The News Minute | September 24, 2014 | 06:00 pm IST

Mumbai is the twelfth most expensive city in the world to live and to work in, according to a recent research from Savills, an international real estate adviser.

London tops the list followed by Hong Kong, New York, Paris, Tokyo, Singapore, Moscow, Sydney, Dubai, Shanghai and Rio Di Janeiro. 

Since the Savills Live/Work Index top 12 world cities was launched in 2008, Mumbai has fallen down from number 10 to 12. 

A report by Savills states, 'Mumbai retains its position as the cheapest world city, at US$30,000 per person per year, down -21 per cent in US dollar terms since 2008.'

Interestingly, in a survey done in March 2014, Mumbai topped the list of world's 10 least expensive cities. 'The analysis takes into account the concept of value of money — how much bread would you get for one dollar or for that matter a litre of petrol', reported The Times of India.