World's Most Expensive Cities

UBS has releleased its list of the most expensive and highest-income cities in the world. (www.ubs.com/pricesandearnings)
Not surprisingly, Toronto is still in the top 10 (9th) in terms of cost, but the salaries don't match.   The city is more expensive than London and New York, yet the compensation is much lower.  In fact, the wages of Torontonians are below that of the Big Apple, despite the drop in the U.S. dollar's value.  Its depreciation means that New York is the only U.S. city in the top 30 (with Los Angeles in the 31st position). 
Canada has two cities in the top 20.  Montreal is in the 17th spot.  However, in Montreal the wage levels are about 3 points higher than in Toronto, when compared to the price levels.  This means after paying all their bills, Montrealers have more money to spend than Torontonians.  Perhaps Gerald Tremblay, the city's mayor, should raise the taxes and fix the roads and other infrastructure. 

Top 10 Price Levels                                                Top 10 Wage Levels

Oslo                                                                           Zurich

Zurich                                                                        Geneva

Geneva                                                                     Copenhagen

Copenhagen                                                            Oslo

Stockholm                                                                Sydney

Tokyo                                                                        Stockholm

Sydney                                                                      New York

Helsinki                                                                     Luxembourg

Toronto                                                                     Munich

Singapore                                                                Los Angeles

Even with the U.S. dollar dropping, it's still better to live in the States in terms of salaries.  Chicago and Miami are also in the top 30, at 20 and 21.  It's no wonder that so many Canadian professionals (technicians, scientists and doctors) are moving to the U.S.  The Canadian dollar is higher, our economy is stronger and our rate of pay should reflect that, but it doesn't.  The problem, though, isn't with minimum wage and low-income professions, as the Canadian average is above the U.S., but instead it's an issue with the professions requiring higher education.  That is why there is still a brain drain from Canada to our Southern neighbour.
The issue of salaries isn't just visible in the UBS index.  Just a few days ago a newborn died in Victoria General Hospital, because of what some doctors are calling a shortage of anestesiologists.  (http://www.cbc.ca/news/canada/british-columbia/story/2011/08/16/bc-victoria-newborn-death-anesthesiologists.html)
The anestesiologists are currently in negotiations over salaries, but the latest offer from the Ministry of Health has been too low and has been rejected.  How can one of the most important professions, that requires so much studying, dedication and money for schooling, be underpaid?  It makes no sense to give an athlete, with barely a high school education millions and then make a big deal out of giving doctors the money they deserve. 
We can either keep losing these skilled workers and intelligentsia and replace them with immigrants, or something needs to change within our system.  Unfortunately, other than increasing salaries, or cutting income taxes for these professionals, I cannot give any ideas, as I do not have sufficient knowledge and education in economics, but I am hoping that our government is aware of the problem and is looking into it.  If not, perhaps someone should mention this to Prime Minister Harper, or to Jim Flaherty.