Water-in-oil emulsions of various volume percentages (0_??_85%) are made by dispersing distilled water in three kinds of oil of nearly equal dielectric constants (2.1) using ester of oleic acid and polyethlene glycol (molecular weight: 200) as emulsifier. The dielectric constant is measured by Ichijo's double resonant circuit, the temperature and the frequency being kept fixed at 20°C and 2 megacycles respectively. The results are checked with three known formulas. Bruggeman's formula is found to agree best within the experimental accuracy even up to the volume percentage of 85% surpassing 74% which is the limiting value of dispersion of spherical particles.