Consultancy firm Mercer unveiled on Wednesday its 21st annual Cost of Living Survey, containing the list of the world's most expensive cities for expatriates.
Oil-rich Luanda, Angola's capital city, remains the world's most expensive city for expats for a third year in a row. The cost of imported goods and safe living conditions in this country explain its first position in the ranking. The country's economy is heavily driven by the oil sector, which contributes to 50% of the country's GDP, which reached $175.5bn in 2014, and 90% of Angola's exports. Diamonds also contribute to 5% of its exports.
Five of the top 10 cities were located in Asia, with Hong Kong holding the second position as a result of its currency pegged to the US dollar which drives up the cost of living locally.
Singapore ranked fourth, Shangai sixth, Beijing seventh and Seoul eighth. Tokyo dropped four places in the ranking to the eleventh position.
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