World’s most expensive city revealed as Tel Aviv in new study

Forget New York or even Sydney, because this city has been crowned the most expensive in the world to live for the first time.

Forget New York, Singapore or even Sydney — because if you thought these cities were expensive, trying visiting or even living in Tel Aviv.

For the first time, a biannual report by the Economist Intelligence Unit (EIU) has revealed Tel Aviv in Israel is now the most expensive place on the planet to live. Last year, the city sat in fifth place.

The report said that the main reason Tel Aviv had the massive surge on the list is mainly because the Israeli currency, the shekel, had soared.

Photo taken in Tel Aviv, Israel credit: Roman Krykh escape 14 November 2021 cover story 50 deals

Given Israel had one of the fastest growing Covid-19 vaccination programs in the world, CNBC reports that the inflation rate of the prices the EIU tracked had risen by 3.5 per cent year-on-year in local currency terms to September 2021, up from just 1.9 per cent in 2020.

Tel Aviv has been voted the most expensive in the world. Picture: istock

Elsewhere around the world, Paris in France fell to second place alongside Singapore. Zurich in Switzerland came in fourth place followed by Hong Kong and then New York.

Closer to home, the most expensive city was Sydney at 14th in the world (alongside Vienna in Austria) while Melbourne came in a close 16th position.

World’s most expensive cities to live 2021

1. Tel Aviv, Israel

2. (tie) Paris, France

2. (tie) Singapore

4. Zurich, Switzerland

5. Hong Kong

6. New York City, New York

7. Geneva, Switzerland

8. Copenhagen, Denmark

9. Los Angeles, California

10. Osaka, Japan

11. Oslo, Norway

12. Seoul, South Korea

13. Tokyo, Japan

14. (tie) Vienna, Austria

14. (tie) Sydney, Australia

16. Melbourne, Australia

17. (tie) Helsinki, Finland

17. (tie) London, UK

19. (tie) Dublin, Ireland

19. (tie) Frankfurt, Germany

19. (tie) Shanghai, China