Zee Media Bureau
It's not London, it's not Paris that is the world's most costliest city in the world but the capital city of Angola, Luanda is.
According to Mercer's annual Cost of Living survey, with a pair of jeans costing in excess of USD 240 and a basic fast-food meal at USD 18.95, Luanda in Angola is the costliest city in the world.
Contrastingly, the World Bank ranks the city as the seventh worst city in the world in terms of income inequality where millions get by with less than USD 2 a day.
The WB studies have ranked the Luanda 169 out of 175 for income inequalities.
So, how is it then that Luanda is the costliest city in the world?
Report in The Guardian says, it's the oil industry that accounts for more than half the country's GDP which attracts oil industry workers from across the world. Moreover, these workers pay a premium for imported goods and security.
“Despite being recognised as a relatively inexpensive city, the cost of imported goods and safe living conditions in this country are available at a steep price,” Mercer said in its study.
The rest of the remaining four spots are dominated by financial centres with Hong Kong at number 2, Zurich as number 3, Singapore at No 4 and Geneva at No 5.
