London Passes Hong Kong as World’s Most Expensive City

London has overtaken Hong Kong as the world’s most expensive city to live and work in, with a new study suggesting it is almost twice as pricey as Sydney, and four times more than Rio de Janeiro.

The estate agent Savills said the combined typical cost of renting somewhere to live and leasing an office to work for a year in London had risen to almost £74,000 per employee. That puts the UK capital well ahead of other global hubs such as New York, Paris and Tokyo.

London’s rise to first place in the rankings was blamed on big increases in office rents, plus the pound’s strength against the dollar, prompting Savills to warn that it risks becoming less competitive as a result.

By contrast, falling residential rents and a weakening currency contributed to Hong Kong, which had previously topped the ranking five years running, dropping to second place.

via The Guardian

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