Last year, Hong Kong, Paris and Zurich took up the top spots as the most expensive cities to live in, but this year, the Israeli city of Tel Aviv has taken over the top spot. Check out the full list below! By Anushka Goel
Israel’s Tel Aviv has grabbed the top spot on The Economist Intelligence Unit’s (EIU) list of the most expensive cities to live in for this year, leaving behind last year’s Hong Kong, Paris, and Zurich. The undesirable spot comes to the city after it moved up from its fifth position in 2020. The rise, according to the EIU, can be attributed to the soaring price rises, supply-chain problems, the strength of the country’s currency, shekel, against the US dollar, and more.
The world’s most expensive cities to live in
The list of the world’s most expensive cities to live in right now, as reported by Bloomberg Quint based on EIU’s release, is as follows:
- Tel Aviv
- Paris and Singapore
- Hong Kong
- New York
- Los Angeles
This year’s Worldwide Cost of Living Index has tracked the cost of living in 173 cities, which is 40 more than last year, the EIU report states. The index compared the price of more than 200 everyday use products and services to arrive at the list. The price benchmark for the same has been taken as New York City, and thus comparisons with the US dollar have given the cities their spots on the index, reports state.
What’s more, Syria’s Damascus continues to be the cheapest city to live in, while Tripoli (Libya), one of the 40 new entrants on this year’s list, has grabbed the spot of the second cheapest city to live in now. And India’s Ahmedabad features at the 167th spot on the list of most expensive cities to live in, making it among the cheapest in the world and the least expensive in India.