The world’s 19 most expensive cities to set up a business, 2016

New York has been named the world’s most expensive city to set up a business, according to new report by the property broker Savills, followed by Hong Kong, and the British capital London. Two European cities are in the top 10: London, which takes third place, and Paris in fifth.

The total annual cost per employee of living and working accommodation in New York is $114,010, while 2nd place Hong Kong posted a 1% increase in cost to US$100,984.

Tokyo is in 4th place, with accommodation costs jumping 22% to US$85,331. Trailing behind Tokyo as the world’s most expensive cities to set up a business are Paris, San Francisco, Singapore, Dubai, Sydney and Los Angeles.

Report compares how much it would cost for international companies to set up a team of employees per capita in major cities around the world – to rent and occupy office space and housing for their employees.

The world’s 19 most expensive cities to set up a business

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