. 

According to the survey, employees in Tel Aviv must work 21 minutes to buy a Big Mac hamburger, and 12 minutes apiece to buy a kilogram of bread, or of rice. 

In most major cities around the world, people work more than 2,000 hours a year, mainly in Asia and the Middle East. The shortest number of working hours can be found in most of Western Europe. 

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