Tel Aviv Ranks World's Costliest City in EIU's Worldwide Cost of Living Index 2021

 The Israeli city has overtaken Paris, which is now tied with Singapore as the second most expensive city. Soaring inflation has pushed up living costs globally.

Tel Aviv is the world's most expensive city to live in, according to a ranking published by the Economist Intelligence Unit (EIU).

Tel Aviv, Most expensive city of 2021

The Israeli city climbed the five positions compared to the 2020 report, which had Paris, Hong Kong and Zurich tie for first place.

In the 2021 report, Paris and Singapore came jointly second, followed by Zurich and Hong Kong. New York came in sixth, and Geneva took seventh place.

What are the factors that have made living costs increase?

Tel Aviv has climbed in the ranking due to the strength of the Israeli shekel against the dollar, as well as the increase in transport and grocery prices.

This year, the data was collected in August and September, when prices for freight and commodities rose worldwide.

On average, prices rose 3.5% in local currency terms, which is the fastest recorded inflation rate of the last five years. This average inflation figure does not include four cities with exceptionally high rates: Damascus, Buenos, Aires, and Tehran.

Position of other cities in the EIU living cost of living index

Berlin has dropped eight positions down to 50th place, making it the cheapest of the six German cities included in the ranking. Frankfurt, one of the world's major financial centres, was the most expensive German city in 19th place.
Tel Aviv the most expensive city of world

The biggest jump in the rankings was made by Tehran, the Capital of Iran, which moved from 79th to 29th place. This change can be explained by US sanctions that caused shortages and price increases.

List of world's top 10 expensive cities

  • Tel Aviv, Israel
  • Paris, France
  • Singapore
  • Zurich, Switzerland
  • Hong Kong
  • New York, USA
  • Geneva, Switzerland
  • Copenhagen, Denmark
  • Los Angles, USA
  • Osaka, Japan

Indian cities in the World' Cost-of-Living index

None of the Indian cities topped the first 20 ranks in the Cost-of-Living index. However, Japan's city Tokyo and Shanghai of China topped in the first twenty ranks.

About the Cost-of-Living Index

The Cost-of-Living Index tracks the cost of living of 173 cities in the world. It compares more than 200 daily used products and services.

The Index benchmarks the prices against the price in New York. Thus, the cities with currencies that are stronger than the dollars appear higher in the ranking.

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