Which city was evaluated by the Economist Intelligence Unit as the most expensive city in the world in 2021?
According to the Economist Intelligence Unit (EIU), which tracks the cost of living in 173 cities across the world, Tel Aviv is the world’s most expensive city as of 2021. The year before, it was in fifth place but rose to overtake Paris, which previously occupied the top spot.
Tel Aviv is Israel's second largest city and its main commercial, financial, and industrial centre. About half of the nation's business companies are in the area, selling products such as computer software, electronic equipment, building materials, clothing, and processed foods. It is located on the eastern shore of the Mediterranean Sea, providing access by sea as well as by road.
Generally, the most expensive cities are European and developed Asian cities, whereas North American and Chinese cities remain around the middle of the list. The cheapest cities are in the Middle East and Africa, or the poorer parts of Asia. Damascus in Syria is currently the cheapest city in the world to live in, with Tripoli in Libya as the second poorest.
The EIU studies the Worldwide Cost of Living (WCOL) when compiling their list. Not every city makes it onto the list and several price categories are considered when selecting the final cities.