World's most expensive city: Tel Aviv has become the world's most expensive city to live in, surpassing Paris and Singapore as per the Economist Intelligence Unit's Worldwide Cost of Living Index 2021.
According to the Economist Intelligence Unit (EIU), Tel Aviv climbed from 5th place to the top in 2021 due to the rising value of the Israeli currency shekel against US Dollar and the increase in the price of grocery and transport.
While Tel Aviv has topped the Cost of Living Index 2021, Paris and Singapore are jointly ranked second, followed by Zurich and Hong Kong at the fourth and fifth spots. Syria’s Damascus was ranked as the world’s cheapest city.
List of world's top 10 expensive cities
1. Tel Aviv, Israel
2. Paris ( France)
2. Singapore
4. Zurich, Switzerland
5. Hong Kong
6. New York, US
7. Geneva, Switzerland
8. Copenhagen, Denmark
9. Los Angeles, US
10. Osaka, Japan
Worldwide Cost of Living 2021 Index
The Worldwide Cost of Living Index examines the cost of living in 173 cities and measures against impactful global events. The cost of living index reported that the prices for goods and services on average have risen by 3.5% year-on-year, which is the highest inflation rate seen in the last five years.
The Cost of Living 2021 Index has ranked Israel's Tel Aviv at the top for the first time, making it the world's most expensive city to live in. Tel Aviv has pushed Paris down to jointly share second place with Singapore.
Paris, Zurich and Hong Kong were ranked at the top of Cost of Living Index last year. The cost of the living study is conducted twice a year by the Economist Intelligence Unit.
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