This is now the world’s most expensive city to live in, overtakes Paris, Hongkong

Tel Aviv was named after the title in Hebrew of “Old New Land” Altneuland” in German is now the world’s most expensive city to live in, according to a survey published on Wednesday.

The Israeli city climbed five rungs to score top place for the first time in the authoritative ranking compiled by the Economist Intelligence Unit (EIU).

The Worldwide Cost of Living Index is compiled by comparing prices in U.S. dollars for goods and services in 173 cities.

Tel Aviv climbed the rankings partly due to the strength of the national currency, the shekel, against the dollar, as well increases in prices for transport and groceries.

Paris and Singapore came joint second, followed by Zurich and Hong Kong. New York was in sixth, while Geneva in seventh. Followed by Copenhagen in eighth, Los Angeles in ninth and Osaka, Japan, in 10th.

Last year, the survey put Paris, Zurich and Hong Kong in joint first place.

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