Most Expensive Cities to Set Up a Business in 2016

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A recently released report from a property broker has found the most expensive cities for companies to rent and occupy office space and housing for their employees around the world.

The Savills Live-Work Index, which was released earlier in August, compares how much it would cost for businesses to set up a team of employees per capita in major cities around the world. Figures are based on a research for the average total cost per employee.

The index found that London, which has been the most expensive for the last 2.5 years, is no longer the priciest city for companies. The total cost for the British capital has dropped by 11% since the Brexit vote, the report notes.

Meanwhile, the cost of living and working in Tokyo has seen a 22% rise due to increasing rent prices, according to Savills.

Here are the 19 most expensive cities to set up a business in the world, along with the annual cost per employee in each:

1. New York City, US — $114,010
2. Hong Kong — $100,984

3. London, UK — $100,141
4. Tokyo, Japan — $85,331

5. Paris, France — $82,880
6. San Francisco, US — $66,268

7. Singapore — $61,335
8. Dubai — $53,913

9. Sydney, Australia — $50,768
10. Los Angeles, US — $50,215

11. Miami, US — $49,946
12. Lagos, Nigeria — $45,817

13. Chicago, US – $45,456
14. Dublin, Ireland — $45,147

15. Moscow, Russia — $43,966
16. Shanghai, China — $42,577

17. Berlin, Germany — $29,933
18. Mumbai, India — $28,592
19. Johannesburg, South Africa — $20,905

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