Story at a glance
- The Economist Intelligence Unit released a new report on Wednesday.
- The Worldwide Cost of Living 2021 report calculated the most and least expensive cities to live in.
- For the first time, Tel Aviv, Israel, was named the most expensive city to live in across the globe.
A new report by the Economist Intelligence Unit (EIU) has revealed the most expensive city in the world.
The Worldwide Cost of Living 2021 report released Wednesday found that Tel Aviv, Israel, is the most expensive city to live in across the globe.
This is the first time the city has topped the list, having placed fifth last year, with the EIU noting the strength of Israel’s currency, the shekel, when translated to U.S. dollars.
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Over the last year, prices in shekels increased about 1.6 percent, making groceries, cars and fuel, and household items more expensive. Though the report didn’t include specifics on property prices, it does note that those have also increased.
“Prices here are similar if not more expensive than in Washington, yet the salaries don’t compare,” political analyst and author Oren Kessler, who moved to Tel Aviv from Washington, D.C., told NBC News. “Most Israelis at one point or another want to spend time here. It’s a magnet in that sense.”
To determine the index’s rankings, the EIU calculated the cost of living in 173 cities by analyzing prices of more than 200 products and services in each city through 10 categories.
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