This is the most expensive city to live and work in

London is no longer in the top spot...

Updated: 
The Most Expensive City to Live and Work in Is...

It seems that it's never been more expensive to take a bit out of the 'Big Apple'!

New York now ranks as the world's most expensive city to live and work in, according to a new study.

As most New Yorkers know, rents for both residential and office properties in New York remain high.

The total amount to live and work in the city as of July 2016 are $114,010 yearly for life and work costs.

This is an increase of 2% from December last year.

The study, which examines the cost for an employee to live in rented housing and work in an office for a year was conducted by Savills, UK.

Hong Kong takes the number two position, notching a total live-work cost of $100,984 annually.

Our very own London used to be the most expensive but has slipped down to third place in this year's list thankfully!

The capital's drop in the rankings has been linked to the recent Brexit vote.

The total cost of living in London for a year? It's still not cheap, it will set you back $100,141 annually.

Amazingly, this is a drop of 11% since the vote to leave the EU in June.

Rio, the host of this year's Olympic Games is placed 20th and the difference is astounding in comparison to the top of the list. The yearly live-work cost in Rio is just $19,190.

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