BANGALORE: Out of the 12 cities that were deemed to be the most cosmopolitan worldwide, Mumbai stands out as the cheapest city to reside and work in, cited Savills World Research.
Yolande Barnes, Director of Savills World Research said "Mumbai is the only city we looked at as it is the only 'world city' in India which shares in the same fame, prominence, international reach and 'investability' as other global cities such as New York, Hong Kong and Sydney".
Among the Leading cities London, Hong Kong and New York are considered the most expensive for companies to bring in employees. London’s costs expense especially is highly expensive, stated Savills World Research, reports TOI.
The difference between the cities that reside on opposite extreme ends has been explained by Barnes "Mumbai's live/work costs are low but it is actually the most expensive city to live and work in relation to productivity, with live/works costs a very high - five times per head GDP. London, meanwhile, has the highest live/work costs, but when this is compared to its GDP they are only twice the GDP, meaning that it is relatively cheaper to live and work in than Mumbai".
Mumbai’s expenses with just $29,088 to provide accommodation for an employee, has received only a meager rise of 2.4pct since 2008. On the other hand, in Shanghai the cost of accommodation of a single employee has raised 15.6pct to $38,089.
The average expenditure of residing/ working in Mumbai has increased over the last seven years, to a meager $29,088 per year as of June 2015, from what was last $28,394 per year in December 2008. In comparison, several other global cities have risen up to just 2.4pct, in average of living and working cost.
The index combined in measures of cost living/working per year, suggest that London's average costs $118,425 within the first half of 2015, a rise of 20.7pct since the index was introduced in 2008. This is slightly more costly than Hong Kong whose costs has just gone up to 0.4 pct since 2008 while New York, has received a growth of 28.4pct. San Francisco is by far the biggest riser with an increase growth of 59.8pct since 2008.
Sydney and Los Angeles provide the best live/work rent combination that stands at 70pct and 80pct per head of GDP in that order followed behind by San Francisco.
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