According to someone I know who calls himself an expert... (though I don't know what in!)...
Yellow is the most visible hi-vis colour across more types of lighting sources. i.e. Sunlight, Neon lights, Street lights, etc.
Orange is a close second.
Look out for labels stating 'British Standard BS EN 471'.
BS EN 471 AND IS EN 411 Class 2
The Torso shall have two horizontal bands of retro-reflective material at least 50mm apart, the lower horizontal band at least 50mm away from the garments bottom edge, with bands over each shoulder joining the upper body band front & back
BS EN 471 AND IS EN 411 Class 3
The Torso is as given for waistcoats, Full length sleeves should have two bands of retro-reflective material matching those on the torso; the upper band between the elbow and the shoulder, the lower band at least 50mm away from the sleeves bottom edge.
Class 3
Yellow garments are suitable for works on all roads and high speed roads (over 50mph) for maximum visibility. Reflective stripes are 50mm wide.
Class 2
Yellow garments are suitable for works on county type/urban roads such as class A and B roads where the speed of traffic is less than 50mph. Reflective strips are 50mm wide.
I've seen other colour 'hi-vis' vests and jackets whilst out and about, (notably a couple of green vests and a few red jackets). I must admit, I don't like them, they're not as visible by a long shot.