‘Exceptional’ America is no longer the home of the world’s most expensive city in which to live and work. As the latest report from the World Economic Forum finds, the honor of the priciest place to reside is the United Kingdom’s capital – London. At £80,777 (~$120,000) per person per year, “The Big Smoke” is twice as costly as Los Angeles or Sydney…
London has topped the list since June 2014…
However, all is not lost for USA, USA, USA!
A quarter of the top 20 most expensive cities are in the United States, with New York (at a yearly cost of over £79,000) coming in just behind London.
Overall, the average cost of home and office accommodation per person per year across the top 20 cities is £40,641, with Rio de Janeiro being the most affordable.
Savills’ index is aimed at giving employers an idea of the cost of accommodating an employee in cities around the world. Head of World Research at Savills, Yolande Barnes, says: “The productivity of cities and their value to global businesses clearly has a pronounced effect on demand and hence rental costs.”
The highest-ranking cities for productivity, such as London and New York, are also the most expensive to live and work in.
Barnes adds: “World cities can become a victim of their own success when rents rise to the point where affordability becomes an issue.”
Savills wants to see an increase in supply of high-quality workspace, noting that this will be a crucial development for emerging cities such as Rio de Janeiro, Mumbai and Lagos.
Of course, there is always Vancouver (if you’re Chinese).
via http://ift.tt/1TBf3v4 Tyler Durden