Tel Aviv overtakes Paris and Singapore; Becomes world’s most expensive city

Overtaking the countries Paris, Hong Kong, and Singapore, Tel Aviv– the city in Isreal has become the world’s most expensive city to live and it is according to a 2021 report by the Economic Intelligence Unit. Last year, the city was in the fifth position in the list of costliest cities. This year, with the rising inflation globally, this city climbed five rungs to score a top place for the first time. 

The rapid rise in inflation has pushed up the cost of a whole range of goods and services across the world and approximately one-tenth of the goods increased particularly in groceries and transport.

According to the report, last years’ joint winners were Paris, Hong Kong, and Singapore in their respective positions. From 2020, Singapore remains the costliest city in Asia, joining Paris for second place and jumping 2 spots. The World Wide Living Cost of Living Index is a compilation of US dollars worth of goods and services in 173 cities. 

As per the findings of the EIU, Tel Aviv rose up the rankings mainly because the Israeli currency, the shekel, had soared against the US dollar. According to Reuters, the shekel was 4% against the US dollar. Also, Tel Aviv had one of the best and fastest Covid-19 vaccination programs in the world. 

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Thus in 2021, the list of expensive countries is as follows: 

1. Tel Aviv, Israel

2. Paris, France

3. Singapore

4. Zurich, Switzerland

5. Hong Kong, China

6. New York, U.S.

7. Geneva, Switzerland

8. Copenhagen, Denmark

9. Los Angeles, U.S.

10. Osaka, Japan