October 20, 2021
Technology

Tech boom floods Israel’s Silicon Valley with cash, exposing divisions

The 43-year-old, who routinely wears shorts and a T-shirt to work, is one of a generation of Israelis who have become millionaires through the country’s red-hot technology industry, and who are transforming Tel Aviv.

“Even if you don’t belong to tech, there’s a very good chance that it’ll be easier to make a living [here], because there’s money to be spent,” said Mr. Zohar.

As with U.S. cities such as San Francisco and Austin, the tech boom has fueled a surge in building, and in investment in entertainment and leisure. The skyline in Tel Aviv, the center of Israel’s tech industry, is quickly changing. Five of the skyscrapers now under construction will be among the city’s 10 tallest once completed.

However, the boom has increased housing and living costs and the wealth gap threatens to exacerbate Israel’s cultural,…

Read full article here: www.livemint.com