For the third year running London has been named as the most expensive city to hire someone in the world. The UK capital just about edged out the nearest competition, New York, and beat other cities like Los Angeles, Sydney and Chicago by a wide margin.
It costs £80,763 for a company to employ one person in London for a year, as calculated in the Live/Work Index, compiled by Savills.
The average total cost of accommodation per worker, per year, in the 20 cities measured was $56,855.
From 2005 to 2011, cities of growing economies such as Shanghai, Mumbai and Moscow as well as Hong Kong and Singapore had started to outstrip the traditional economic centres of New York, Paris, Tokyo and Sydney, but this has now turned around, due to a slowing of the economic boom in the developed world.
The most expensive cities in the world to make a hire
- London – $112,800
- New York – $111,300
- Hong Kong – $103,200
- Paris – $78,000
- Tokyo – $69,000
- San Francisco – $66,800
- Lagos – $63,000
- Singapore – $60,000
- Dubai – $58,000
- Sydney – $ 49,500