Where will you be setting up your next businesses? With housing pricing going up, which cities should you consider and which ones to avoid?
An expensive city doesn't mean it's bad for business, but you will just need to put in more effort to succeed.
Getting into 2017, a new report from Savills (one of the world's largest real estate firms) 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, 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 Savills research for the average total cost per employee and can only be used as a reference.
The index found that London in the United Kingdom, which has been the most expensive for the last 3 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, Japan has seen a 22% rise in living expenses due to increasing rent prices, according to Savills survey and statistics.
Here are the 10 most expensive cities to set up a business in the world, along with the annual cost per employee in each area:
New York City, US — $114,009.57 (£86,656.46)
Hong Kong — $100,984.26 (£76,756.17)
London, UK — $100,141.30 (£76,115.46)
Tokyo, Japan — $85,331.53 (£64,858.84)
Paris, France — $82,880.61 (£62,995.94)
San Francisco, US — $66,268.65 (£50,369.51)
Singapore — $61,335.24 (£46,619.72)
Dubai — $53,913.42 (£40,978.54)
Sydney, Australia — $50,768.12 (£38,587.86)
- Los Angeles, US — $50,215.30 (£38,167.67)
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