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Luanda, capital of West African nation Angola, has for the third consecutive year become the world's costliest city for expatriates to live in, according to a survey released on Wednesday.
International business hubs such as Hong Kong, Zurich, Singapore and Geneva were in the second, third, fourth and fifth positions, respectively, said the Annual Cost of Living Survey 2015 by human resources consulting firm Mercer.
"From an expat perspective, it is difficult to source imported products in Luanda. As a result, they come at a premium, hence they are priced high. Currency fluctuation is also high in Angola," said Ruchika Pal, India practice leader, global mobility, Mercer. The least expensive cities for expatriates, according to the survey, were Bishkek (207), Windhoek (206), and Karachi (205).
The most expensive city in India was Mumbai, at 74th place. The country's financial capital climbed 66 slots in the rankings due to rapid economic growth, inflation and a stable currency against the US dollar. "Mumbai has witnessed higher inflation over the last one year as compared to other metro cities, higher cost of fuel, transportation, increased prices of food items, home services and rentals, impacting the cost of living in Mumbai," said a released by Mercer.
Mumbai ranked higher than cities such as Dallas (77), Munich (87), Luxembourg (94), Frankfurt (98) and Vancouver (119). "In India, currency is stable and inflation is also stable. So Indian cities are not moving drastically in the rankings," added Pal.
