Have you ever wondered where in the world the most expensive place to live is?
The most expensive countries to live in are ranked based on the price of consumer goods, which includes groceries, restaurants, transportation, and utilities, but excludes the cost of accommodation.
If you have been wondering what the most expensive countries in the world to live in, you are in the right place because this article provides 10 of them.
Table of contents
Benefits of Living in the Most Expensive Countries
If you live or plan to live in any of the most expensive countries, then, of course, there are some privileges which you are bound to enjoy. Some of these benefits are-
#Career and Business Opportunities
Only the rich live in the most expensive countries. As such, you can rest assured that there would be a lot of career and business opportunities.
The poor in these expensive countries are considered rich when they visit other countries and the rich, well, the rich are richer.
#Economy
The economy in the most expensive countries to live in are stable. This stable economy helps to boost the potential and growth of businesses. A booming economy attracts professionals and businesses to the area to reap the benefits.
#Education
The most expensive countries to live in are home to highly competitive and well renowned international schools. This advantage allows ex-pat families to plan for the future of their children.
#Healthcare
Being home to rich people, the healthcare in the most expensive countries to live in is top-notch. The government mostly shoulders the majority of the medical needs of registered citizens that have stayed for three months.
Those with serious illnesses like cancer can avail of 100% coverage from state health insurance.
Disadvantages of the Most Expensive Countries.
Even with all these benefits, you would enjoy as listed above, you would also come across some disadvantages. Make sure you weigh your odds before you move to any of these expensive countries. The cons are-
#Expensive commodities
Commodities and rentals are all tied to the wages of people living in the area. If the majority of the workforce are earning six-figure salaries. It is highly likely to be reflected in the cost of everything in the area.
#Cost of housing
The cost of housing would be on the high side as well. If you opt for having a more comfortable lifestyle, the options are to either set yourself up for a high-paying job or compromise by moving to a cheaper suburb.
#Stiff Competition
In both career and business, there’ll be a wide array of competition ahead of you, but this is where individuals and businesses thrive. Make sure you’re wholeheartedly ready for the ride ahead.
#Spending
The majority of these cities are full of attractions and activities for visitors and locals. There is always a temptation to spend, so working out your priorities and cost of living will help you enjoy everything these cities have to offer.
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10 Most Expensive Countries to Live In
#1. Iceland
Iceland is one of the most expensive countries to live in. It has been said that its high cost of living isn’t due to housing. You can rent a home for less than half of what you could in the Big Apple. It’s the food in Iceland that is pricey.
You could spend 33% more to eat out and 19% more on groceries compared to New York. And the local purchasing power is lower than all but one of the other top 15 most expensive countries.
- Cost-of-living index: 123.96
- Local purchasing power: 87.84
#2. Switzerland
Switzerland is another country that is quite expensive to live in. This is mostly because of the taxes you would be required to pay. You would pay taxes that could run up to 40%. You are taxed on income, food, and even housing.
However, Swiss citizens at least enjoy purchasing power that’s 26% higher compared to New York. The catch here is that even though Switzerland is expensive, the salaries are typically high to match the cost.
However, if you are retiring or planning to move to Switzerland temporarily, except you have a hob beforehand, the cost of living could take a toll on your savings.
- Cost-of-living index: 131.39
- Local purchasing power: 126.15
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#3. Norway
Rent in Norway costs under half as much as in the U.S., but the food is pricey. Norway ranks as the third costliest in the world for groceries and eating out, with restaurant food prices up to 25% higher than in New York City.
Norway is known for fishing, hiking, and skiing. They love the outdoors a lot even though everything you touch would cost you way more than it would in other countries.
- Cost-of-living index: 113.70
- Local purchasing power: 107.95
#4. Barbados
Kicking off our list of the 10 most expensive countries to live in worldwide, is Barbados. With a total population of 285,719 people, Barbados is the fourth-most densely populated country in the Americas and, its capital city, Bridgetown, has approximately 110,000 people living in it.
To rent a one-bedroom studio apartment in Bridgetown, you’re looking at spending around $500 a month, or $100 a night in an Airbnb.
A basic meal out will cost you no less than $13. A beer is around $6.50 and coffee is approximately $5.00 depending on where you go.
