Tel Aviv tied with Los Angeles for the 10th spot in the newest “Worldwide Cost of Living Survey” for 2019 by the Economist Intelligence Unit, published on Monday.
In last year’s survey, Tel Aviv ranked 9th. The report noted that the city ranked 28th just five years ago and that while “currency appreciation played a part in this rise… Tel Aviv also has some specific costs that drive up prices, notably those of buying, insuring and maintaining a car, all of which push transport costs 64 percent above New York prices.”
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Tel Aviv also dropped from second place last year as the most expensive city in which to buy alcohol, to fourth place this year. New York is first in that department.
For the first time in the survey’s history, three cities shared the top spot: Singapore, Hong Kong, and Paris. Singapore was the only city in the top ten that maintained its ranking from last year and came in first for the sixth consecutive year.
Zurich came next in the ranking, followed by Geneva, Osaka, Seoul, Copenhagen, and New York.
Caracas, Venezuela claimed the title of the least expensive city in the world owing to the ongoing political and economic turmoil.
Late last year, Tel Aviv ranked as the sixth city worldwide with the most millionaires per square mile, well above cities like New York, Singapore, London, and Doha, according to a ranking by the R.S. Components Limited UK electronics company, based on a Knight Frank wealth report.
According to the report, Tel Aviv currently has a total of 35,200 millionaires with 1,753 millionaires per square mile.