In this article we are going to list the 10 most expensive countries in the world. For a detailed coverage of this topic and a more comprehensive list please take a look at the 35 most expensive countries in the world.
10. New Zealand
Real GDP / GDP by PP ratio: 1.05
Richer nations are more expensive to live in and New Zealand is no exception, after its GDP increased by almost 50% in just the last decade.
9. Denmark
Real GDP / GDP by PP ratio: 1.05
Scandinavian countries dominate the top 10 of our list and Denmark is no exception, with the cost of goods and services being significantly high in the nation.
8. Australia
Real GDP / GDP by PP ratio: 1.07
Right now, Australia is among the most expensive countries because of increasing transportation costs due to shipping container shortages while unseasonal weather has resulted in the price of crops such as green beans rising.
7. Norway
Real GDP / GDP by PP ratio: 1.13
Norway’s wealth comes from its vast oil reserves, which it has used to establish an egalitarian social system, which attempts to minimize inequality among its citizens. This results in a high VAT system and high taxes to maintain the excellent standard of living afforded to its residents.
6. Barbados
Real GDP / GDP by PP ratio: 1.14
Since the majority of produce for Barbados is imported from the U.S., the cost is of course much higher. The country also maintains a high standard of living, which of course, results in a higher cost of living.
5. Cayman Islands
Real GDP / GDP by PP ratio: 1.17
Cayman Islands are well-known for being tax havens, popularized in John Grisham’s book The Firm. Because salaries are tax-free, the VAT on items is higher which means there is a higher cost of living.
4. Switzerland
Real GDP / GDP by PP ratio: 1.19
No one will be surprised to learn that Switzerland is one of the most expensive countries in the world, with one of the reasons being that wholesalers often charge Swiss retailers higher prices than in other markets and is home to some of the most expensive cities in the world.
3. Iceland
Real GDP / GDP by PP ratio: 1.19
Iceland’s economy is mainly dependent on tourism and this is why it is the most expensive country in Europe. Since the population is just around 400,00, most goods are imported which add to the cost of living.
2. Israel
Real GDP / GDP by PP ratio: 1.19
While renting in Israel isn’t as expensive as the U.S., other expenses are much higher. Many sectors in the country act as oligopolies according to analysts which results in higher prices and hence, a higher cost of living. Excessive spending on military to consistently attack Palestine tends to drive up prices of other products too.
1. Bermuda
Real GDP / GDP by PP ratio: 1.29
Surprisingly topping the list of the 35 most expensive countries in the world is Bermuda. According to World Bank economists, the cost of living in Bermuda is twice that of Canada, three times that of the U.S. and four times that of the United Kingdom, which is considered to be among the most expensive countries by most. Even though there are no direct taxes including wealth tax or income tax, you will still need a higher salary compared to most other countries to enjoy a high standard of living.
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