London is the second priciest city for buying avocados while its residents need to work 11.3 days to afford an iPhone X compared with 6.7 days in New York, according to a report.
Zurich is the world's most expensive city, followed by Geneva and Oslo, with London coming in at eighth position, UBS's Prices and Earnings report shows.
Average London rents and the cost of an average London shopping basket have declined, but buying avocados in the capital remains the second priciest in the world at an average cost of USD 7.33 for three, behind Zurich at USD 8.27 and just ahead of New York at USD 5.98.
The cost of an iPhone X, used in the report to explore the average cost of goods typically associated with millennials, in London is USD 1,389.86 compared with USD 1,429.63 in Paris and USD 1,087.83 in New York.
The study, first launched in 1971, compares 128 prices of various goods and services as well as average earnings of 15 professions representing the average working population.
In 2015, London had the highest average rent of all the European capitals on the list at USD 2,850.67, but this has declined to USD 2,547.79.
Londoners' overall buying power - measured by UBS in comparison to New York at a baseline figure of 100 - has climbed three points to 83.38. However salaries have climbed everywhere and the gap between London and other European capitals has closed, UBS found.
Geoffrey Yu, from UBS Global Wealth Management, said: "When compared to other European capitals such as Paris, London's prices for certain goods, services and average rent seem to have dropped over the last three years, but only measured in dollar terms due to the pound's decline.
"This conclusion will be of little comfort to domestic residents who are only now seeing a return to real income growth."