The cost of living in Israel is the seventh highest in the world, leading expensive countries such as Singapore, Luxembourg and Hong Kong, according to a ranking based on the Numbeo crowdsourced global database for 2022.
According to this index, which included 139 countries and territories, the only six countries with a higher cost of living are Bermuda, the most expensive country according to this database, followed by Switzerland, Norway, Iceland, Barbados, and Jersey, a self-governing United Kingdom dependency.
However, Israel ranked 21st in housing rental prices. When these are added to the calculation, Israel ranks 10th in the world in terms of cost of living.
Israel ranked 13th in the world in the price of food and other basic home products. For restaurant prices, Israel was the sixth most expensive country in the world, topped only by Bermuda, Switzerland, Norway, Iceland and Denmark.
Another measure of the cost of living in Israel was the index of local purchasing power, which assesses the relative purchasing power of goods and services, where Israel came in 30th, one spot before Puerto Rico, and trailing behind countries such as South Africa and Oman.
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Numbeo was established in 2009 by former Google software engineer Mladen Adamovic. The database uses crowdsourcing and is not connected to any government organization. Numbeo’s data is based on reports from over 600,000 people from over 10,000 cities around the world, and considers the prices of over 7.5 million goods and services.