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The “most expensive cities to live in the world” is a list of the most expensive cities in the world. It includes a breakdown of each city’s cost of living, its average salary, and more.
CNN (CNN) – It’s been a difficult year for people’s wallets all across the globe.
According to new study released Wednesday, supply-chain disruptions and shifting consumer demand have driven up the cost of living in many of our largest cities, and inflation is at its quickest in five years.
For the first time, Tel Aviv, Israel, has won the rankings, surpassing previous year’s winner Paris, which is now tied for second place with Singapore.
Increases in groceries and transportation expenses, as well as the strength of the Israeli shekel versus the US dollar, are credited by the EIU for Tel Aviv’s strong jump on the index.
In 2021, the City of Light came in second.
Getty Images/Kiran Ridley
Products and services that are used every day
The 2021 Worldwide Cost of Living Index examines the prices of more than 200 common items and services across 173 worldwide locations, up 40 over the previous year.
EIU’s worldwide team of researchers collects data for the study, which has been conducted for more than three decades, every March and September.
Because the index is based on costs in New York City, locations with stronger currencies versus the US dollar will likely show higher in the rankings.
Zurich and Hong Kong are ranked fourth and fifth, respectively, after sharing first place with Paris last year. The remaining top ten cities include New York, Geneva, Copenhagen, Los Angeles, and Osaka.
European and developed Asian cities continue to dominate the top ranks rankings. The cities with the lowest rankings are mostly in the Middle East, Africa, and less developed portions of Asia.
According to the EIU, prices for the products and services included by the index have increased by 3.5 percent in local currency year over year, compared to only 1.9 percent this time last year.
The much-publicized global supply-chain issues have led to price increases, while the Covid-19 epidemic and societal limitations continue to disrupt worldwide production and commerce. These problems aren’t going away anytime soon, especially now that a new coronavirus type is creating significant concern.
According to the EIU, rising oil costs led a 21% rise in the price of unleaded gasoline, but there were also significant price increases in the entertainment, cigarette, and personal care categories.
The Iranian city of Tehran rose 50 places from No. 79 to No. 29 in 2021 as a consequence of US sanctions, which led in shortages and increased costs.
As Syria’s war-torn economy continues to suffer, the city of Damascus once again ranks as the world’s cheapest metropolis. In 2021, Damascus and Tehran, as well as Caracas, Venezuela, and Buenos Aires, Argentina, all had very severe inflation.
Singapore, which had previously topped the list, dropped one spot in 2021.
Getty Images/AFP/Roslan Rahman
There will be more to come.
“Although most economies across the globe are now recovering as Covid-19 vaccinations are pushed out, many large cities are still witnessing increases in cases, leading to social constraints,” Upasana Dutt, head of Worldwide Cost of Living at EIU, said in a statement. As a result, the supply of commodities has been affected, resulting in shortages and increased costs.
The effect can be seen in this year’s index, with the hike in gasoline costs being especially noticeable. However, not all cities suffered price hikes. Because their currencies dropped against the US dollar, several of the cities towards the bottom of our rankings saw prices stagnate or even decline.
We predict the cost of living in many places to climb even more in the next year as earnings rise across the board. However, we anticipate central banks to hike interest rates slowly in order to keep inflation in check. As a result, from this year’s level, price rises should begin to reduce.”
One of two American cities on the list is Los Angeles.
Getty Images/Mario Tama
The most expensive cities in the world to live in 2021
Tel Aviv, Israel is number one.
2. Paris, France (tie)
2. Singapore (tie)
4. Switzerland’s Zurich
Hong Kong is number five.
New York City, New York City, New York City, New York City, New York City, New
Geneva, Switzerland is number seven.
Copenhagen, Denmark is number eight on the list.
Los Angeles, California is number nine.
Osaka, Japan is number ten.
Oslo, Norway (No. 11)
Seoul, South Korea (12.)
Tokyo, Japan is number thirteen.
14. Vienna, Austria (tie)
Sydney, Australia (tie) 14.
Melbourne, Australia is number sixteen.
Helsinki, Finland is ranked 17th (tie).
17. (tie) London, United Kingdom
Dublin, Ireland is tied for 19th place.
Frankfurt, Germany is tied for 19th place.
Shanghai, China is tied for 19th place.
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The “100 most expensive cities in the world” is a list of the top 100 cities with the highest cost of living. The list was created by a company called Numbeo, which also has data on what percentage of monthly income it takes to pay for basic expenses.
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