9 Crazy Financial Statistics About Israel
Will Israel’s Cost Of Living Fall Post-COVID?
I’ve made the point repeatedly that Israel’s cost of living — and more presciently the average real income — presents a major problem for the country’s future.
My motivation for writing about these dynamics is two-fold.
Firstly, for the future of Zionism, I think that Israel needs to be a country that everybody can afford to live in. Whether they’re a bus driver or an algorithm engineer.
Secondly, to my mind, this dynamic is perpetually ignored in Israeli elections, of which there have been many recently.
Statistics mount but these issues receive relatively scant attention in Israeli political discourse which, recently, has been almost entirely occupied by the question of whether the incumbent Prime Minister, Benjamin Netanyahu, is fit to remain in office. Israeli voters also seem unwilling to make this issue a priority.
Some of these statistics are more recent and some are older. They’re not intended to criticize Israel. But rather to make the case that, collectively, they show that Israel needs to do more to ensure that it is an affordable place to live.
2nd Most Expensive Real Estate In The World (Relative To Income)
Israel was recently ranked second out of 39 countries for real estate prices. According to The Jerusalem Post, Austria-based Compare The Market clocked in Israel’s real estate as costing $9,780 per square meter on average.
Israel listed as second most expensive country to buy a home
Israel was listed as the second most expensive country in which to buy a home, according to research performed by…
The research, the newspapers said, considers the price of property in relation to the average income in a country.
Israel ranked below South Korea but above Switzerland, Luxembourg, and Japan.
8th Most Expensive Cost Of Living
Last year, CEOWORLD Magazine listed Israel as having the eighth highest cost of living in the world.
Israel ranked 8th most expensive country to live in
Israel is the eighth most expensive country to live in, according to CEOWORLD Magazine. The country ranks above South…
According to The Jerusalem Post, CEOWORLD’s ranking were based on five metrics: cost of living, rent, eating out, groceries, and purchasing power.
Most Expensive Countries In The World To Live In, 2020 > CEOWORLD magazine
Switzerland is officially the most expensive nation on earth to live in, according to a report from the CEOWORLD…
Israel’s position at number eight on the league table placed it above Ireland (13), the UK (27), the UAE (32), Singapore (9), and Hong Kong (11).
2nd Highest Prices in OECD Except Japan (Relative To Income)
The Times of Israel cites Gilad Brand as stating that, relative to other OECD countries, Israel’s cost of living was higher than in every OECD country except Japan.
Sure you can make it in Israel - if your parents help, say economists
There's an old saying among olim - immigrants to Israel - that if you want to make a small fortune in Israel, come with…
Note: this article was published in 2016,
148 Monthly Salaries To Buy A Home
The above article also cites Eitan Regev of the Taub Center for Social Policy Studies in Israel as stating that the number of monthly salaries required to afford a downpayment in Israel is 148, more than double the equivalent figure for the US (66).
Regev said the trigger for this impoverishment of households was the market rise in the prices of housing. Prices have risen 6 percent a year since 2007 and it now costs 148 monthly salaries to buy a home here, compared with 76 in France and 66 in the U.S.
42% Of Israeli Households Have Overdrafts
For many Israelis, affording Israel is about living in ‘minus’ (pronounced ‘mee-noos’ in Hebrew; translation: overdraft).
42% of Israeli households have overdrafts
The Central Bureau of Statistics reported today the figures for household ownership of financial assets for 2018 data…
Some eye-popping statistics about the prevalence of living in debt were published last year.
According to research from the Central Bureau of Statistics (based on data from 2018):
- 42% of Israel’s households had an overdraft in at least one of the past 12 months
- 22% of households reported having an overdraft in 10 or more months in the past year
- 29% of households had loans not related to mortgages
1.8 Million Israelis Live In Poverty
1.8 million Israelis, half of them children, live in poverty.
1.8 million Israelis, half of them children, live in poverty - government
Poverty in the Israeli population rose by a percentage point in 2018, according to an annual report released by the…
That figure placed Israel second to bottom in the OECD’s poverty rankings, according to the Times of Israel.
The data did not include East Jerusalem residents.
The rate of poverty among Arabs remained higher than the general population, at 44.2%.
Relatively High Income Inequality
The Gini coefficient is an estimate of the level of income distribution in a society.
Israel's economic inequality worsened in 2018, for first time in 5 years
The gap between Israel's richest and poorest stopped narrowing in 2018, when it began to grow for the first time in…
Israel retains relatively high levels of income inquality, according to national statistics.
Salaries in Israel’s technology sector dwarf those paid out to the rest of the workforce. In fact, the difference is more than two-fold.
Coupled with the relatively high poverty levels, it isn’t hard to see why income distribution in Israel remains reasonably unequal.
Tel Aviv 7th Most Expensive Expat City
CNBC recently totted up the cost of living in 2018 cities in 121 countries and found that Tel Aviv had the seventh highest cost of living for expats.
Tel Aviv ranks seventh on list of most expensive cities for expats
Tel Aviv ranked No. 7 on the list of most-expensive cities for expats to live in, CNBC reported. The report, based on…
That reporting was based on findings from ECA International.
Cost of Living
ECA's rigorous cost of living methodology has been developed over more than 40 years. We use a multi-source approach…
Average Salary 11,459 NIS / Month
Salaries in Israel are quoted monthly in the New Israeli Sheqel (NIS).
Average salary in Israel falls to NIS 11,459
The average monthly salary in the Israeli economy in May was NIS 11,459, down from NIS 12,137 in April but up from NIS…
At the time of writing, the latest figures show that the national average salary was 11,459 NIS. However, the technology sector had a separate average of 24,773.
At the exchange rates prevalent at the time of writing, that puts Israel’s national salary, annualized at:
By contrast, salaries in Luxembourg, which was one place “ahead” of Israel on CEOWORLD’s cost of living ranking, are close to €66,000.
Salaries: These are the best paid sectors in Luxembourg
In general, the annual salary for a job in Luxembourg is very high compared to other EU Member States. But not all…
Salaries in Singapore, however, which was one place “behind” Israel on CEOWORLD’s cost of living ranking, are more comparable to Israel’s.
According to the Singaporean Ministry of Manpower (MOM), the latest median gross monthly income is $S 4,534 = $3,397 (USD). That equates to an annual income of $40,764, slightly less than Israel’s.