What it's like to be a billionaire in Tel Aviv, one of the most expensive cities in the world, where old wealth and new tech money live side by side
- Tel Aviv ranks as one of the world's most expensive cities for 2019.
- It's the second-largest city in Israel behind Jerusalem, with a population of 430,000 people.
- The city is a hotspot for tech startups and luxury real estate, making it a prime location for Middle Eastern billionaires.
- Visit Business Insider's homepage for more stories.
Tel Aviv is one of the hottest cities in the Middle East.On top of its rich history, Tel Aviv is home to some of the coolest tech startups, whose execs help contribute to the city's wealthy population. Additionally, the city boasts offices for American tech giants such as Google and Facebook.Advertisement
Second only to Jerusalem in terms of population, Tel Aviv has recently seen an increase in tourism. The seaside location once again ranked as one of the world's most expensive cities; this year, Tel Aviv tied for tenth place on the list with Los Angeles.Billionaires in Tel Aviv include real estate mogul Eyal Ofer and heiress Shari Arison - the richest woman in Israel. Many billionaire homes and shopping centers are found in the historic Rothschild area, which features Bauhaus architecture and a booming real-estate market.
As The Wall Street Journal's Ruth Bloomfield wrote in 2015, "Wealthy Israelis have long gravitated to Tel Aviv's cosmopolitan atmosphere, but this old money has more recently been joined by young entrepreneurs who have made their fortunes in tech startups, a major growth sector in Israel."
Tel Aviv is a bustling, seaside city in Israel.
The city is located 43 miles from the capital city of Jerusalem, along the coast of the Mediterranean Sea.Advertisement
Tel Aviv is home to approximately 430,000 people.
And about half of the country's total billionaire population calls Tel Aviv home.Advertisement
Roman Abramovich is currently the richest man in Israel, with a net worth of $13.3 billion.
With a net worth of $5 billion, Tel Aviv resident Shari Arison is the richest woman in Israel.Advertisement
Also among the country's billionaires is Eyal Ofer, a real estate and shipping mogul, who has owned property in the Tel Aviv area. His net worth, according to Forbes, is around $9.7 billion.
Stef Wertheimer — whose net worth totals almost $6 billion, according to Forbes — also lives in Tel Aviv.Advertisement
Recently, Tel Aviv has also become home to a variety of startup tech companies, which is bringing in a new wave of fresh talent — and new money.
Tech giants like Google have also opened offices in the city.Advertisement
Facebook, too, has an office in the city.
With this influx of tech, neighborhoods have expanded. Business Insider's Hillary Hoffower previously reported that Israel's real estate prices have doubled in the past ten years. In Tel Aviv in particular, prices are rising because of tech and tourist industry success.Advertisement
One of the most desirable areas in the city is Neve Tzedek. According to The Wall Street Journal, an apartment in the seaside neighborhood averaged between $1.5 million and $2 million in the seaside neighborhood in 2015.
And then there's the White City, home to Bauhaus architecture.Advertisement
On the dining front, Israel has gained attention as a global food hub and has, over the years, boasted a variety of restaurants with Michelin-star chefs.
It also has a bustling nightlife scene.Advertisement
One of Tel Aviv's most iconic streets and a major draw for the city's wealthy residents and tourists, according to Tourist Israel, is the ritzy Rothschild Boulevard. It's lined with luxury shops.
Rothschild Boulevard is also home to some of the city's luxury hotels and spas.Advertisement
Members clubs are also scattered throughout the city, offering exclusive access for the superrich.
But not everything in Tel Aviv comes at a great cost. The coastal city makes good use of its location: It has 13 beaches.Advertisement
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