The survey also found that Tel Aviv has risen to the 14th place in its list ranking the 50 most expensive cities in the world to live in, jumping three places over the last two years during which it was ranked the 17th most expensive city.

Israel's economic hub was given 105 points on the survey's cost of living index, as opposed to 97.7 last year.

In the survey, Mercer ranked 143 cities on 6 continents according to a comparison of the prices of 200 different goods and services to be found in them. These included housing, transport, food, clothing, entertainment and products for the home. The company set New York as the index's base, giving it 100 points, against which it then rated the other cities.

For the third year running, the survey has found Moscow to be the most expensive city to live in, giving it 142.2 points on the index. According to the survey, the least expensive of the top 50 cities to live in is Hamburg, holding at only 89.9 points on the index.

Mercer noted that this year's survey showed the gap between the world's most and least expensive cities seems to be widening, unlike that of last year.

In last year's survey, the company named Tel Aviv as the most expensive city in the Middle East.