The Israeli city climbed five rungs to score top place for the first time in the authoritative ranking compiled by the Economist Intelligence Unit.

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

Tel Aviv climbed the rankings partly due to the strength of the national currency, the shekel, against the US dollar, as well as increases in prices for transport and groceries.

Paris and Singapore came joint second, followed by Zurich and Hong Kong. New York was in sixth, with Geneva in seventh.

Rounding off the top 10 were Copenhagen in eighth, Los Angeles in ninth and Osaka, Japan, in 10th. Damascus was ranked the world’s cheapest city to live in.

Last year, the survey put Paris, Zurich and Hong Kong in joint first place.