$2,061
#5. Japan – $2,612
Another country in this list of most expensive countries to live in is Japan. Japan’s Capital City and the largest city in Japan, has an approximate population of 37 million people.
To rent a one-bedroom studio apartment in Tokyo, you’re looking at spending in the region of $1,370 a month, or $111 a night in an Airbnb.
Eating out varies in price, but as an average for one person, you should be looking at spending around $15.00 for a basic meal and around $6.00 for a beer.
An advantage is that no matter what you are buying in Japan, you can be sure to get value for your money.
- Cost-of-living index: 86.58
- Local purchasing power: 107.35
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#6. The Bahamas – $2,704
The next most expensive country in the world to live in is The Bahamas. Made up of over 700 islands, the Bahamas has an approximate population of 389,482 million people living across its 13,943km² landmasses.
If you’re thinking about visiting the Bahamas, then you should budget approximately $950 a month for a one-bedroom studio apartment in the city, or $149 a night for an Airbnb.
You’ll need to take at least $50-$100 with you when you go out for a meal and some drinks, as a basic meal costs around $15-$20, and a beer will cost you around $2.50. Coffee is a little on the expensive side, at around $5 each.
The high price of living in the Bahamas is mostly attributed to the fact that it is a hotspot for tourists. As such, there is a hike in almost everything, especially the areas with islands.
- Cost-of-living index: 100.68
- Local purchasing power: 71.40
#7. Luxembourg – $2,751
One of the smallest countries on our list, Luxembourg, is also one of the smallest sovereign nations on the planet, and it won’t leave you with a lot of wiggle room when it comes to your monthly expenses.
Luxembourg is a landlocked country, located in western Europe, and has an estimated population of 620,319 people. When you arrive in Luxembourg City, you can expect to pay around $1,322 per month for a one-bedroom studio apartment, or $80 a night in an Airbnb.
Luxembourg seems like it’s slightly more expensive than the Bahamas when it comes to luxuries like beer and coffee, as one beer will cost you around $9 and coffee will set you back $6.
Eating a basic meal out will cost between $17-$25 for one person depending on what you order.
- Cost-of-living index: 96.56
- Local purchasing power: 116.73
#8. Israel
Although Israel has a high cost of living, it’s still 13% cheaper than life in New York City. The biggest savings come from the rent, which is 64% cheaper by comparison. Israel’s cost of living is significantly higher than all of the other countries in the region.
It is comparable to other highly developed countries in terms of cost. This comes as no surprise because Israel was ranked 19th out of 189 countries on the 2019 UN Human Development Index, indicating “very high” development.
With its cost-of-living index at 86.53, Israel has also been considered a high-income country by the World Bank.
- Cost-of-living index: 86.53
- Local purchasing power: 102.30
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Conclusion
A high cost of living in the most expensive countries can impact a country’s quality of life in many ways.
For those on the lower end of the economic scale, such as low-wage workers or retirees on fixed incomes, a high cost of living can make it difficult to keep up with the cost of necessities such as housing, utilities, groceries, clothing, and transportation.
Middle- and higher-income individuals fortunate enough to cover the basics without worry will still find less left for savings, vacations, their children’s education, and retirement. Be sure to do your proper research before finally deciding.
Frequently Asked Questions
Living in an expensive city has several advantages. You will be in a more walkable area and you won’t have to drive everywhere.
For many, this factor alone makes it worth paying a premium for living in expensive cities. You have access to the type of jobs and industries that simply don’t exist elsewhere.
Island, Switzerland, and Norway are the most expensive countries to live in.
When you live in the most expensive countries, of course, you should expect a high cost of living. Of course, this would affect your daily life.
Yes. You would have access to a more professional opportunity. The job market is solid, employment options are plentiful, and occupations are easily available. There are lots of networking opportunities and sponsorship opportunities too.
Sudan, Kyrgyzstan, Azerbaijan, and Burma are the cheapest countries in the world.
References
- ceoworld.biz– most expensive countries to live in
- mauvegroup.com– 5 most expensive countries to live in
- theceomagazine.com– most expensive countries
- businessinsider.com– most expensive countries to live in
- indiatimes.com– Worlds most expensive countries to live in
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