25 Most Expensive Countries in the World

Published on June 22, 2023 at 11:01 am by Insider Monkey Staff in Lists, News

In this article, we will take a look at the 25 most expensive countries in the world.

Ever thought about the country you live in? How is the economy of your country as compared to others in the world? How much do you pay for food, clothes, and housing? What are the tax totals on all the goods and services you use? If faced with a medical emergency, how much do you pay for medical facilities? Well, you might just find something on our list of the 25 most expensive countries in the world. Who knows, maybe you will see your country here and perhaps consider moving to a cheaper country if presented with an opportunity.

Switzerland is usually among the most expensive nations on earth to live in, in other source’s reports. Only about 40% of people own their own houses in Switzerland. Lausanne is the most expensive place, with average mortgage payments equaling 61.5% of income. A three-course meal for 2 people at a mid-range restaurant in the country costs around $110. A family of four’s estimated monthly cost is about $5,900 without rent. A single person’s estimated monthly costs are $1,600 excluding rent. But times have changed since Switzerland is not the most expensive country in the world anymore, Bermuda is. A three-course meal for 2 people at a mid-range restaurant in Bermuda costs around $150. A family of four’s estimated monthly cost is about $6,730 without rent. A single person’s estimated monthly costs are $1,850 excluding rent.

According to Mercer Cost of Living, Hong Kong, Beirut, Tokyo, Zurich, Shanghai, and Singapore are among the most expensive cities to live in, as of 2021. Ashgabat, the capital of Turkmenistan, has the title of the most expensive city in the world to live in. Other cities which are ranked high on Mercer’s rankings are Beijing, Bern, Geneva, and New York City. If you plan on buying a property abroad, you should note that some of the cities which are placed at the top of the list of the most expensive cities to buy a house are Geneva, Singapore, London, Tokyo, Paris, and New York City. The most expensive city in the world to buy a house in is Hong Kong, where the average buying price is $28,750 per square meter.

Even if a country has cities that offer cheap rent and bargain prices on food, it could be pricey in other areas. High taxes, low wages, and above-average transportation costs can all contribute to a high cost of living for residents. Just consider Geneva, Switzerland. The average monthly rent for a 120 square meter property which is usually an apartment in the city stands at $4,900. In Hong Kong, which we mentioned to be the most expensive city for housing, The average monthly rent for a 130 square meter property is about $7,267. If you look at the income tax on rent, the effective rate for Switzerland stands at 48.56% and if you compare it to that of Hong Kong, you will see that it is a mere 11.40%. These estimates are sourced from Most Highly Taxed Countries by Global Property Guide.

Amid increasing prices all over the world, the demand for off-price, discount retailers like Target Corporation (NYSE: TGT), Walmart Inc. (NYSE: WMT), Best Buy Co., Inc. (NYSE: BBY), Costco Wholesale Corporation (NASDAQ: COST), and Macy’s, Inc. (NYSE: M) is increasing.

25 Most Expensive Countries in the World

Our Methodology

To compile our list of the 25 most expensive countries in the world, we used several sources of data, all of which have to do with costs of living. We consulted data provided by Expatistan. Furthermore, We sourced cost of living and local purchasing power indices from Numbeo, who collect data based on surveys. We sourced the buying price per square meter in various cities from the Global Property Guide, which is an authoritative source of information on buying overseas property. We also took into account the ranking of cities based on the cost of living, provided by Mercer. The capital is usually where the prices are higher compared to the rest of the country, which is why we believe, looking at the respective rankings of the countries and their capitals allows for an interesting analysis.

So without further ado, let’s take a look at the 25 most expensive countries in the world.

25 Most Expensive Countries in the World

25. Malta

Cost of Living Index: 72.92

Local Purchasing Power Index: 36.73

Let’s kick it off with Malta, which is the 25th most expensive country in the world. Malta is known for historic sites related to a succession of rulers including the Romans, Moors, Knights of Saint John, French and British. The capital of Malta is Valletta. The buying price of property per square meter in Valletta sits at $ 5,674. Monthly rent costs for a 120 square meter apartment are estimated at $1,830. If a family of four is to live in Malta, they would have to manage $ 3,252 per month apart from the rent. For a single person, the monthly expenses excluding rent drop down to $887.

