In this piece, we will take a look at the 10 countries with the highest cost of living in the world in 2023. For more countries, head on over to 25 Countries With The Highest Cost of Living In The World in 2023.
10. Australia
Insider Monkey’s Cost of Living Score: 118
Australia is an Oceanic country and one of the few in the world to have an entire landmass to itself. It has vast natural resources.
9. State of Israel
Insider Monkey’s Cost of Living Score: 119
The State of Israel is the only Jewish nation in the world. It also has a vibrant technology industry.
8. Denmark
Insider Monkey’s Cost of Living Score: 122
Denmark is a Nordic European country with a $411 billion GDP and one of the highest per capita incomes on the planet.
7. Republic of Ireland
Insider Monkey’s Cost of Living Score: 122
The Republic of Ireland is a European nation with the third highest GDP per capita in the world. It relies on medical products for foreign exchange earnings.
6. Kingdom of Norway
Insider Monkey’s Cost of Living Score: 123
The Kingdom of Norway is a prosperous European nation with a $425 billion GDP and a per capita income of $78,128.
5. Republic of Singapore
Insider Monkey’s Cost of Living Score: 131
The Republic of Singapore, commonly known as Singapore, counts itself among one of the few city states in the world. It is an Asian financial hub and an important port city for the billions of dollars of exports that take place from Asia to the West each year. Singapore has a $701 billion GDP and the second highest GDP per capita in the world. Singapore has also often been criticized for being a tax haven for wealthy individuals due to low levels of income tax. It also houses the highest number of millionaires in the world and has generous social support programs for its citizenry.
4. Commonwealth of The Bahamas
Insider Monkey’s Cost of Living Score: 133
The Commonwealth of The Bahamas is an island region in the North Atlantic Ocean. It has a $16 billion GDP and a per capita income of $40,274. The Bahamas is also a darling of the global hedge fund industry, with most funds having a presence in the country. It also has some of the lowest tax rates in the world, has often been criticized as a tax haven, and was recently at the center of controversy due to the presence of the bankrupt cryptocurrency exchange FTX’s chief executive officer within its shores.
3. Cayman Islands
Insider Monkey’s Cost of Living Score: 152
The Cayman Islands is a British overseas territory and another renowned global tax haven. Its nominal GDP stood at $5.6 billion in 2020 which lent it a stunning per capita income of $85,347. Financial services and tourism account for more than half of the Cayman Islands’ gross domestic product, and its exports are dominated by recreational boats. At the same time, despite having one of the highest per capita incomes in the world, a proportion of the region’s population continues to live in homeless shelters.
2. Swiss Confederation
Insider Monkey’s Cost of Living Score: 154
The Swiss Confederation, also known as Switzerland, is a European nation primarily famous for its banking system. This system is in turmoil these days, as the Swiss bank Credit Suisse has been sold to the financial services firm UBS to avoid a potential hazard for the entire system. Switzerland has a $739 billion GDP and a per capita income of $84,658.
1. Bermuda
Insider Monkey’s Cost of Living Score: 154
Bermuda is another British Overseas Territory and one that is located in the Atlantic Ocean and close to the U.S. Its parliament is the fifth oldest legislature in the world, and the region has a $7.4 billion economy with the fourth highest GDP per capita in the world of $117,097.
Disclosure: None. You can also take a look at 10 High Growth Low Dividend Stocks to Buy and 12 Biggest Health Insurance Companies in the World.
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