According to the latest Economist’s Intelligence Unit annual report, Tel Aviv is now the 9th most expensive city in the WORLD! It outranked both New York City and Los Angeles, which ranked 13th and 14th, respectively. While the falling value of the dollar had some influence on the rankings this year, it is also a testament to Israel’s strong economy, which is only showing signs of strengthening. But with stagnant wages, high taxes, and an ever-rising cost of living, Israelis still face more month at the end of their pay cycles. Also, the gap between the rich and the poor is widening, which means the middle class is slowly disappearing. These are all things to be concerned with, but we should also be encouraged that certain industries in Israel – namely high tech and pharmaceuticals – are strengthening the future for the next generation of Israelis.
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