In this article, we will talk about the 10 most expensive countries in the world to live in. If you want to read our detailed analysis head straight to the 35 Most Expensive Countries in the World To Live In.
10. Denmark
Cost of Living Index (2023 Mid-Year): 79.2
Denmark has significantly higher wages and taxes, a primary reason for the high cost of living index. While Denmark is one of the most expensive countries to live in, the quality of life is relatively high.
9. Norway
Cost of Living Index (2023 Mid-Year): 82.2
While Norway is an expensive country, workers in the country also enjoy high hourly pay rates. The difference in salaries is minimal, therefore, naturally pushing the prices for domestic goods and services.
8. Jersey
Cost of Living Index (2023 Mid-Year): 82.6
Jersey is a small island, and therefore, has limited space to accommodate the entire population. This pushes the prices up significantly for housing.
7. Barbados
Cost of Living Index (2023 Mid-Year): 84.2
Barbados is one of the most expensive countries to live in, with a cost of living index of 84.2. The country heavily relies on imports to meet local demand and, therefore, has little control over the domestic prices of goods and services.
6. Singapore
Cost of Living Index (2023 Mid-Year): 85.9
There are a lot of factors contributing to the rising cost of living in Singapore. The country has recently experienced a rise in the average standard of living and the value of its currency. Such factors have naturally pushed up domestic prices.
5. Iceland
Cost of Living Index (2023 Mid-Year): 87.7
With a cost of living index of 87.7, the country is one of the most expensive countries to live in. While the country may be expensive, the average salaries in the country are also relatively higher than most countries in the region.
4. Bahamas
Cost of Living Index (2023 Mid-Year): 93.7
The Bahamas is an Island and, therefore, relies on imports to run the country. Customs, transport costs, and high labor costs eventually push up domestic prices of goods and services.
3. Cayman Islands
Cost of Living Index (2023 Mid-Year): 115.4
With a cost of living index of 115.4, Cayman Island ranks as the third most expensive country to live in. The cost of living in the country is almost 52% higher than the cost of living in the United States.
2. Switzerland
Cost of Living Index (2023 Mid-Year): 117.3
Switzerland is the second most expensive country to live in. However, people in Switzerland enjoy a high standard of living, eventually pushing domestic prices up.
1. Bermuda
Cost of Living Index (2023 Mid-Year): 141.1
Bermuda is the most expensive country to live in with a cost of living index of 141.1. Since the imports for the country are high, the retail prices of basic goods and services are significant due to heavy customs, high transport costs, and increasing labor costs.
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