What it’s like to be a billionaire in Tel Aviv, one of the most expensive cities in the world, where old wealth and new tech money live side by side

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• Tel Aviv ranks as one of the world’s most expensive cities for 2019.
• It’s the second-largest city in Israel behind Jerusalem, with a population of 430,000 people.
• The city is a hotspot for tech startups and luxury real estate, making it a prime location for Middle Eastern billionaires.
• Visit Business Insider’s homepage for more stories.

Tel Aviv is one of the hottest cities in the Middle East.

On top of its rich history, Tel Aviv is home to some of the coolest tech startups, whose execs help contribute to the city’s wealthy population. Additionally, the city boasts offices for American tech giants such as Google and Facebook.

Read more: McDonald’s, Nvidia and Salesforce all want a bite of the Tel Aviv tech crop. Here’s what you need to know about Israel’s bustling M&A scene.

Second only to Jerusalem in terms of population, Tel Aviv has recently seen an increase in tourism. The seaside location once again ranked as one of the world’s most expensive cities; this year, Tel Aviv tied for tenth place on the list with Los Angeles.

Billionaires in Tel Aviv include real estate mogul Eyal Ofer and heiress Shari Arison — the richest woman in Israel. Many billionaire homes and shopping centers are found in the historic Rothschild area, which features Bauhaus architecture and a booming real-estate market.

As The Wall Street Journal’s Ruth Bloomfield wrote in 2015, "Wealthy Israelis have long gravitated to Tel Aviv’s cosmopolitan atmosphere, but this old money has more recently been joined by young entrepreneurs who have made their fortunes in tech startups, a major growth sector in Israel."

Keep reading for a look at luxury lifestyle in Tel Aviv.

Tel Aviv is a bustling, seaside city in Israel.

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Founded in 1909 as Ahuzat Bayit, the city’s name was changed in 1909 to Tel Aviv, which means "hill of spring." The city was recently named one of the most expensive cities in the world.

 

The city is located 43 miles from the capital city of Jerusalem, along the coast of the Mediterranean Sea.

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The city is within driving distance of two major airports — international hub Ben Gurion International Airport and domestic-focused Sde Dov Airport.

Tel Aviv is home to approximately 430,000 people.

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The city is one of the largest in the country by population, second only to Jerusalem.

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Source: Business Insider – feedback@businessinsider.com (Marissa Perino)