According to a yearly study conducted by “Mercer” research company, Tel Aviv is the most expensive city for foreign residents in the Middle East, and even eclipses New York on the company’s worldwide cost of living survey.
Tel Aviv came in at 31 on this year’s list, a drop of seven places from last year. New York is the United States’ most expensive city, and ranked number 33 on the worldwide list.
Tokyo is the city with the highest cost of living, according to the survey, edging Luanda, Angola, which placed second, out of the top spot.
Osaka, Japan was third on the list, followed by Moscow, and Geneva, with Singapore and Zurich tied for sixth place.
Karachi, Pakistan, has the lowest cost of living among major world cities, according to the study. The cost of living in Karachi is roughly a third of the cost of living in Tokyo.
Most European cities came in at lower rankings on this year’s list, due to the deterioration of the Euro, and other local currencies, against the dollar, according to Murcer.
Murcer ranks 214 cities over five continents, and bases the cost of living comparisons on over 200 different criteria, including transportation, food, clothing, and household appliances. Housing prices, which most often represent a large expense for foreign residents, are also included in the rankings.
Murcer conducts the study to provide guidelines for its clients, so that they can determine appropriate expenses and reimbursements for sending employees abroad.