A high cost of living can adversely affect a country’s overall quality of life in numerous ways.
It can pose challenges for individuals with lower incomes,
like low-wage workers and retirees on fixed pensions, by making it tough to cover essential expenses such as housing,
utilities, groceries, clothing, and transportation.
Even those with middle and higher incomes,
while meeting their basic needs, may have less left for savings, leisure,
their children’s education, and retirement planning.
Furthermore, a high cost of living can diminish a country’s appeal to tourists and
expatriates, who may find their money doesn’t stretch as far as it does elsewhere.
To determine the cost of living in a specific area,
it typically involves assessing the prices of various goods and services,
encompassing rent or mortgage, utilities, groceries, and even items like shoes, and then comparing these costs to those in other locations.
This final figure is often benchmarked against a reference location, often a city with a reputation for high expenses, such as New York City.
While there’s no absolute uniformity in rankings of costly countries,
differences in methodology among research organizations and the inclusion or exclusion of specific regions or data sources contribute to variations.
Nonetheless, reviewing multiple lists can unveil discernible trends.
Top 10 Most Expensive Countries to Live In (per month US$) – Living Cost:
1. Monaco - $3,743
2. Cayman Islands (UK Territory) - $2,844
3. Switzerland - $2,497
4. Ireland - $2,316
5. Liechtenstein - $2,306
6. Iceland - $2,207
7. Singapore - $2,169
8. Luxembourg - $2,163
9. Norway - $2,074
10. United States - $1,951
Top 10 Most Expensive Countries to Live In (New York City, USA = 100) – Numbeo:
1. Bermuda (UK Territory) - 126.71
2. Switzerland - 92.59
3. Jersey (UK territory) - 80.36
4. Hong Kong (China) - 79.31
5. Luxembourg - 75.53
6. Iceland - 75.12
7. Singapore - 74.46
8. Norway - 72.72
9. Denmark - 63.53
10. Ireland - 63.18
**Top 10 Most Expensive Countries to Live In (Global average = 100) – Global Economy:
1. Bermuda (UK Territory) - 225.86
2. Iceland - 209.10
3. Switzerland - 197.89
4. Norway - 186.52
5. Denmark - 171.78
6. Barbados - 169.90
7. Australia - 168.02
8. Israel - 167.52
9. New Zealand - 160.18
10. Bahamas - 158.09
Many of the world’s Expensive countries can be categorized into two groups:
exotic vacation destinations like Monaco, the Cayman Islands, and Bermuda, or Northern European nations, such as Switzerland, Iceland, and Norway.
Bermuda, a UK-controlled island territory, ranks as the most expensive across two surveys, with a Numbeo score of 126.71.
In Bermuda’s capital, Hamilton, a 900-square-foot apartment can cost a staggering $4,058 per month.
Switzerland, known for its high food prices within the European Union,
and Iceland, due to its remoteness and resulting higher shipping costs for consumer goods,
consistently feature among the priciest countries.
Iceland, despite its cost, offers numerous benefits, such as being consistently ranked as the world’s safest country.
Norway makes appearances on all three lists, but its high score doesn’t tell the entire story.
Norway boasts high wages, smaller income disparities compared to the United States, and living wages for those in the service industry, education, and the public sector.
Additionally, Norway’s progressive taxation system imposes some of the world’s highest taxes but provides its citizens with free universal healthcare and college education.
Surprisingly, the United States only ranks in the top 10 on one of the three lists.
While it does have expensive cities like New York City, San Francisco,
and Chicago, lower costs in rural areas lower the national average.
For a comprehensive look at all countries and their scores, refer to the table below.
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