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Context:

• Recently, the Worldwide Cost of Living report has been released highlighting that Tel Aviv (Israel's capital) is the world’s most expensive city to live in.
• The report is compiled by the Economist Intelligence Unit (EIU). It compares the cost of living indices in different cities.

Findings of the Report

• In the 2021 report Paris and Singapore came joint second, followed by Zurich and Hong Kong.
• New York came in sixth, and Geneva took seventh place.

Report Methodology: 

• The index is benchmarked against prices in New York City, hence cities with currencies that are stronger against the US dollar are likely to appear higher in the rankings.

About Economic Intelligence Unit:

• The Economist Intelligence Unit is the research and analysis division of The Economist Group, which is the sister company to The Economist newspaper.
• The EIU also releases the Democracy Index, which provides a snapshot of the state of democracy worldwide in 165 independent states and two territories.

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