The capital city of the oil rich country Angola, Luanda is the most expensive city in the world for expatriates. Luanda has done it again.
It has held that post of the most expensive city since 2010 expept in 2012 when it wa stoppled by Tokyo the capital city of Japan.
In Luanda a fast food meal will cost you $17, a pair of jeans $250 and an apartment cost a whopping $6,800 a month.
African, Asian, and European cities dominated the top 10 most expensive locations for employees working abroad according to an annual survey by consultancy Mercer.
“Despite being recognized as a relatively inexpensive city, the cost of imported goods and safe living conditions in this country are available at a steep price,” said Mercer of Luanda, which typically attracts expatriates that work for multinationals operating in the energy or diamond sectors.
African, Asian, and European cities dominated the top 10 most expensive locations for employees working abroad in the survey by Mercer consultancy firm of Luanda.
Most expensive cities in 2015
1. Luanda, Angola 6. Shanghai, China
2. Hong Kong 7. Beijing, China
3. Zurich, Switzerland 8. Seoul, South Korea
4. Singapore 9. Bern, Switzerland
5. Geneva, Switzerland 10. N, Djamena, Chad
“Despite being recognized as a relatively inexpensive city, the cost of imported goods and safe living conditions in this country are available at a steep price,” said Mercer of Luanda, which typically attracts expatriates that work for multinationals operating in the energy or diamond sectors.
Mercer’s survey ranks 207 cities across five continents and compares the cost of over 200 items in each location, including housing, transport, food, clothing, household goods, and entertainment in U.S. dollar terms.
It is used to help multinational companies and governments determine compensation allowances for their expat employees.
This year’s survey found instability in housing markets and inflation for goods and services were among the biggest swing factors in the cost of doing business in a global environment.
Least expensive cities in 2015
1. Bishkek, Kyrgyzstan 6. Banjul, Gambia
2. Windhoek, Namibia 7. Minsk, Belarus
3. Karachi, Pakistan 8. Cape Town, South Africa
4. Tunis, Tunisia 9. Managua, Nicaragua
5. Skopje, Macedonia 10. Tbilisi, Georgia
Across the Atlantic, New York remains the most expensive city in America, followed by Los Angeles, San Francisco and Washington.
Big basket
Mercer has been conducting the survey for more than two decades using New York and the US dollar as its base city and currency.
The consultancy compares the cost of a basket of over 200 goods and services, including food, transport and accommodation.
The results are then used by governments and multinational companies when determining salary packages for employees being sent overseas.
Several companies, including the Economist Intelligence Unit and ECA International, issue cost of living surveys with differing results.
