The financial capital of Israel, Paris, Singapore, Zurich or Hong Kong would be five of the most expensive cities on the planet. According to the 'Worldwide Cost of Living 2021' report, prepared by Economist Intelligence, other cities such as New York, Genoa, Copenhagen, Los Angeles and Osaka would follow. To carry out this study, the entity in charge analyzes the variations in the prices of 200 different products in 173 cities around the world on an annual basis. In this sense, Tel Aviv would have risen to number one in this ranking after having observed a rapid rise in the prices of products such as alcohol, transport or groceries.
Likewise, the report makes general mention of how the problems caused by the supply crisis have impacted the prices of many cities. According to the data they collect, global prices have increased by 3.5% year-on-year on average. However, prices have not risen equally in all parts of the planet, since Rome is the city that experiences the greatest drop to 48th place in this ranking. But generally there is a rise in prices.
When the survey was carried out, in August and September, the average price of a liter of unleaded gasoline in all cities was 21% higher than the previous year. This means that a general price boom is predicted for the year 2022 in line with the inflation suffered by the shopping basket. On the other hand, the only Spanish cities that are included in the list, Madrid and Barcelona, remain in an approximate position with respect to the previous year at positions 79 and 80 on the list, respectively.
Tel Aviv
Tel Aviv is one of the most desirable cities when it comes to acquiring an exclusive and luxury newly built apartment. The demand for real estate in this city is one of the highest in the world. According to Israel real estate data, some 800 luxury flats were sold in the city last year for the price of 5,000,000 shekels, approximately 1,401,648 at current exchange rates. This real estate boom is one of the most notorious on the international scene within this sector.
Paris
Despite being one of the most emblematic places in Europe, tourists always pay attention to the astronomical prices that the French capital commands. But why this? In addition to being one of the most glamorous destinations, you have to keep in mind that Paris is the capital of one of the richest centralized countries in the world. The cost of living for Parisians has increased progressively in recent years. In addition, the lack of space for new real estate in its urban area makes the pressure for real estate one of the highest.
Singapore
Unlike other cities, this city-state and former British colony is one of the safest cities in the world. Point of union of different Asian cultures, one of the reasons why this city is one of the most expensive in the world is the high price for obtaining your driving license. The state regulates your property by issuing a limited number of licenses that are only valid for 10 years. The amount to be paid for each of them is about 32,500 euros.
Zurich
Switzerland can appear to be an extremely expensive country in the eyes of a foreigner. But do the Swiss have the same perception of the cost of living as their financial capital? If you compare the salary level with the prices, it would not be something so alarming. Compared to the European average, most products are more expensive in Switzerland. And the Swiss are well aware of price differences. According to a study, the inhabitants of Switzerland could save almost 3,300 million Swiss francs a year, about 3,167 million euros at current exchange rates, if they bought all their daily products in neighboring countries.
Hong Kong
The former British colony is the most expensive city in the world due to the widespread presence of elegant restaurants and luxury cars on its streets. In addition, the law of supply and demand in this Asian city, with an increasingly smaller space for construction, means that the real estate bubble puts more and more pressure on prices when purchasing a property within the Asian tiger.