24. Seychelles

Cost of Living Index: 74.07

Local Purchasing Power Index: 16.86

Up next we have Seychelles among the 25 most expensive countries in the world. Seychelles belongs to East Africa and is home to numerous beaches, coral reefs, and nature sites, as well as rare animals such as the giant Aldabra tortoises. Mahé is a hub for visiting the other islands and is home to the capital Victoria. Victoria is ranked at number 159 on Mercer’s 2021 rankings of the most expensive cities in the world. Seychelles also has the mountain rainforests of Morne Seychellois National Park and beaches, including Beau Vallon and Anse Takamaka. Yes, it is indeed a country one must visit, but it is expensive to live in. The cost of living index for Seychelles is estimated to be 74.07 and coupled with the extremely low local purchasing power index of 16.86 makes Seychelles one of the most expensive countries in the world.

23. Austria

Cost of Living Index: 74.87

Local Purchasing Power Index: 68.69

Austria, officially known as the Republic of Austria, is a landlocked East Alpine country in the southern part of Central Europe. It is composed of nine federated states, one of which is Vienna, Austria’s capital and largest city. Vienna is also the 37th most expensive city in the world. The buying price for property in Vienna is about $11,915 per square meter. Monthly rent costs are estimated at $2,250. If a family of four is to live in Austria, they would have to manage $3,504 per month apart from rent. For a single person, the monthly expenses excluding rent drop down to $1,000.

22. Belgium

Cost of Living Index: 75.79

Local Purchasing Power Index: 70.12

Belgium is also one of the 25 most expensive countries in the world. The capital, Brussels, moved 25 places up on the list of the most expensive cities in the world and is currently ranked at number 53. The buying price for property in the capital of Belgium is about $3,932 per square meter. The monthly rent for a 120 square meter apartment stands at $1,720. For a family of four, the estimated monthly expense is $3,384 excluding rent. For a single person, this number drops down to $949.

21. Sweden

Cost of Living Index: 75.89

Local Purchasing Power Index: 85.44

Moving on we have Sweden, which has a cost of living index of 75.89. Stockholm moved up from 133 last year to 72 this year on Mercer’s 2021 rankings of the most expensive cities in the world. The buying price for property in the capital of Sweden is about $8,669 per square meter. Stockholm has a cost of living index of 82.97. If a family of four is to live in Sweden, they would have to manage $3,568 per month apart from rent. For a single person, the monthly expenses excluding rent drop down to $963.

20. New Zealand

Cost of Living Index: 76.31

Local Purchasing Power Index: 74.89

New Zealand is the 20th most expensive country in the world. Wellington, the capital of New Zealand, is the 94th most expensive city in the world. Wellington has a cost of living index of 77.68. The estimated monthly living costs for a family of four are $3,430, excluding rent. For a single person, these expenses drop to $952 per month. New Zealand has a cost of living index of 76.31 and a local purchasing power index of 74.89. These indices make it rank amongst the 25 most expensive countries in the world.

19. Finland

Cost of Living Index: 76.35

Local Purchasing Power Index: 80.11

Finland belongs to North Europe and borders Sweden, Norway, and Russia. Its capital, Helsinki, occupies a peninsula and surrounding islands in the Baltic Sea. Helsinki is home to the 18th-century sea fortress Suomenlinna, the fashionable Design District, and diverse museums. Helsinki is the 56th most expensive city in the world, according to Mercer. The buying price for property in the capital of Finland is about $10,386 per square meter. To rent a 120 square meter apartment in Helsinki, you would have to pay $3,350 per month. If a family of four is to live in Finland, they would have to manage $3,490 per month apart from rent. For a single person, the monthly expenses excluding rent drop down to $958. Finland has a cost of living index of 76.35 and is ranked at number 19 on the 25 most expensive countries in the world.

18. South Korea

Cost of Living Index: 76.46

Local Purchasing Power Index: 69.44

South Korea is a country in East Asia and is known for its green, hilly countryside dotted with cherry trees, centuries-old Buddhist temples, coastal fishing villages, sub-tropical islands, and high-tech cities such as Seoul, the capital. Seoul is the 11th most expensive city in the world. If a family of four is to live in South Korea, their monthly expenses would amount to $3,610 apart from rent. For a single person, the monthly expenses excluding rent drop down to $992.

