Survey: Tel Aviv 9th Most Expensive City In World, Outranking New York, London & Tokyo

According to the annual “Worldwide Cost of Living” survey published by the Economist Intelligence Unit, Tel Aviv is the ninth most expensive city in the world—outranking New York, London and Tokyo, among other pricey places. The report cited the appreciation of the Israeli shekel as the primary reason for across-the-board skyrocketing consumer prices in Tel Aviv, which has jumped 25 places in the index in over just five years. For example, the cost of owning and maintaining a car in Tel Aviv is 79 percent higher than in New York, despite Israeli wages being, on average, less than half those in the United States. The average price for a loaf of bread in Tel Aviv costs $5.10, compared to $2.98 a decade ago, whereas a bottle of wine in Israel’s commercial hub has an average price of $28.77, more than any other city in the world. Singapore was named the globe’s most expensive city, followed by Paris, Zurich, Hong Kong and Oslo.