Filipino expatriates and Overseas Filipino Workers (OFWs) may think twice before planning to work in Venezuela's capital city, Caracas, as the city is listed as the most expensive for foreign workers globally.

Based on a Cost of Living survey conducted by ECA International, Venezuela's capital city beat out Tokyo, which always topped the list in the past years, as the most expensive city for expats worldwide, although it remained as the most expensive location for expats in Asia. Tokyo dropped to tenth place as the Yen currency value weakens.

The uncontrolled inflation and shortage of exported goods in Caracas caused its immediate rise to the ranking from its 7th position last year despite the weakening value of bolivar (Venezuelan currency).

Top 10 most expensive cities worldwide for foreign workers are:

1 Caracas, Venezuela

2 Luanda, Angola

3 Oslo, Norway

4 Juba, South Sudan

5 Stavanger, Norway

6 Zurich, Switzerland

7 Geneva, Switzerland

8 Bern, Switzerland

9 Basel, Switzerland

10 Tokyo, Japan

ECA International's cost of living indices are calculated based on surveys carried out annually in March and September using a basket of day-to-day goods and services for foreign workers. The survey data is used by ECA clients to calculate cost of living allowances for foreign workers that covers:

Food: Groceries; dairy produce; meat and fish; fresh fruit and vegetables

Basic: Drink and tobacco; miscellaneous goods; services

General: Clothing; electrical goods; motoring; meals out

See Which Cities in Asia Are Most Expensive for Expats