Israel’s Tel Aviv is now the most expensive city in the world to live in
New Delhi: Tel Aviv, Israel, was ranked the most expensive city in the world, according to this year’s Worldwide Cost of Living Report released by the Economist Intelligence Unit on Wednesday. With soaring inflation and supply-chain problems pushing up prices globally, Tel Aviv climbed from fifth place last year to top the Worldwide Cost of Living 2021 report for the first time.
According to a media report, The Mediterranean metropolis rose to the top spot from fifth place last year, beating out Paris and Singapore, which were tied for second place. The top American city on the list, New York, came in sixth, ahead of Hong Kong and Zurich. Los Angeles was the only other American city in the top 10, coming in at number nine, ahead of Osaka, Japan.
The report doesn’t include property prices, it noted that they have also risen in Tel Aviv, especially in residential areas. That’s a major drain on locals’ wallets.
These are the top 10 most expensive cities:
- Tel Aviv
- Paris (joint second)
- Singapore (joint second)
- Zurich
- Hong Kong
- New York
- Geneva
- Copenhagen
- Los Angeles
- Osaka
The data collected in August and September this year showed that on average prices rose 3.5 percent in local currency terms – the fastest inflation rate recorded over the past five years – as per the EIU.
