Tel Aviv named the most expensive city to live in the world

Tel Aviv beat Paris (France) and Hong Kong (China) to become the most expensive city to live in the world this year. The Jerusalem Post newspaper reported about it on December 1, citing a study “The cost of living in the world in 2021,” prepared by analysts of the British Economist Group, which was conducted among 173 cities around the world.

According to the publication, last year Tel Aviv ranked fifth most expensive after Paris, Hong Kong, Osaka (Japan) and Geneva (Switzerland).

The metropolis’ surge to the top position in this year’s ranking can be explained by the long-term appreciation of the Israeli shekel against the U.S. dollar, as well as the rising cost of food and public transportation.

According to JP, prices of goods and services in the city rose by an average of 3.5 percent in local currency, compared with a 1.9 percent increase in 2020.