Different cities in the world have different costs of living, and it is left for you to make a choice. This article will reveal to you the world most expensive city at the moment, and also a list of the top 10 most expensive cities in the world.
The world most expensive city to live in at the moment is Tel Aviv in Israel. This latest report was according to the Economist Intelligence Unit (EIU). Tel Aviv skipped past Hong Kong and Singapore in order to achieve this feat.
Tel Aviv climbed from fifth place last year to top the Worldwide Cost of Living 2021 report for the first time. This pushes Paris down to the joint second place with Singapore. Zurich and Hong Kong made the top 5 list.
The soaring value of shekel and the increase in the price of goods and commodities including groceries and transport were the main factors in Tel Aviv making the top spot, according to the EIU.
According to the EIU report, prices for goods and services studied across cities had risen 3.5% year-on-year in local currency terms compared with 1.9% last year. The inflation rate was fast recorded for the past five years. Cost increases were largest for transport as higher oil prices boosted the price of unleaded petrol by 21%.
Other key findings in the study include:
- Rome saw the biggest drop in the ranking from 32nd to 48th place
- Tehran leaped from 79th to 29th place after the re-imposition of the United State’s sanctions on Iran
- Hong Kong had the most expensive petrol prices, at $2.50 per liter
- Branded cigarette prices went up 6.7% on average
- The Syrian capital of Damascus remains the world’s cheapest city
The Worldwide Cost of Living is a twice-yearly survey conducted by EIU that compares more than 400 individual prices across 200 products and services in 173 cities in the world.
Top 10 Most Expensive Cities in the World
The top 10 most expensive cities in the world are as follows:
- Tel Aviv
- Paris (joint second)
- Singapore (joint second)
- Hong Kong
- New York
- Los Angeles