These are the world's most expensive cities to start a business

A new report from Savills has found the most expensive cities for companies to rent and occupy office space and housing for their employees around the world.

The Savills Live-Work Index, which was released on August 4, compares how much it would cost for businesses to set up a team of employees per capita in major cities around the world. Figures are based on Savills research for the average total cost per employee.

The index found that London, which has been the most expensive for the last 2.5 years, is no longer the priciest city for companies. The total cost for the British capital has dropped by 11% since the Brexit vote, the report notes.

Meanwhile, the cost of living and working in Tokyo has seen a 22% rise due to increasing rent prices, according to Savills.

Here are the 19 most expensive cities to set up a business in the world, along with the annual cost per employee in each:

19. Johannesburg, South Africa — $20,905.43 (£15,889.81)

18. Mumbai, India — $28,592.46 (£21,732.57)

17. Berlin, Germany — $29,933.07 (£22,751.55)

16. Shanghai, China — $42,577.81 (£32,362.57)

15. Moscow, Russia — $43,966.29 (£33,417.92)

14. Dublin, Ireland — $45,147.20 (£34,315.51)

13. Chicago, US – $45,456.61 (£34,550.69)

12. Lagos, Nigeria — $45,817.89 (£34,825.29)

11. Miami, US — $49,946.99 (£37,963.74)

10. Los Angeles, US — $50,215.30 (£38,167.67)

9. Sydney, Australia — $50,768.12 (£38,587.86)

8. Dubai — $53,913.42 (£40,978.54)

7. Singapore — $61,335.24 (£46,619.72)

6. San Francisco, US — $66,268.65 (£50,369.51)

5. Paris, France — $82,880.61 (£62,995.94)

4. Tokyo, Japan — $85,331.53 (£64,858.84)

3. London, UK — $100,141.30 (£76,115.46)

2. Hong Kong — $100,984.26 (£76,756.17)

1. New York City, US — $114,009.57 (£86,656.46)