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Research Identifies Tel Aviv as Global Leader in Expensiveness
A biannual study conducted by the Economist Intelligence Unit, a division of the Economist Group engaged in research and analysis, has revealed the world’s top expensive cities to reside in. Factors considered for this analysis include the general cost of living, real estate expenses, local wage levels, and more. The global economic landscape has experienced significant shifts due to the impact of the COVID-19 pandemic, causing financial transfers among nations. Consequently, Tel Aviv, Israel, which was ranked fifth in affordability last year, has now claimed the leading position.
The latest findings from the EIU’s study attribute Tel Aviv’s top ranking to the robust performance of the Israeli shekel as the predominant currency. Israel demonstrated one of the fastest COVID-19 vaccine deployment rates globally, with over 62% of its population currently vaccinated. This efficient rollout compared to the United States gave the shekel a comparative edge over the US dollar, resulting in elevated values for Israeli assets and products.
Tel Aviv identified as the world’s priciest living destination via: https://t.co/GEFupY3pA9
— BBC News (World) (@BBCWorld) December 1, 2021
As per Upasana Dutt, overseeing the global cost of living at the EIU, living expenses are anticipated to escalate worldwide due to persistent supply chain disruptions, evolving consumer preferences, and changing market confidence. Nonetheless, it is projected that central banks will initiate interest rate hikes to counteract inflationary pressures.
Interestingly, Tel Aviv seized the top position from Paris, France, last year’s leader, which now holds second place. Sharing the second spot is Singapore, followed by Zurich in Switzerland and Hong Kong, China.
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