According to a UK study by real estate agent, Savills, London has topped the list of most expensive cities in the world. New York and Hong Kong follow closely at ranks #2 and #3 respectively. Savills compared the costs of renting both residential and office accommodation per person across some of the most leading cities worldwide. And the results revealed London to be the costliest to live and work in.

The index also shows that London has become 14% more expensive that it was five years ago, and has retained its top spot since 2014.

The only Indian city to have been listed in the top 20 is Mumbai (rank #17). The metropolis beats only Berlin (#18), Johannesburg (#19), and Rio de Janeiro (#20).

According to the head of Savills, Yolande Barnes, these cities must meet the growing demand for residential and work spaces with a steady supply. She said, "World cities can become a victim of their own success when rents rise to the point where affordability becomes an issue."