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Being named the most expensive city in the world might not be something that would attract tourists, but it’s a reality that’s been part of the world economy for hundreds of years.

The Israeli city of Tel Aviv has just been named the most expensive city in the world in this year’s Worldwide Cost of Living index released by the Economist Intelligence Unit (EIU).

Tel Aviv jumped from fifth to first place, overtaking last year’s leader Paris. The French capital is now tied in second place with Singapore.

According to the EIU, Tel Aviv’s sharp rise on the index is attributed to increases in grocery and transport prices and the strength of the Israeli shekel against the US dollar.

CNN Travel reports that Zurich and Hong Kong are at numbers four and five respectively, having held the top spot last year alongside Paris. New York, Geneva, Copenhagen, Los Angeles and Osaka round up the rest of the top 10.

Image credit: Lonely Planet

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