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After Brexit, New York beats London as world's most expensive city
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New York City skyline with urban skyscrapers at sunset. (Shutterstock/-)
L
ondon falls amid the plunge in the pound after the Brexit vote, making New York first on the ranking of world’s most expensive cities to live and work in, after being at the top for the last two years-and-a-half.
The UK capital is now third behind New York and Hong Kong, according to research on global cities from property broker Savills that examined the costs of an employee living in a city in rented housing and working in an office there for a year.
Total accommodation costs in New York for one employee were US$114,010 in July, up 2 percent from December last year. Meanwhile Hong Kong was up 1 percent to $100,984, and London fell 11 percent to $100,141.
(Read also: Brexit: What would this mean for the youth?)
"Brexit has made London more competitive, at least in the terms of cost," said Yolande Barnes, head of Savills. "Of course, other factors might mean it won't be."
Tokyo climbed to fourth on the list, rising 22 percent in accommodation cost to $85,334, said the report. Paris, San Francisco, Singapore, Dubai, Sydney and Los Angeles are behind Tokyo as other most expensive cities in the world. (tif/kes)