17. France

Cost of Living Index: 77.59

Local Purchasing Power Index: 76.36

France belongs to Western Europe and encompasses medieval cities, alpine villages, and Mediterranean beaches. The capital of France is Paris, which is famed for its fashion houses, classical art museums including the Louvre, and monuments like the Eiffel Tower. The country is also renowned for its wines, cheese, and sophisticated cuisine. Lascaux’s ancient cave drawings, Lyon’s Roman theater, and the vast Palace of Versailles attest to its rich history. France has a cost of living index of 77.59 which makes it one of the 25 most expensive countries in the world. The capital, Paris, is the 33rd most expensive city in the world. The buying price per square meter for property in Paris is estimated to be a whopping $15,867. The monthly rent for a 120 square meter apartment is estimated to be $4,235. If a family of four is to live in France, their monthly expenses would amount to $3,443 apart from rent. For a single person, the monthly expenses excluding rent drop down to $963.

16. Ireland

Cost of Living Index: 78.55

Local Purchasing Power Index: 71.58

Officially known as the Republic of Ireland, the country occupies most of the island of Ireland, off the coast of England and Wales. Ireland’s capital is Dublin, which is among the top 50 most expensive cities in the world. Ireland is called the “Emerald Isle” for its lush landscape, and the fact that the country is dotted with castles like medieval Cahir Castle. If a family of four is to live in Ireland, their monthly expenses would amount to $3,504 apart from rent. For a single person, the monthly expenses excluding rent drop down to $985.

15. The Netherlands

Cost of Living Index: 78.93

Local Purchasing Power Index: 76.65

The Netherlands is known for its flat landscape of canals, tulip fields, windmills, and cycling routes. Amsterdam, the capital, is home to the Rijksmuseum, Van Gogh Museum, and the house where Jewish diarist Anne Frank hid during WWII. Canalside mansions and a trove of works from artists including Rembrandt and Vermeer remain from the city’s 17th-century “Golden Age.” Amsterdam ranks among the top 50 most expensive cities in the world, and the Netherlands ranks among the 25 most expensive countries in the world. The buying price per square meter for property in Amsterdam is estimated to be $8,558. The monthly rent for a 120 square meter apartment is estimated to be $3,052. If a family of four is to live in the Netherlands, their monthly expenses would amount to $3,625 apart from rent. For a single person, the monthly expenses excluding rent drop down to $1,015.

14. Australia

Cost of Living Index: 80.75

Local Purchasing Power Index: 91.07

Moving on, we have Australia ranking amongst the 25 most expensive countries in the world. Its capital, Canberra, ranks among the top 100 most expensive cities in the world. Although Sydney is not the capital of Australia, it certainly is the 31st most expensive city in the world. The buying price per square meter for property in Amsterdam is estimated to be $8,783. The monthly rent for a 120 square meter apartment is estimated to be $2,505. If a family of four is to live in Australia, their monthly expenses would amount to $3,527 apart from rent. For a single person, the monthly expenses excluding rent drop down to $988.

13. Hong Kong

Cost of Living Index: 80.82

Local Purchasing Power Index: 56.86

Hong Kong is a special administrative region of China and is an “inalienable part” of the country. Due to its special status, Hong Kong is able to exercise a high degree of autonomy and enjoy executive, legislative, and independent judicial power. The city of Hong Kong was the most expensive city in the world in 2020, and now it is the second most expensive city in the world. If we consider buying property, the most expensive city in the world to buy a house in is Hong Kong, where the average buying price is $28,750 per square meter. The monthly rent for a 130 square meter apartment is a hefty $7,267. If a family of four is to live in Hong Kong, their monthly expenses would amount to $3,861 apart from rent. For a single person, the monthly expenses excluding rent drop down to $1,089.

12. Japan

Cost of Living Index: 81.15

Local Purchasing Power Index: 76.01

Japan is another country of the 25 most expensive countries in the world that belongs to East Asia. It is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north toward the East China Sea and Taiwan in the south. The capital of Japan is Tokyo, the 4th most expensive city in the world as of 2021. The average buying price is $16,322 per square meter in Tokyo. The monthly rent for a 120 square meter apartment averages around $4,346. If a family of four is to live in Japan, their monthly expenses would amount to $3,926 apart from rent. For a single person, the monthly expenses excluding rent drop to $1,094.

11. Singapore

Cost of Living Index: 82.63

Local Purchasing Power Index: 78.53

Up next, featured on the 25 most expensive countries in the world we have Singapore. Singapore, officially known as the Republic of Singapore is a sunny, tropical island in Southeast Asia, off the southern tip of the Malay Peninsula. Singapore is a city, a nation, and a state all in itself. Singapore is ranked as the 7th most expensive city in the world in 2021. The buying price for property in Singapore is about $14,373 per square meter. The monthly rent for a 120 square meter apartment stands at $4,736. For a family of four, the estimated monthly expense is $3,533 excluding rent. For a single person, this number drops down to $972.

