Angolan capital Luanda has been ranked the world’s most expensive city for expatriates reclaiming the title it lost to Hong Kong last year. Angola was the only African country in a top pool dominated by Europe and Asian counterparts.
The feat was contained in a survey published on Wednesday by consultancy firm, Mercer. This was the 23rd edition of the annual cost-of-living survey.
Luanda, which had consistently topped the list in recent years, fell behind Hong Kong last year owing to the weakening of its local currency and the drop in oil prices.
The top oil-producer is believed to have reclaimed top spot in the survey largely due to rebound in the global oil economy, a limited supply of luxurious housing and a high demand among expatriates.
According to Africanews.com, the top 10 most expensive cities for expats are as follows:
- Luanda, Angola
2. Hong Kong, China,
3. Tokyo, Japan
4. Zurich, Switzerland
5. Singapore, Singapore
6. Seoul, South Korea
8. Shanghai, China
9. New York City, United States
10. Bern, Germany
The survey is designed for companies to calculate expatriate workers’ allowances.
It weighs up the cost of living in over 200 cities across the world, comparing the cost of more than 200 items in each location, including housing, transport, food, clothing and entertainment.