Tel Aviv is the most expensive city in the world to live in, according to the EIU's Worldwide Cost of Living index.
The relative cost of more than 200 goods and services in 173 major cities is examined in the annual survey.
Singapore and Paris are tied for second place, followed by Zurich and Hong Kong. New York and Los Angeles are in the top 10. Last year, Paris, Hong Kong, and Zurich all tied for the top spot.
Tel Aviv is the first city to top the ranking. The shekel's strength against the dollar is a factor in its move up the latter. The city moved up from the fifth spot last year due to increases in transport and grocery prices.
The city's rise is due to the soaring currency and the success of the COVID-19 vaccine, according to the report. The country's attractiveness to foreign technology investors was one of the factors boosting the shekel.
Tel Aviv has become the Silicon Valley of the country in the last few years. According to a September WSJ report, this has driven up the cost of living and widened the fault lines.
Property prices in Tel Aviv have gone up, although they are not included in the index.
Supply chain issues, exchange rate shifts, and changing consumer demand have spurred price increases for commodities and other goods. Transport was the fastest growing part of the price index.
The prices of goods and services have gone up more this year than last.
The list of the most expensive cities in the world was compiled by the EIU.
1. Tel Aviv, Israel.
2. Paris, France.
2. Singapore
4. The city of Zurich, Switzerland.
5. The Hong Kong Special Administrative Region is located in China.
6. New York is in the US.
7. The city of Geneva, Switzerland.
8. The capital city of the country ofDenmark
9. Los Angeles, US.
10. The city of Osaka, Japan.
