Image source, Reuters
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The cost of living in Tel Aviv is more expensive than Paris, which in 2020 was named the most expensive city in the world.
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Tel Aviv in Israel has been named the most expensive city in the world this year, amid rising inflation and supply chain problems that are driving up the cost of living globally.
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This conclusion was reached by the Economist Intelligence Unit (EIU) which collected data and compiled a list of the cost of living in more than 170 cities around the world.
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For the cheapest city, this title is occupied by Damascus, the capital of Syria, which is only 200 kilometers from Tel Aviv. In the past decade, the city has been ravaged by civil war.
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The EIU survey also shows Paris and Singapore are both in second place on the list of the most expensive cities in the world, followed by Zurich and Hong Kong.
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Then, New York, Geneva, Copenhagen, Los Angeles, and Osaka complete the 10 most expensive cities in the world.
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Tel Aviv’s rise to become the most expensive city this year is due to the shekel’s rising value against the US dollar, making the cost of living in the city more expensive.
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Image source, Reuters
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From Asia, Hong Kong and Osaka entered the 10 most expensive cities, along with cities in Europe, such as Zurich, Geneva, and Copenhagen.
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The shekel strengthened in part because of Israel’s success in implementing its Covid-19 vaccination program, the EIU said.
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The current account surplus, the attractiveness of overseas technology investors, and strong economic fundamentals have led to the strengthening of the Israeli currency
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Compared to other cities, prices for alcohol, transportation costs, consumer goods, and recreation costs are higher. From here alone is enough to make Tel Aviv beat the cost of living in Paris.
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Last year, the capital city of Paris was the most expensive city in the world.
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In general, the top of the list of the most expensive cities are still dominated by European cities and cities in Asia which are classified as developed countries. Cities in China and in North America are in the middle class.
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The cities with the lowest cost of living are mostly in the Middle East and Africa or in poorer areas of Asia.
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Damascus became the cheapest city after in seven price categories, this city always occupies the bottom.
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The second cheapest is the Libyan capital, Tripoli, then Tashkent (Uzbekistan), Tunis (Tunisia), Almaty (Kazakhstan), Karachi (Pakistan), Ahmedabad (India), Algiers (Algeria), Buenos Aires (Argentina) and Lusaka (Zambia). ).
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Outside of the top and bottom tables, the EIU also noted that Roma (Italy)’s ranking fell 16 steps to 48th, due to a sharp drop in the prices of a number of necessities, including clothing.
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Which also dropped quite sharply are Bangkok (Thailand) and Lima (Peru).
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Meanwhile, the position of Tehran (Iran) rose 50 steps to position 29, due to supply chain problems, shortages of goods, and rising import prices due to the re-imposition of US economic sanctions.
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Also jumping up was Reykjavik (Iceland), which climbed 21 steps to 35th, driven by rising prices in a number of categories, including transportation costs, liquor and other daily necessities.
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