Expensive Cities – The Angolan capital Luanda has knocked last year’s most expensive city, Hong Kong off the top spot in an annual survey by Mercer Consulting to emerge the most expensive city in the world.
Mercer’s annual Cost of Living survey is designed to help multinational companies and governments determine compensation allowances for their expatriate employees.
The survey found the cost of renting a two-bedroom apartment suitable for expatriates in Luanda was £4,800 ($6,055) per month, while a fast food hamburger meal priced at £11.50.
The survey includes 209 cities across five continents and measures the comparative cost of more than 200 items in each location, including housing, transportation, food, clothing, household goods, and entertainment.
At the top of the list, this year is Angolan capital Luanda. It is not all of a surprise anyway as this the second time in three years that Luanda topped the survey.
Luanda was judged to be the costliest city due to the expense of goods and security.
Luanda’s rise notwithstanding, countries in Asia and Europe were still found to have the most expensive cities, with Hong Kong in second place, followed by Tokyo, Zurich, and Singapore respectively.
Switzerland is Europe’s most expensive country, with its three cities in the top 10: Zurich, Geneva, and Bern.
UK cities have all dropped down the rankings since last year as a result of the pound weakening against the US dollar following the Brexit vote. London ranks 30th (falling 13 places), Aberdeen 146th (falling 61) and Birmingham 147th (falling 51).
This year’s survey found that factors like the instability of housing markets and inflation for goods and services contributed to the overall cost of doing business in today’s global environment.
In Africa, Luanda is followed by Victoria in the Seychelles ranking 14th, N’Djamena in Chad 16th, and Kinshasa in the Democratic Republic of the Congo 18th.
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Surprisingly, the commercial capital of Nigeria Lagos is 29th on the list and not among the top five African cities that are very expensive.
The survey also looked at the cheapest cities in the world and Tunis, the capital of Tunisia, Bishkek, the capital of Kyrgyzstan, and Skopje, the capital of the Republic of Macedonia, are among the most inexpensive for expats.
Check out the List of the most expensive and least expensive cities in the world.
World’s 10 most expensive cities
1. Luanda, Angola
2. Hong Kong, Hong Kong
3. Tokyo, Japan
4. Zurich, Switzerland
5. Singapore, Singapore
6. Seoul, South Korea
7. Geneva, Switzerland
8. Shanghai, China
9. New York City, US
10. Bern, Switzerland
World’s 10 least expensive cities
200. Minsk, Belarus
201. Karachi, Pakistan
202. Sarajevo, Bosnia, and Herzegovina
203. Monterrey, Mexico
204. Tbilisi, Georgia
205. Blantyre, Malawi
206. Windhoek, Namibia
206. Skopje, Macedonia
208. Bishkek, Kyrgyzstan
209. Tunis, Tunisia