London voted the best city in the world…if you’re a hedge fund manager
Students can’t afford it
London has been voted the best city from a survey of 30 cities across the world.
The poll, conducted by the consultancy firm PwC in December last year, was based on factors such as culture, entertainment, infrastructure, health and general happiness.
According to the report, London excelled because it had a a well developed infrastructure, legal system and health service
However, PwC specifically asked high net-worth adults described as, “senior business decision makers or well-educated, high-income consumers who typically stay up to date with world events”.
This means that whereas London is ideal for the Canary Wharf hedge fund manager and other “high income consumers”, the most expensive city in the world might not appeal to students relying on a £5,000 maintenance loan.
Compared to the rest of the country, London is the most expensive cities to drink in. Most students struggle on the London maintenance loan that- although slightly higher than the standard loan- doesn’t come close to covering costs.
According to the Office for National Statistics, over the last year, London house prices have increased by 12.1 per cent- meaning the average house value was £489,000- a £171,000 difference compared to the South East of England, the second most expensive region in the country.
A 31 year-old social media worker made national headlines last year, after it was discovered that it was cheaper for him to commute from Barcelona rather than find somewhere to rent in London.
The Nigerian capital, Lagos came in last place- although it may not have as well developed infrastructure, the monthly rent for a city-centre apartment was £504.99 last year.