Tel Aviv and Jerusalem have both risen in the 2022 rankings of the world's most expensive cities, compiled by global consultancy firm ECA International. ECA's cost-of-living ranking of 207 cities measures price rises including rents, gasoline, food and drink to help businesses to ensure their employees’ spending power is maintained, when sent on international assignments.
Tel Aviv has risen to the world's fifth most expensive city from sixth place in the previous ranking, according to ECA, while Jerusalem has risen three places from 18th to 15th.
Hong Kong remains the world's most expensive city, followed by New York, up to second from fourth, and Geneva, in third for the second year running. London rose to fourth from fifth last year and Tokyo fell to fifth from second in 2021. Tel Aviv was followed by Zurich in seventh place with Shanghai, Guangzhou and Seoul rounding out the top ten. San Francisco, Shenzhen, Singapore and Beijing preceded Jerusalem in 15th place.
Turkish capital Ankara was ranked 207, the cheapest city in the ranking.
ECA noted that Israel had the world's second most expensive gasoline after Hong Kong.
In mentioning Tel Aviv, ECA writes, "The Middle Eastern tech hub, Tel Aviv (6th), climbs one place in the ranking. Its thriving tech scene, which was turbocharged by the pandemic and the shift towards remote work, became an attractive hotspot for many multinational corporations, drawing in a significant amount of foreign investment. The growth in exports, including of natural gas, and better relations with its neighbors has also contributed to the Israeli shekel appreciating against the US dollar - making it one of the strongest global currencies in the last 10 years, and making Israel increasingly one of the most expensive locations in the world for expats."
Published by Globes, Israel business news - en.globes.co.il - on June 8, 2022.
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