London is the world’s most expensive city in which to live and work, according to a study by estate agents Savills.
Accommodation for the average Londoner – calculated as a total of housing and office rental costs – comes to a massive £80,700 a year, researchers found.
The figure puts the capital ahead of 19 other world cities such as New York (£79,600) and Hong Kong (£73,800).
Other English-speaking hubs including Sydney and Los Angeles are less than half as expensive.
Expensive city ranking
2. New York
3. Hong Kong
6. San Francisco
12. Los Angeles
20. Rio de Janeiro
Savills has put together its yearly study as an indicator for companies of the cost of doing business in different world cities.
But with housing costs a major factor, the data also gives an idea of the cost of living for professionals in the capital relative to other global cities.
London is 18 per cent more expensive than it was five years ago, and has been ranked at the top of the index since 2014.
Yolande Barnes, head of Savills world research, said: “The productivity of cities and their value to global businesses clearly has a pronounced effect on demand and hence rental costs.
“The highest ranking global cities, London and New York, are also the most expensive for businesses and workers to occupy.”
She added: “However, world cities can become a victim of their own success when rents rise to the point where affordability becomes an issue.”
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