According to an analysis by the British magazine “Economist”, New York and Singapore are the most expensive cities in the world. Tel Aviv dropped from first place to third, according to the analysis published Thursday. Switzerland is twice represented among the ten most expensive cities in the German-speaking world, with Zurich (6th) and Geneva (7th), as calculated by the “Economist Intelligence Unit”.
The magazine emphasized that due to the Russian war against Ukraine and the corona rules in China, prices worldwide have risen faster than in 20 years – by an average of 8.1 percent. Life became significantly more expensive in Moscow and St. Petersburg. The Russian megacities rose by 88 and 70 places in the ranking due to the consequences of Western sanctions.
Life is cheap in Damascus and Tripoli
Large Western cities were also affected by the consequences of the war. The price of gas and electricity has risen by an average of 29 percent, significantly more than the global average (11 percent). The Venezuelan capital Caracas had the highest inflation rate of 132 percent. It is still cheapest in Damascus in Syria and in Tripoli in Libya.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
