Not Paris Or Hong Kong, This Is Now World’s Most Expensive City To Live In | Full List Here
The Economist Intelligence Unit (EIU) released a biannual report in which the most expensive city in the world is Tel Aviv, Israel. This city topped the report for the first time ever from the 5th place since last year.
The Worldwide Cost of Living Index is of the EIU. The EIU’s index compares prices in US dollars for goods and services in 173 cities. Tel Aviv ranked 5th last year because of its National Currency against the dollar and Paris, Zurich and Hong Kong were in first place jointly.
Paris and Singapore came second this year together while Zurich and Hong Kong came third. New York secures the 6th position, Geneva the 7th and the other cities in the Top 10 were Copenhagen, Los Angeles, and Osaka.
10 most expensive cities in the world 2021
- Tel Aviv, Israel
- Paris, France
- Zurich, Switzerland
- Hong Kong, China
- New York, U.S.
- Geneva, Switzerland
- Copenhagen, Denmark
- Los Angeles, U.S.
- Osaka, Japan
Damascus was seen as the cheapest city to live in. Along with that Libya is the cheapest city in the world.
The data for generating this list was collected in August and September as prices for freight and commodities increased. The average prices increased to over 3.5 % in local currency. It was the fastest inflation rate ever recorded in 5 years.
Upasana Dutt, head of the WCI, EIU said that the COVID 19 restrictions have disrupted the supply chain of goods and services leading to shortages of things and high prices. She added that the impact of the virus can be seen with the rise in fuel prices. The interest rates of central banks may also increase to reduce inflation.
Iran’s Capital Tehran rose from 79th to 29th position in the Worldwide cost of living Index ranking as the US sanctions have raised the prices of goods and services that has led to shortages.
In June, a survey was conducted by Mercer (global consultancy) that ranked Ashgabat (Turkmenistan capital) Hong Kong and Beirut are the 3 most expensive cities in the world.
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