EIU Releases List of Ten Most Expensive Places To Live In 2021

Grant Piper News

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The Economist Intelligence Unit (EIU) released its list of the most expensive cities to live in in 2021. The list takes into account the total cost of living by comparing the cost of goods of "over 200 products and services" in 173 cities globally. This survey is taken twice per year to give an accurate account of what prices are in each city and how these trends have shaped the cost of living over the course of a given year.

This year's list features a new number one. Tel Aviv rocketed to the top of the list this year driven by high costs of goods, rent, and gasoline. Another factor highlighted by EIU in Tel Aviv's rise to become the most expensive place to live in 2021 had to do with the strength of the Israeli shekel. A strong currency plus rising costs of goods worldwide was enough for Tel Aviv to leapfrog Paris for the #1 spot in this year's survey.

Paris and Singapore tied for second place. Paris was the world's most expensive city to live in in 2020 and continues to dominate the top of the survey rankings year over year.

The top ten most expensive cities in the world to live in in 2021 according to the EIU report are as follows.

  1. Tel Aviv
  2. Paris
  3. Singapore
  4. Zurich
  5. Hong Kong
  6. New York City
  7. Geneva
  8. Copenhagen
  9. Los Angeles
  10. Osaka

Of the ten cities on the list, two are located in North America, four are located in Europe, and three are in Asia. South America, Australia, and Africa do not feature in the top ten.

The United States and Switzerland both have two cities in the top ten.

Tel Aviv and Hong Kong are also featured on the list of the top ten most expensive cities to buy gasoline which drives their positions on this list. They are the only two cities to appear on both lists simultaneously this year.

EIU estimates that global inflation hit 3.5% in 2021, the highest mark in years, which has done nothing to give relief to the world's priciest places to live.

Insights from the full list, which has to be purchased from EIU to be seen in its entirety, show some surprising movers. Rome and Bangkok both fell by double-digit spots as prices fell due to conditions caused by the pandemic. Conversely, Tehran and Reykjavik both jumped by large numbers. Tehran skyrocketed up fifty spots from 79th in 2020 to 29th in 2021 driven largely by price spikes caused by international sanctions. This is the second consecutive year in which Tehran has been the fastest mover on the list of the most expensive cities. Tehran has moved from 106th to 29th most expensive city in just two short years.

Reykavik moved up twenty-one spots to 35th.

The COVID-19 pandemic continues to sow uncertainty in global markets but prices look to stay up across the board as the world transitions into 2022.

The full report can be purchased and dissected for a fee from the EIU store.

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