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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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza