Human Beings are modernizing with time and so are the cities we live in. Every major city in the world is part of a race to become the best place in the world to live in. Do you know which city came on top for the first time in a survey done by the Economist Intelligence Unit (EUI)? Here we have the top 10 most expensive cities to live in as per the survey done by the Economist Intelligence Unit (EUI).
Tel Aviv: Most Expensive City In The World
Climbing from fifth place last year and pushing Paris down to joint second with Singapore, Israel’s city, Tel Aviv emerged as the world’s most expensive city to live in for the first time. Tel Aviv topped the list leaving behind Paris, Singapore, Zurich, and Hong Kong.
Top 10 Most Expensive Cities
Tel Aviv is on the top. Paris and Singapore jointly came second, Zurich secured fourth place, Hong Kong was on fifth, with Geneva in seventh. Copenhagen in the eighth, Los Angeles in ninth, and Osaka, Japan is in 10th place. Last year, the survey put Paris, Zurich, and Hong Kong in joint first place.
How Tel Aviv Topped The EUI Ranking?
Tel Aviv topped the ranking as the continuously rising prices pushed up the living cost globally. The Worldwide Cost Of Living Index is compiled by comparing prices in US dollars for goods and services in 173 cities. Tel Aviv climbed the ranking due to the strengthening of its national currency, the shekel against the dollar, as well as the rising prices of transport and groceries.
How The Survey Was Done?
The Economist Intelligence Unit tracks the cost of living in 173 cities across the world. Data were collected between August and September. On average prices of goods and services covered by WCOL have risen by 3.5% yearly in local currency terms.
Transport costs rose most rapidly in this year’s survey, because of rising in the price of petrol. Tobacco and personal care categories also showed a strong increase. Tel Aviv ranked the second most expensive city for alcohol and transport, and fifth for personal care, and sixth for recreation. The shortage in the supply of goods leads to a rise in prices.
In general, the top rankings are still dominated by European and developed Asian cities, while North America and Chinese cities remain relatively moderately priced. The cheapest cities are mainly in the Middle East and Africa, or the poorer parts of Asia.
Cheapest Cities To Live In
Damascus (Syria) has retained its place as the cheapest city in the world to live in. Second, from the bottom was Tripoli ( Libya). Ten new cities came in the bottom 50 this year in WCOL’s index. Only three new cities appeared in the top 50. The most expensive of the new cities are Edinburgh (UK) which secured 27th rank.
These are the most expensive cities and cheapest cities to live in. Are you also surprised by this ranking? Let us know in the comment section below.