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This week, New York City and Singapore were able to unseat Tel Aviv from its position as the world’s most expensive city on The Economist’s annual list of the least and most expensive cities in the world, which was published on Wednesday. As a result, Tel Aviv is no longer the most expensive city in the world.
Tel Aviv made it into the top five of the list for the year 2020, and then jumped all the way to the top the following year. This was primarily due to the NIS having a great performance on the foreign exchange market in comparison to the Euro and the US dollar.
The British publications evaluated close to 200 cities throughout the world based on the prices of hundreds of particular goods and services that are available in those places. The rankings were determined by comparing the costs of these things and services.
These can include a McRoyal meal from the international fast food chain McDonald’s, one kilogramme of apples, and one month rent for a two-bedroom place; all of these things are then compared to the purchasing power of the city’s average salary.
This indicates that the actual cost of living is measured and rated in proportion to the average pay in the city that is being investigated. This is the case even if specific services are priced higher in some areas than in others.
An item that was submitted to the magazine’s statistical database that was used to compile its list, the cost of an average family vehicle, was one of the metrics measured by The Economist that helped see Tel Aviv rise to the top last year. This item contributed to Tel Aviv’s rise to the top of the list. Regarding the cost of living, Tel Aviv is regarded as one of the world’s most expensive cities.
Tehran, Tunis, Tashkent, Tripoli, and Damascus, which is the capital of Syria, are some of the cities that may be found at the very bottom of the list of least costly places to live in the globe.