What names might come to mind when you think of the most expensive city in the world? You might think that London, Paris, New York, Los Angeles, Zurich, Singapore or any other would be the most expensive city in the world! but it’s not like that. If you also think that the answer to this question is any one of these, then you are wrong.
Actually, the most expensive city in the world is in Israel, the name is Tel Aviv. The city has jumped five places and topped the list for the first time in the official ranking released by the Economist Intelligence Unit (EIU) on the world’s most expensive cities.
Living here is the most expensive
The Worldwide Cost of Living Index is declared by comparing the prices of goods and services in US dollars in 173 cities. Tel Aviv, Israel’s main city, was founded in 1909 by Jewish immigrants. Rising inflation has raised the cost of living globally, making Tel Aviv the world’s most expensive city to live in. Tel Aviv’s national currency, the shekel, climbed higher in the rankings on the back of a rise in the prices of transportation and groceries, along with a strengthening of the shekel against the dollar.
Paris and Singapore in second place
Paris and Singapore are jointly second in the list of most expensive cities in the world. At the same time, Zurich ranks after Paris and Singapore in this list. Hong Kong is in fifth place, New York in sixth place and the city of Geneva in seventh place. Copenhagen, Los Angeles and Osaka cities are at the eighth, ninth and 10th positions in the list of top 10 expensive cities.
Top 10 Most Expensive Cities In The World
Paris, Zurich and Hong Kong were on top in 2020
Talking about last year’s ranking of the most expensive cities, in 2020, Paris, Zurich and Hong Kong jointly ranked first in this list. But this time the Israeli city of Tel Aviv beat everyone in terms of expensive living. Living in Tel Aviv is the most expensive.
Let us tell you that this year’s data was collected in August and September as there was an increase in the prices of goods and commodities. The data showed that the average prices in local currency terms increased by 3.5 per cent. This is the fastest inflation rate recorded in the last five years.