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After last year Tel Aviv took first place as the most expensive city in the world in the ranking of the authoritative Economist magazine, this year it dropped to third place.
According to the ranking, the two most expensive cities in the world are New York and Singapore, with Hong Kong and Los Angeles rounding out the top five.
The main reason for the fall Tel Aviv in the ranking is not a decrease in the cost of living in the city, but a significant increase in prices in cities that have overtaken it.
The ranking compares 172 major cities in the world, and the study found that the cost of living in of them jumped by 8.1% compared to 2021 – largely due to the Russian invasion of Ukraine and the economic problems created as a result.
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