Surprisingly, Tel Aviv in Israel was awarded the most expensive city to live globally, beating out Hong Kong, which previously took first place.
Equally, Singapore overtakes Hong Kong as the most expensive city to live in Asia. Due to COVID-19, personal care, clothing and other expenses decreased in Hong Kong. Indeed, this has effected results.
Currently, Singapore ties with Paris for second place. While, Zurich in Switzerland takes fourth place, and Hong Kong fell to fifth. Shockingly, cities such as New York and Los Angeles didn’t make the top five. Interestingly, Dubai and London, which are known for high expense, didn’t even make the top ten.
Data for the report consisted of comparisons in food, clothing, household items, transport cost, recreation activities, and more in 173 cities. Certainly, COVID-19 impacted results with economies frequently being affected by restrictions.
The cheapest cities are mainly in Africa, the Middle East and poorer parts of Asia. For instance, Damascus in Syria remains the cheapest city to live in globally.
Indeed, essentials like groceries are inexpensive in Singapore. However, the rising population, high price inflation and other factors contributed to Singapore’s climb on the report.