After topping the list over the past five years, Hong Kong was surpassed by London with an employment cost of USD120,568 per employee per year, which is believed to be influenced by the pound’s appreciation against the US dollar and the rapid growth of property prices in London. Hong Kong, despite an overheating property market, recorded a slight drop of 0.4% in overall employment cost, making the city the second most expensive place to employ staff in major cities worldwide.

 

Tokyo, another costly city, has dropped from 3rd to 5th place with a significant cost reduction of 22.7% due to Yen depreciation. On the other end of the list, Rio de Janeiro has exhibited a rocket rise of 85.6%, moving the city one rank up from the bottom. Mumbai, though also quickly developing, took the bottom position following a 20.8% fall in employment cost. This drop makes it the most affordable place for employment among major world cities.