The world's 10 richest cities - Number Five Oslo

The world's 10 richest cities,Number Five Oslo

5. Oslo
Oslo is fifth richest city and the world's most expensive city. It is also the hub of Norwegian trade, banking, industry and shipping.

According to UBS, the deductions take the largest average bite out of gross income in Western Europe (27.6%), followed closely by North America (26.2%) and Eastern Europe (25.1%).

Payroll deductions are lower in the Middle East (9.2%), Asia (13.4%), South America (15.1%), Africa (19%) and Oceania (22%).

The highest payroll deductions are found in Copenhagen and Ljubljana, followed by Munich, Oslo, Amsterdam, Brussels and Frankfurt, where at least one-third is deducted from gross wages.

Payroll deductions are lowest in Bangkok, Delhi, Hong Kong, Caracas and Mexico City, where less than 10% of gross income -- although relatively modest -- goes to taxes and social security contributions on average.

State deductions are virtually nonexistent in the cities of Doha, Dubai and Manama.