Angolan capital Luanda has been ranked as the second most expensive city for expats in the world after it was leap frogged by Hong Kong in a survey that was published on Wednesday by consultancy firm Mercer.
Luanda, which had consistently topped the list in recent years, fell in the ranking owing to the weakening of its local currency.
Zurich and Singapore were third and fourth on the list, unchanged from a year ago while Tokyo rose to fifth.
DR Congo’s capital, Kinshasa was ranked sixth, appearing in the top 10 for the first time, followed by Shanghai, Geneva, N’Djamena, and Beijing.
And the world's most expensive cities to live in are:— moneycontrol (@moneycontrolcom) June 22, 2016
1. Hong Kong
5. Tokyo pic.twitter.com/oE6Gbkjgzo
Thanks to its past booming oil economy, a limited supply of luxurious housing, and a high demand among expatriates, the cost of living in Angola makes it the second highest city in the world.
Average monthly rent of an unfurnished two-bedroom apartment of “international standards in an appropriate neighborhood” in Luanda costs $6,700 way above cities such as London or New York, where rent for the same apartment costs $4,583.25 and $5,100, respectively.
Namibian capital Windhoek, followed by Cape Town were ranked as the world’s least expensive cities for expatriates.
The survey is designed for companies to calculate expatriate workers’ allowances.
It weighs up the cost of living in 209 cities across the world, comparing the cost of more than 200 items in each location, including housing, transport, food, clothing and entertainment.