City living isn’t cheap, but in some places, things are getting even more expensive. The Economist has revealed its annual list of the world’s ten most expensive cities (via Al Jazeera). The 2021 list, officially titled the Worldwide Cost of Living Survey and compiled by the Economist Intelligence Unit, brings some bad news for those who live in two of America’s largest cities.
New York City ranks sixth when it comes to the most expensive cities to live in for 2021. But things aren’t much better for the powerhouse city on the West coast either. Los Angeles also made the top 10, coming in at the ninth most expensive city to live in for 2021.
2021 also saw the dethroning of the 2020 most expensive city to live in. Last year, there was no city more expensive than Paris, France. But in 2021, Paris dropped down to the #2 spot (tying with Singapore) and a new city rose to the top spot–Tel Aviv, Israel.
The reason for Tel Aviv’s ascension? There are several, but one of the main ones is the strength of the Israeli shekel against the U.S. dollar throughout 2021. The shekel gained 4% against the U.S. dollar, reports CNBC, which saw about 10% of goods in the city become more expensive.
The full list of The Economist’s most expensive cities to live in for 2021 is:
- Tel Aviv, Israel
- Paris, France (tied for 2nd place)
- Singapore (tied for 2nd place)
- Zurich, Switzerland
- Hong Kong, China
- New York, United States
- Geneva, Switzerland
- Copenhagen, Denmark
- Los Angeles, United States
- Osaka, Japan