Tel Aviv More Expensive Than Paris, New York

Tel Aviv is the most expensive city in the Middle East for expatriates and one of the most expensive in the world, according to the 2012 cost of living rankings of 214 cities by Mercer. Tel Aviv rose seven places in the ranking to 31st place from 38th place in 2011.

Tel Aviv outranks New York (in 33rd place), and Paris (37th place), but is below London (25th place). Tokyo tops the rankings, followed by Luanda (Angola), Osaka, Moscow, Geneva, Zurich, Singapore, N’Djamena (Chad), Hong Kong, and Nagoya.

Mercer measures the comparative cost of over 200 items in each city, including transport, food, clothing, household goods, and entertainment. The cost of housing is also included and, as it is often the biggest expense for expatriates, it plays an important part in determining a city’s rank. The cost-of-living survey is designed to help multinational companies and governments determine compensation allowances for their expatriate employees. New York is the baseline city.

Mercer says, “Recent world events, including economic and political upheavals, have affected the rankings for many regions through currency fluctuations, inflation, and volatility in accommodation prices.”

{Globes/Matzav.com Newscenter}