In many researches shared so far, we have seen that the most expensive city to live in the world is Hong Kong. However, the latest report shared by the UK-based The Economist, one of the world’s leading media companies, revealed that this situation has changed. The Worldwide Cost of Living 2021 report was released this morning.
According to the report, which covers 173 cities in total, the title of the most expensive city in the world has passed from Hong Kong to Tel Aviv, Israel’s financial and technology center. The reason why the city of Israel suddenly climbed to the top of this list was shown as the sudden increase in inflation in food and services due to the impact of the coronavirus pandemic. Tel Aviv was ranked 6th last year. Hong Kong, Paris and Zurich shared the title of the most expensive city of 2020.
The most expensive cities in the world:
Paris, the capital of France, came after Tel Aviv in the list of the most expensive cities in the world. Paris shared the second place with Singapore, which is on the same score. While Zurich, the largest city in Switzerland, is in the third place of the list, Hong Kong, which has been at the top for a long time, is now in the fourth place due to the price increases in these cities. Here is the ranking of the 10 most expensive cities in the world:
- Tel Aviv, Israel
- Paris, France – Singapore
- Zurich, Switzerland
- Hong Kong, China
- New York, USA
- Geneva, Switzerland
- Copenhagen, Denmark
- Los Angeles, USA
- Osaka, Japan
So, which are the cheapest cities in the world?
The Worldwide Cost of Living 2021 report showed the cheapest cities as well as the most expensive to live in. Accordingly, the cheapest cities in the world were as follows:
- Damascus, Syria
- Tripoli, Libya
- Tashkent, Uzbekistan
- Tunisia, Tunisia
- Almaty, Kazakhstan
- Karachi, Pakistan
- Ahmedabad, India
- Algeria, Algeria
- Buenos Aires, Argentina – Lusaka, Zambia
The cities that moved the most this year:
The cost of living list has seen big changes this year. While The Economist announced that they have seen the highest inflation rate of 3.5% in the last five years in cities, cities where prices have increased suddenly have caused cities that can withstand the pandemic better to be seen as cheaper cities.
- The most climbing cities on the list
- Tehran, Iran (up 50 places)
- Reykjavik, Iceland (up 21 places) and
- , while Kiev, Ukraine (up 13 places),
- the cities that fell the most in the list
- Rome, Italy (down 16 places) and
- Bangkok, Thailand – Lima, Peru (down 11 places each).
A free summary of The Economist’s report is available here.
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