Tel Aviv, Paris and Singapore top the most expensive cities in the world

Dec 1, 2021

By: Vaamanaa Sethi

Tel Aviv

According to an Economist Intelligence Unit report, Tel Aviv topped the rankings this year, mainly because the Israeli currency, the shekel, has appreciated, making local things more expensive when put in US Dollar terms.

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Paris, the European city which is famous for its art, fashion, and gastronomy, ranked second in the list. The cost of living in Paris is a lot higher than most of the European cities, according to reports.

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One of the famous tourist destinations, Singapore is known for its cleanliness and greenery. According to several reports, the cost of living in Singapore is moderate, but on the other hand housing, private schooling and maintenance of cars is quite expensive.

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Financial capital of Switzerland, Zurich is famous for its luxurious lifestyle, high-end shopping and fancy chocolates. According to an Insider report, basic necessities like — transportation, food and accomodation are quite expensive. One should have a high paying job to manage day-to-day expenses.

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Hong Kong

Hong Kong, which is famous for its Disneyland, skyscrapers, and night markets, is 15 percent more costlier than the United States, as per cost of living database website Numbeo.

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New York

New York, a dream place to live for many people, is often regarded as the ‘Big Apple’. As per Numbeo, the city is 260 percent more expensive than Bangalore in India.

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Worldwide centre for diplomacy and home to many United Nations headquarters, Geneva ranked 7th in the list. A single person living in the city should have a monthly income of at least 5,269.48 Swiss Franc, according to Numbeo.

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The city of fairytales and one of the happiest cities in the world, Copenhagen is known for its canals, excellent food, and Tivoli Gardens. Despite prices being a bit lower compared to other Scandinavian cities, the Danish capital still ranks high on the list of the most expensive cities in Europe.

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Los Angeles

Los Angeles is known for being the home of the rich and famous stars. The cost of living in LA for a single person is around $6,104 (₹456,115) per month, as per Numbeo.

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Osaka is best known for its amazing casual food and outgoing locals and it's arguably Japan's street food capital. The city is 270 percent more expensive than Bangalore in India, according to Numbeo.

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The above ranking is given as per the Worldwide Cost of Living 2021 report by the Economist Intelligence Unit.

Credit: EIU

Other key findings:

The inflation rate of the prices across cities is the fastest recorded over the past five years. It has accelerated beyond the pre-pandemic rate, rising by 3.5 percent year on year in local currency terms in 2021, compared with an increase of just 1.9 percent in 2020.

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