Friday, August 11, 2006
Big Mac Index
The 2006 Big Mac Index was conducted by the UBS group and Tokyo was ranked top on the list. Basically the average working time of 10 minutes in the capital of Japan can buy you the Big Mac. The longest was Colombia's Bogota where you have to work for 97 minutest to buy you one.
This survey is conducted every 3 years within 70 cities around the world. The Big Mac can be bought all over the world and the price difference is very minimal thus they use it as the standard to measure service costs and wage.
The price of the Big Mac has stayed at 280yen since 1995 in Japan.
The average was 35 minutes. After Tokyo was LA(11mins), Chicago and Miami(12mins) and New York(13mins).
More on the Big Mac Index
I think everyone has some sort of story or relationship with McDonald's. Mine definitely has to be my encounter with Den Fujita the founder and former president of McDonald's Japan. Den-san was a self made entrepreneur who brought McDonald's to Japan in 1971. McDonald's Japan now has close to 4000 restaurants in Japan and grosses about $4Billion each year. It is without a doubt the largest restaurant group in Japan.
How did I get to meet Den Fujita?