Londoners proudly trumpet the claim that the city is the greatest capital in the world.
But new quality of life research shows the sprawling metropolis has plunged down a global ranking.
It has fallen 12 places in Deutsche Bank’s analysis, to rank 33rd out of 47 major world cities – with air quality and climate, the cost of property in relation to income, and the high price of commuting and cost of living bringing it down.
In contrast, the Scottish capital of Edinburgh has soared 23 places to second spot in the Mapping the World’s Prices report – scoring highly on pollution, healthcare, property affordability and safety.
The bank’s research revealed London is the most expensive place on the planet for a monthly travelcard.
The $174 (£126) cost is $43 more than Dublin and $55 higher than what commuters in Auckland, New Zealand have to pay.
London’s position at the top of the ranking is despite a seven per cent drop in the real-terms cost of the travelcard.
The report also ranked cities by more random metrics, including how much it costs to buy a pint of beer in a neighbourhood pub, where London fell five positions from last year to 13th; how much it costs to buy a pair of Levi jeans (London was 19th, down seven places) and the cost of a trip to the movies (London was 5th most expensive, down three).
Wellington, New Zealand comes out on top out of the 47 cities covered based on purchasing power, crime, healthcare, cost of living, house prices, commuting time, pollution and climate.
Edinburgh, Vienna, Melbourne, Zurich and Copenhagen are next.
The ‘mega cities’ like Tokyo (rank 27), NYC (28), Paris (30), London (33), Shanghai (37) and Mumbai (45) rank very low mostly due to high living costs, crime, pollution and commuting time.
“Megacity dwellers may also forsake short-term quality of life for aspirational reasons with these cities providing more upside rewards from the average for those most successful,” said the report authors.
Londoners will be acutely aware of the high cost of living in the city. According to Deutsche Bank, renting a mid-range two-bed flat costs $2,617 a month, making London 4th behind San Francisco at No.1 with $3,449, Hong Kong ($3,237) and New York ($2,909).
Edinburgh came in 6th at $2,361 while Dublin was 13th at $1,694 a month.
In terms of disposable income, London was very much mid-table, coming in at 24th with just $1,468 of spare income for two working people sharing accommodation.
Top was Zurich with $4,616, while Edinburgh came 29th with $1,113 and Dublin 20th with $1,756.