Zurich remains the world's most expensive major city and Egypt's capital Cairo the cheapest, the annual rankings of 77 metropolitan areas by Swiss bank UBS has found.
Sydney was ranked 11th on the list.
Los Angeles features the world's best buying power for the average worker's salary, with Angelenos able to afford almost a quarter more than New Yorkers, according to the study, which uses New York as the basis for comparisons.
Still, when factoring the high salaries many Zurich residents enjoy, the Swiss lakeside city came second to the Californian metropolis in purchasing power, with New York 10th. London was 23rd.
In a subset of data for 11 big cities, UBS looked at where millennials would be best off to buy a package of typical must-have goods including an Apple iPhone, a laptop, and a Netflix subscription. Expensive Hong Kong was the surprise winner.
A couple looking for a Friday night out with a meal, bottle of wine and a movie will pay the most in Tokyo, New York and Stockholm, while the best values were in Prague, Mexico City and Rio de Janeiro.
