NEW DELHI: The Economist Intelligence Unit (EIU) released its list of ranking of the world’s most expensive cities on Wednesday, December 1, in its biannual report. Needless to say, all hell broke loose as the ranking highlighted the cracks through the economic system on the world stage.
Tel Aviv in Israel is now the world’s most expensive city in terms of cost of living. EIU explained that Tel Aviv climbed through the ranking from 5th position last year to now heading the list because of several reasons but mainly the rise in inflation. EIU in its latest research noted that the inflation rate has gone up from 1.9 per cent in 2020 to 3.5 per cent in 2021.
Israel’s city surpassed other pricy places such as Paris and Singapore in the index. Other findings in the study observed that the Syrian war-torn capital Damascus remains the world’s cheapest city.
Ron Huldai, Mayor, Tel Aviv stated in an interview with Haaretz newspaper that due to the exponentially rising prices – especially in the real estate business – the city was heading towards an explosion. He further stated that Tel Aviv is not going to stop. ”It will become more expensive, just as the entire country is becoming more expensive”. He stated that the main issue in Israel is that there is no alternative metropolitan center. He cited the example of the United States (US) and how there is New York, Chicago, Miami, and so on. Huldai said that in the US one can move to another city if the cost of living is too much. However, Israel does not have that option making Tel Aviv what it is today – the world’s most expensive city.