According to new data London has become the most expensive city in the world for companies to locate their employees, with the total yearly cost per employee at an all-time high of £73,800.

The research by Savills compared London to 11 other major world cities in terms of the total costs per employee to live, rent and work in each city. Yolande Barnes, director at Savills, says “London is not substantially ahead of its nearest rival – Paris – and therefore this is a symptom of success rather than a problem for London’s competitiveness.” However data like this encourages fears that the rising costs of living, relocating and buying/renting property in London will deter multinational companies from basing new operations in this city.

House purchase and rental prices are negatively affecting London’s affordability for workers: the average house price in London is how £500,000 and its real estate costs have grown by 10.6% in the first six months of this year.

The top five most expensive cities in which to live and work, according to this research, are London, Hong Kong, New York, Paris and Tokyo.

Read more at The Telegraph