10. The Bahamas

Cost of Living Index: 84.32

Local Purchasing Power Index: 46.07

The Bahamas, officially as the Commonwealth of The Bahamas, is a country within the Lucayan Archipelago of the West Indies in the Atlantic. The country stands among the top 10 of the 25 most expensive countries in the world and has reported a cost of living index of 84.32. The buying price for property in the Bahamas is about $3,632 per square meter. The monthly rent for a 120 square meter apartment stands at $2,964. For a family of four, the estimated monthly expense is $3,864 excluding rent. For a single person, these expenses drop down to $1,107.

9. Israel

Cost of Living Index: 84.77

Local Purchasing Power Index: 65.91

Israel is a Middle Eastern country on the Mediterranean Sea. It is regarded as the biblical Holy Land by Jews, Christians, and Muslims. Its most sacred sites are in its capital, Jerusalem. Within its Old City, the Temple Mount complex includes the Dome of the Rock shrine, the historic Western Wall, Al-Aqsa Mosque, and the Church of the Holy Sepulchre. Israel’s financial hub, Tel Aviv, is known for its Bauhaus architecture and beaches. Tel Aviv is the 15th most expensive city in the world according to Mercer. The buying price per square meter for property in Tel Aviv is estimated to be $17,149. The monthly rent for a 120 square meter apartment is estimated to be $4,591. If a family of four is to live in Israel, their monthly expenses would amount to $3,871 apart from rent. For a single person, the monthly expenses excluding rent drop down to $1,092.

8. Luxembourg

Cost of Living Index: 85.30

Local Purchasing Power Index: 87.76

Moving on, among the top 10 of the 25 most expensive countries in the world, we have Luxembourg. Luxembourg is a small European country, surrounded by Belgium, France, and Germany. It’s mostly rural, with dense Ardennes forest and nature parks in the north, rocky gorges of the Mullerthal region in the east, and the Moselle river valley in the southeast. Its capital, Luxembourg City, is famed for its fortified medieval old town perched on sheer cliffs. Do not let the simplicity fool you, since it ranks high on our list of the 25 most expensive countries in the world based on data and statistics we collected. The average buying price is $5,710 per square meter in Luxembourg. The monthly rent for a 120 square meter apartment averages around $2,323. If a family of four is to live in Luxembourg, their monthly expenses would amount to $3,841 apart from rent. For a single person, the monthly expenses excluding rent drop to $1,100.

7. Denmark

Cost of Living Index: 88.53

Local Purchasing Power Index: 86.43

Denmark is a Scandinavian country comprising the Jutland Peninsula and numerous islands. It’s linked to nearby Sweden via the Öresund bridge. Copenhagen, its capital, is home to royal palaces and colorful Nyhavn harbor, plus the Tivoli amusement park and the iconic “Little Mermaid” statue. Copenhagen is the 16th most expensive city in the world. The buying price per square meter for property in Copenhagen is estimated to be $5,306. The monthly rent for a 120 square meter apartment is estimated to be $2,461. If a family of four is to live in Denmark, their monthly expenses would amount to $3,974 apart from rent. For a single person, the monthly expenses excluding rent drop down to $1,102. Denmark has a cost of living index of 88.53, which makes it rank at number 7 on our list of the 25 most expensive countries in the world.

6. Jersey

Cost of Living Index: 94.43

Local Purchasing Power Index: 77.12

We have reached the end of part 1 of the 25 most expensive countries in the world, with Jersey ranking at number 6. Jersey is the largest of the Channel Islands, between England and France. A self-governing dependency of the United Kingdom, with a mix of British and French cultures, it’s known for its beaches, cliffside walking trails, inland valleys, and historic castles. For a family of four, the estimated monthly expense is $4,141 excluding rent. For a single person, these expenses drop down to $1,172.

In this article, we discuss the 5 most expensive countries in the world. If you want to read our detailed analysis of the most expensive countries, go directly to the 25 Most Expensive Countries in the World.

