Israel ranked 8th most expensive country to live in
Switzerland is far ahead in first place; Israel plummets to 30th place for local purchasing power.
By OMRI RONmoney(photo credit: REUTERS)
Israel is the eighth most expensive country to live in, according to CEOWORLD Magazine.The country ranks above South Korea (10), Hong Kong (11), France (14), Australia (16) and the US (20), all of which have lower cost of living scores, according to the rankings published on Wednesday.To determine each territory’s placement, researchers based their data on numerous national and international media reports.The rankings are based on five major metrics: cost of living, rent, groceries, eating out and purchasing power.Israel scored 81.15 on the Cost of Living Index, slightly above Singapore and below Luxembourg.The benchmark for all these numbers was set in comparison to New York City, which was given a score of 100; areas that score lower than 100 are cheaper to live in than New York, while those over 100 are more expensive.The most expensive country is Switzerland at 122.4, more than 20 points ahead of Norway and Iceland. Japan, Denmark and the Bahamas are 4th, 5th and 6th, respectively.The cheapest countries to live in are Pakistan, Afghanistan, India, Syria, Uzbekistan, Kyrgyzstan and Tunisia, which have scores of 21-27.Israel is highest in the Restaurant Index at 6th, but falls to 13th in the Groceries Index and 18th in the Rent Index, with a score there about half that of 2nd-place Singapore and far behind first-place Hong Kong. In the Local Purchasing Power Index, Israel is in 30th.
