Twice a year, the Economist Intelligence Unit, a research team working under the Economist Group, conducts a global study to identify the most expensive cities to live in based on various factors like cost of living, real estate, and local wage averages. The COVID-19 pandemic has reshaped the global economy, shifting wealth between countries. For example, last year Tel Aviv was ranked fifth most expensive, but this time it has claimed the top spot.
The EIU’s study attributes Tel Aviv’s rise to the strength of Israel’s currency, the shekel. Israel’s efficient COVID-19 vaccine rollout, with over 62% vaccinated, boosted the shekel against the US dollar, increasing the value of Israeli properties and goods.
Tel Aviv named as world’s most expensive city to live in https://t.co/GEFupY3pA9
— BBC News (World) (@BBCWorld) December 1, 2021
Upasana Dutt, head of worldwide cost of living at the EIU, predicts rising living costs globally due to ongoing supply chain issues and changing consumer preferences. However, central banks are expected to raise interest rates to curb inflation.
Interestingly, Tel Aviv dethroned last year’s top city, Paris, which now ranks second. Singapore and Zurich share the second spot, followed by Hong Kong.
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