UBS: Tel Aviv world's 20th most expensive city

Tel Aviv Photo: Shutterstock

UBS ranked Tel Aviv 19th in the world (not including rent), 32nd in terms of income levels, and 28th in purchasing power.

Tel Aviv is the world's 20th most expensive city according to the UBS Global Wealth Management’s Chief Investment Office (CIO), which today published research on prices and earnings of 77 international cities and how they fare against each other. Tel Aviv is ranked 19th in the world (not including rent), 32nd in terms of income levels, and 28th in purchasing power. The report shows that an average person in Tel Aviv needs to work twice as much as in New York to purchase an iPhone X.

"Purchasing power matters to all of us as individuals and as investors. Whether you are planning your next vacation or trying to understand long term shifts in economic power, our study provides a detailed analysis of prices around the world," said Mark Haefele, Chief Investment Officer at UBS Global Wealth Management

According to the study’s Purchasing Power Index, residents of European and North American cities typically enjoy the best buying power overall, with Bahrain’s capital Manama and Hong Kong the only non-transatlantic contenders in the Top Ten. Global financial capitals New York and London rank 10th and 23rd respectively. Daniel Kalt, Chief Economist and Chief Investment Officer for Switzerland, UBS Global Wealth Management, and lead editor of the study, added, "As in our previous edition, Zurich tops the list as the world’s most expensive city, closely followed by Swiss rival Geneva. However, our Purchasing Power Index clearly indicates that we are beginning to see stronger competition from overseas with only three European cities left in our Top Ten, all of which lost ground compared to the report’s 2015 edition."

Published by Globes [online], Israel business news - www.globes-online.com - on May 29, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Tel Aviv Photo: Shutterstock
Tel Aviv Photo: Shutterstock
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