Tel Aviv has slipped from sixth to eighth in the business consultancy company ECA International rankings of the world's most expensive city for expats. For many years Hong Kong was the most expensive city but it has now been surpassed by New York, which takes into account accommodation and rental costs, basic food staples and household consumer goods, fuel and transport prices, and exchange rate differences. The recent weakness of the shekel might explain why Tel Aviv has slipped in the rankings.
While the cost of living is high in Tel Aviv, Israelis considering relocating to New York, the world's most expensive city for expats, might want to take into account that basic products like bread, eggs and fruit and vegetables are much more expensive there. A large tomato costs $5 there compared with $2 in Tel Aviv. A monthly Internet subscription is two and a half times more expensive in New York but gasoline is 50% cheaper, and a glass of beer is 30% cheaper.
After New York and Hong Kong, in first and second place in the rankings are Geneva, London, Singapore, Zurich, and San Francisco. Behind Tel Aviv in ninth and tenth are Seoul and Tokyo.
Published by Globes, Israel business news - en.globes.co.il - on June 7, 2023.
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