London is now the most expensive city in the world for companies to locate their employees, according to an annual list of 12 cities compiled by Savills, and international real estate adviser. Hong Kong previously had the honour for five whole years, but is now number two on the list. Yay! Somewhere is more expensive than here!
The rankings are based on the cost of employees’ renting both their homes and their offices. New York came in third, while Paris took the fourth spot.
Savills cites Hong Kong’s lowering residential rent prices (uh, where?) and weakening currency as factors in why the city became more competitive as a potential location for companies looking for a new home.
Apparently, the average price per employee of renting residential and office space in Hong Kong has now fallen to 2008 levels of USD116,000 (HKD900,000) per year. We’re not really sure which employees and what companies they were looking at, because that’s absurd.
The cost to accommodate staff per employee in London is USD121,000 (HKD938,000), which is still far from the record set by Hong Kong back in 2011 of USD128,000 (HKD992,000) a year.
We would like to know which companies they included in their calculations so we can find out where we can get paid to live in houses made of gold and to work in offices made of diamonds.
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Related stories:
Hong Kong is the world’s 3rd most expensive city for expats, after capitals of Angola and Chad
Mind The Gap: Hong Kong is getting too expensive for its own people as wealth gap increases
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Photo: Doug Wheller via Flickr
