World's most expensive city to live in revealed - and it is not Paris or Singapore

The Worldwide Cost of Living Index is compiled by comparing prices in US dollars for goods and services in 173 cities. 

This year's data was collected in August and September as prices for freight and commodities rose and shows that on average prices rose 3.5 per cent in local currency terms -- the fastest inflation rate recorded over the past five years. 

Social restrictions due to the coronavirus pandemic "have disrupted the supply of goods, leading to shortages and higher prices," said Upasana Dutt, head of worldwide cost of living at The EIU. 

"We can clearly see the impact in this year's index, with the rise in petrol prices particularly stark," she said, while central banks are expected to raise interest rates cautiously, reducing inflation.

Let's take a look at the World's most expensive places to live:

Tel Aviv is the world's most expensive city to live in as soaring inflation has pushed up living costs globally. The Israeli city climbed five rungs to score top place for the first time in the authoritative ranking.

Several factors contributed to Tel Aviv's ranking this year, including the increasing value of the Israeli currency, the shekel, which has increased local prices when translated into US dollars. As a result of Israel's successful COVID-19 vaccine rollout, the city's currency has soared against the dollar, propelling its growth.  

Paris and Singapore are now ranked together in second place.

The top-ranking is still dominated by European and developed Asian cities, while North American and Chinese cities are relatively moderately priced. However, there is no clear regional pattern to ranking movements in the past year due to the uncertainties.  

Switzerland's cost of living is notoriously high. The idyllic Alpine lifestyle, political and economic stability, superior healthcare, and high quality of life that Switzerland offers can be pricey. 

While the cost of living in Switzerland is high, it still remains an attractive destination for foreigners.

Hong Kong is known for its many business opportunities and low taxes, making it the crown jewel of Asia. One of the most densely populated cities in the world the city has seen its living costs soar over the past few years. In particular, its real estate market has been consistently ranked as one of the most overvalued in the world.

Living in New York City isn't cheap. Among the highest income taxes in the country are those in New York City, both at the state and local levels. New Yorkers also face some of the most expensive housing in the country. 

Genève is regarded as one of the best cities in Switzerland. It is also known for its culture, traditions, and opportunities for employment.

However, on average, Swiss prices are higher than those in the rest of Europe. In spite of the low taxes and high salaries, Switzerland is one of the most expensive places to live. While the average tax rate is relatively low, but insurance, services, and food are expensive. 

At the eight place is Copenhagen in Denmark. The city has moved up one place, from 9th last year to 8th in 2021. Denmark is known for its high standard of living, its enticing combination of natural splendour and buzzing cities, and its great work-life balance. Its costs of living, however, are high, and depend on your lifestyle and where you live. 

As far as American cities go, Los Angeles is probably one of the best known. Although Los Angeles can be very expensive, many people move to this area because of the food, architecture, weather, Hollywood and movie stars. There's an interesting fact: the price of a home in Los Angeles is 250% more than the national average. 

From fifth in 2020, to ninth in 2021, Osaka actually shifted down a few places. 

The cost of living in Osaka is 23.90 per cent lower than New York, according to Numbeo an online cost of living database. Though rent is not included in this calculation.  

Rent, as usual, is the most expensive part of living in Osaka.