While Tel Aviv is certainly the most expensive place to live in Israel – and was the world's most expensive city last year according to The Economist Intelligence Unit survey – the magazine's newest ranking dropped the White City to No. 3.
The Worldwide Cost of Living Index was released last week by the popular magazine.
It placed Singapore and New York as tied for the most expensive cities. Singapore came in first every year from 2014 to 2019, with Paris No. 1 in 2020 and Tel Aviv in 2021, respectively.
The magazine said that New York is new to the list, as prices have gone up across America.
“Six of the top 10 movers up the ranking” are U.S. cities, the magazine noted, including Atlanta and Boston.
It added that “a stronger currency and a higher inflation rate have enabled these [Singapore and New York] to push Tel Aviv, which was top in the rankings last year, into third place.”
This year, cities in Russia that sanctions have hit also leaped up the list, including Moscow, which shot up 88 places to 37, and St. Petersburg, which jumped 70 spots to No. 73.
The Economist ranked some 170 cities across the world, excluding cities in Ukraine, where because of the war, its surveyors did not have access. It based the index on the pricing of hundreds of goods and services and compared them to the purchasing power of residents based on the city’s average salary.
Tel Aviv crept into the top five in 2020 and then leaped to No. 1 last year.
Last year, the city prices for alcohol, transport and personal care items were expensive, according to The Economist, but the main issue was that the Israeli currency had appreciated, making local costs more expensive when translated into U.S. dollar.
The All Israel News Staff is a team of journalists in Israel.