MOSCOW, September 23 (RIA Novosti) – London has replaced Hong Kong as the world's most expensive city for companies to locate their employees, a report published by the Savills real estate company Tuesday revealed.
The report says that the cost per employee per year in London was $120,568, as of June 2014. The same figure for Hong Kong stands at $115,717.
New York and Paris complete the group of four leading cities, where the combined costs of renting residential and office space tops $100,000 per employee per year.
Tokyo comes fifth on the list, while Moscow is ranked seventh, with the June 2014 cost per employee per year in the Russian capital standing at $70,499.
Rio de Janeiro and Mumbai are last on the list, with the cost per employee per year for the two cities as of June 2014 standing at $32,179 and $29,742, respectively.
London, Hong Kong, New York and Paris have dominated the Savills Live/Work Index top 12 world cities since its launch in 2008.
According to Savills, fluctuations in total live/work costs reflect not only the strength of a city's residential and office markets and occupier taxes and costs, measured at a local level, but also the impact of fluctuating exchange rates on the cost of doing business on a world stage.
