NEW YORK (CNNMoney.com) -- Luanda in Angola is the world's most expensive city for expatriates, and New York is the costliest in the United States, said a report released Tuesday.
After Luanda, the world's next four most expensive cities are: Tokyo; Ndjamena in Chad; Moscow; and Geneva.
The annual survey from Mercer compares the cost of living in 214 cities, considering factors like food, clothing and entertainment. Housing is often the largest expense for expats, so that factor plays a big role in the rankings.
Luanda, the capital of Angola, lies on the coast of the country and serves as a port city. After an Angolan civil war ended in 2002, Luanda underwent major reconstruction sparked by the city's diamond and oil production.
New York is still the most expensive city in America, but it dropped 19 places on a worldwide basis to rank 27 overall. Los Angeles is the second most expensive city in America, followed by White Plains and Chicago.
U.S. cities fell in the worldwide rankings because of a weak dollar and falling house rental costs, the report said.
Africa was the standout continent, with three of its cities cracking the top 10 for the first time: Luanda at No. 1; Ndjamena at No. 3; and Libreville in Gabon at No. 7.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.94%||4.13%|
|15 yr fixed||3.04%||3.08%|
|30 yr refi||4.02%||4.17%|
|15 yr refi||3.10%||3.14%|
Today's featured rates:
American companies are ramping up investment in Juarez, Mexico, after years of drug violence. More
Yahoo was in the spotlight Tuesday as it released its third-quarter results, its first earnings release since the Alibaba IPO. More
Foreign workers, lured by false promises of good jobs and benefits in America, soon find themselves enslaved in plain sight as victims of labor trafficking, a report from the Urban Institute finds. Here's how it can happen. More