5. Barbados

Cost of Living Index: 94.44

Local Purchasing Power Index: 30.74

Barbados is an eastern Caribbean island and an independent British Commonwealth nation. Its capital, Bridgetown, is a cruise-ship port with colonial buildings and Nidhe Israel, a synagogue founded in 1654. Around the island are beaches, botanical gardens, the Harrison’s Cave formation, and 17th-century plantation houses like St. Nicholas Abbey. The cost of living index for Barbados was reported at 94.44, meriting its inclusion in our list of the most expensive countries in the world. If a family of four is to live in Barbados, they would have to manage $4,125 per month apart from rent. For a single person, the monthly expenses excluding rent drop down to $1,121.

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4. Iceland

Cost of Living Index: 99.67

Local Purchasing Power Index: 67.30

Among the top 5 of the most expensive countries in the world, we have Iceland. Iceland is a Nordic island nation. It is defined by its dramatic landscape with volcanoes, geysers, hot springs, and lava fields. Massive glaciers are protected in Vatnajökull and Snæfellsjökull national parks. Most of the population lives in the capital, Reykjavik, which runs on geothermal power and is home to the National and Saga museums. If a family of four is to live in Iceland, they would have to manage $4,558 per month apart from rent. For a single person, the monthly expenses excluding rent drop down to $1,236.

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3. Norway

Cost of Living Index: 103.56

Local Purchasing Power Index: 73.55

Moving on, we have Norway which ranks among the top 3 on our list of the most expensive countries in the world. Norway is a Scandinavian country encompassing mountains, glaciers, and deep coastal fjords. Oslo, the capital, is a city of green spaces and museums. Preserved 9th-century Viking ships are displayed at Oslo’s Viking Ship Museum. Bergen, with colorful wooden houses, is the starting point for cruises to the dramatic Sognefjord. Norway is also known for fishing, hiking, and skiing, notably at Lillehammer’s Olympic resort. The buying price for property in Oslo is about $10,268 per square meter. Monthly rent costs are estimated at $3,037. If a family of four is to live in Norway, they would have to manage $4,575 per month apart from rent. For a single person, the monthly expenses excluding rent drop to $1,264.

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2. Switzerland

Cost of Living Index: 125.02

Local Purchasing Power Index: 102.77

Switzerland is the runner-up country on our list of the most expensive countries in the world. Switzerland is a mountainous country, home to numerous lakes, villages, and the high peaks of the Alps. Its cities contain medieval quarters, with landmarks like capital Bern’s Zytglogge clock tower and Lucerne’s wooden chapel bridge. The country is also known for its ski resorts and hiking trails. Geneva is the 8th most expensive city in the world. The buying price for property in Geneva is estimated at $16,467 per square meter. Monthly rent costs are estimated at $4,898. If a family of four is to live in Switzerland, they would have to manage $5,898 per month apart from rent. For a single person, the monthly expenses excluding rent drop to $1,601.

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1. Bermuda

Cost of Living Index: 147.51

Local Purchasing Power Index: 68.82

Topping our list of the most expensive countries in the world, we have Bermuda. Bermuda is a British island territory in the North Atlantic Ocean known for its pink-sand beaches such as Elbow Beach and Horseshoe Bay. Its massive Royal Naval Dockyard complex combines modern attractions like the interactive Dolphin Quest with maritime history at the National Museum of Bermuda. The island has a distinctive blend of British and American culture, which can be found in the capital, Hamilton. The buying price for property in Bermuda is estimated at $7,056 per square meter. Monthly rent costs are estimated at $5,597. These costs may look nothing as compared to the numbers mentioned for other countries on our list. You should note that the cost of living index does not only take into account housing costs but overall living expenses. If a family of four is to live in Bermuda, they would have to manage $6,732 per month apart from rent. For a single person, the monthly expenses excluding rent drop to $1,848. The overall estimates for monthly living expenses are by far the highest on our list, cementing Bermuda’s position as the most expensive country in the world.

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You can also take a peek at the 20 Cheapest States to Live in the US and 15 Most Conservative Big Cities in America.

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Malta Japan Israel France Norway Jersey Sweden Ireland Iceland Finland Denmark Bermuda Belgium Austria Barbados Hong Kong Australia Singapore Luxembourg Seychelles Switzerland New Zealand the bahamas South Korea The Netherlands 30 Most Expensive Cities in the US 25 Most Expensive Countries in the World 15 Countries With the Highest Standard of Living in 2020 Show more...Show less

25 Most Expensive Countries in the World

Published on June 22, 2023 at 11:01 am by Insider Monkey Staff in Lists, News