As per the annual survey report by the Economist magazine, let's find out the worldwide cost of living this year. These are results from examination of the relative cost of more than 200 goods and services in 173 major cities around the globe. Prices, products and services are then compared with New York to get the rank position.

The 2021 report has a special meaning since the living cost was measured against impactful global events. On average, prices for goods and services have risen by 3.5% year-on-year, the highest inflation rate seen in the last five years.

Top 10 most expensive cities

1. Tel Aviv, Israel

Tel Aviv - The most expensive city in the world. Photo: Wikimedia commons

This is the first time Tel Aviv has topped the ranking. Its move up the latter is partly due to the strength of the Israeli currency — the shekel —against the dollar. Increases in transport and grocery prices also contributed to the city's move up from the 5th spot in 2020.

"The city's rise mainly reflects the soaring currency, buoyed against the dollar by Israel's successful COVID-19 vaccine rollout," said the report. Among factors boosting the shekel was the country's attractiveness to foreign technology investors, the EIU reported.

Tel Aviv has been riding a tech boom in recent years, becoming the Silicon Valley of the country. This, in turn, has driven up the cost of living and widened socio-economic fault lines, according to Yahoo Finance.

Property prices in Tel Aviv have risen, particularly in residential areas, although they are not considered part of the index, added the EIU.

2. Paris ( France) and Singapore

Paris (France) fell to joint-second place with Singapore, both feeling the lingering effect of the pandemic.

Paris, France. Photo: Wikimedia commons

Singapore. Photo: Wikimedia commons

Singapore, officially the Republic of Singapore, is a sovereign island city-state in maritime Southeast Asia.

4. Zurich, Switzerland

Zurich. Photo: Wikimedia commons

The financial capital of Switzerland landed at 4th place for expensive transportation, food and accommodation cost.

5. Hong Kong

Cost of living in Hong Kong is reported to be 15% higher than that in the US. Housing, private schooling and transportation is quite expensive.

Hong Kong. Photo: Wikimedia commons

6. New York, US

New York. Photo: Wikimedia commons

Known as the Big Apple, this is the home of a densely populated borough whom among the world’s major commercial, financial and cultural centers.

7. Geneva, Switzerland

Geneva. Photo: Wikimedia commons

Living in Geneva, a working adult should have an income of at least CHF 5,270 (US$ 5,743), according to Business Insiders.

8. Copenhagen, Denmark

Copenhagen. Photo: Wikimedia commons

Copenhagen is also considered one of the happiest cities in the world. This Danish capital is the last European cities in the top 10.

9. Los Angeles, US

Downtown LA. Photo: Wikimedia commons

The monthly cost of living in Los Angeles is about US $ 6,104, Business Insider reported. This city is known for being the land of the rich and famous.

Still, most US cities have come down in cost since the US government responded to the pandemic by injecting money into the economy.

10. Osaka, Japan

Osaka. Photo: Wikimedia commons

Osaka is a large port city and commercial center on the Japanese island of Honshu. It’s known for its modern architecture, nightlife, and hearty street food.

Much fluctuation in ranking

Cities in Europe and Asia dominate the highest-cost end while the lowest-cost end are mainly in the Middle East and Africa.

According to Newsazi, the biggest drop in the rankings this year was by Rome, which fell from 21st place to 48th, thanks to significant declines there in prices of clothing and groceries. Other cities that have seen substantial price falls are Bangkok and Lima.The biggest leap in the rankings was by Teheran, from 50th to 29th. The Iranian capital has been severely affected by supply problems, leading to shortages of goods, and by US sanctions, which have caused sharp rises in prices of imports. The lowest ranked city in the survey is Damascus, the cheapest city in the world in which to live.

For another year, Damascus (Syria) held last place overall, and in seven out of ten pricing categories.

Damascus. Photo: Alabrabiya News.

How about your city? Where do you think it will rank out of 173 most expensive cities in the world?

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