We have long-since brought you the list of most expensive countries in the world and it’s time to start dissecting this “third rock from the Sun” of ours which we shall start by bringing you this list of 11 most expensive countries in Asia. Taking a look at just mentioned list of top 15 most expensive countries in the world – 2014 could be a good idea asm well in order to see which of the Asian countries (if any) have found their place in the select company of world’s most expensive countries. I am choosing the term most expensive over elite on purpose because some countries don’t have the economies to follow exorbitant prices of consumer’s baskets.
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Most of the Asian countries are still developing and as such tend to exhibit lower costs of living. However, a few of those that will top our list stand as contrast and manage to keep up with world’s most developed countries. Our main source has been Numbeo. It’s an online database which serves as cost of living comparison between world’s countries and cities, and as such isn’t as precise as we would have liked it to be. However, by looking at some more reputable sources like The Economist’s Worldwide Cost of Living 2015 report and UBS Wealth Management’s Price & Earnings Edition 2015, we have been able to confirm Numbeo’s results. Trick is – these couple reports (and most other reports out there) rank cities; not countries. You have to note that living costs are always higher in any country’s urban hubs than in rural areas. That being said, actual country’s CPI’s are usually lower than it is the case with their listed city CPI’s.
Speaking of CPI’s (Consumer Price Index) – this will be the main criterion for determining which of the 11 most expensive countries in Asia takes which spot. CPI measures periodical changes in the price level of most basic services and consumer goods necessary for every modern household. However, consumer basket isn’t the only expense a household has. While restaurants, night clubs and similar commodities can be considered as luxury, rent and groceries certainly can’t be. This is why we have decided to collect the median value of the consumer price, rent and groceries indexes in order to bring you the most accurate possible result. Purchasing power index wasn’t taken into consideration as it only affects the local population which isn’t intended as this article’s target group. The final average price index can further be compared with the base index of 100 which is the index of prices in New York City.
11. Taiwan (Chinese Taipei)
Average price index: 47.01
Taiwan is officially Chinese territory, but enjoys vast autonomy and has to be considered as separate territory in this regard. Taiwan’s CPI and groceries indexes are higher than the average at 57.06 and 66.73 respectively, but low rent costs with the index of 17.23 lower the overall figure into the high forties.
10. Lebanon
Average price index: 50.29
Small Middle Eastern country of the Levant can boast with snowy peaks and sandy beaches within less than 50 miles from one another. It seems that unstable situation in the region is the only, but significant hindering factor to Lebanese tourism. Even prices aren’t that high as they are roughly two times more affordable than in the Big Apple. CPI amounts to 67. 61, while rents and groceries have the indexes of 31.68 and 51.59 respectively.
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9. Cyprus
Average price index: 51.59
Another country on the Levant – Cyprus rates similarly to Lebanon. It has both larger CPI of 72.52 and groceries index of 66.06, but rents cost roughly six times less than in New York. Their index amounts to only 16.2 making it the lowest on this list of 11 most expensive countries in Asia.
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8. Israel
Average price index: 59.58
We’re continuing with the Levant countries, and Israel is its centerpiece. By looking at CPI alone (79.29), Israel would have rated higher on our list, but lower rent index of 30.26 and below average groceries index of 69.19 place it in the eighth spot.
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7. Japan
Average price index: 64.25
Land of the rising sun has rather high CPI of 80.36. Still, rents across the country are rather low, and their index amounts to 29.71. This doesn’t mean that every single city in Japan is affordable in terms of rents. Larger cities are, naturally, more expensive. Finally, groceries basket index for Japan is as high as the CPI and reads 82.68.
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6. United Arab Emirates
Average price index: 64.77
With Abu Dhabi and Dubai being a couple of most prominent Emirates, it’s no wonder why this Arabian peninsula country finds itself in such high position in regards to expensiveness. CPI index amounts to 67.16, while rent and groceries indexes fall in just behind with the figures of 66.86 and 60.3 respectively. It seems that everything in Emirates costs two-thirds of the New York’s prices.
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5. Qatar
Average price index: 71.9
In UAE’s neighborhood, you’ll find another oil-rich country with relatively high prices and even higher purchasing power of the local population. Qatar’s CPI is nicely rounded off at 74, while rent and groceries indexes read 76.31 and 65.4 respectively.
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4. South Korea
Average price index: 72.17
Fourth spot on our list of 11 most expensive countries in Asia belongs to South Korea. Korean CPI amounts to 82.9 and with it, far eastern country ranks third overall. However, even high groceries index of 98.06 wasn’t enough to actually put it there because of rather low rent index of 35.55.
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3. Hong Kong
Average price index: 78.59
Like Taiwan, Hong Kong too is autonomous part of The People’s Republic of China. Hong Kong has been graced by the unique status for more than a century, however, and is usually ranked separately. This is the case here as well where it ranks third overall. CPI is 75.23, rent index amounts to 81.09 and groceries index stops between the two at 79.46.
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2. Kuwait
Average price index: 84.11
Kuwait might be a small Gulf of Persia country, but its oil reserves are among largest in the world. This is the main reason for country’s prosperity and CPI of 92.97. Groceries index is higher than in New York at 118.45. It’s actually the highest on the list by far. However, low rent index of 40.91 hinders Kuwait from taking the first spot.
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1. Singapore
Average price index: 86.58
First spot on our list of 11 most expensive countries in Asia belongs to world’s second busiest port – Singapore. City-state of Singapore has the largest CPI on the list, amounting to 93.61. Rent and groceries indexes are close by too at 84.62 and 81.52 respectively making Singapore the most expensive Asian country overall.
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