Prices of commodities differ across the globe and in this article, Insider Monkey focuses on the places where the prices are the highest by offering you an overview of 25 most expensive countries in the world in 2017.
Every time I travel abroad, I become more aware of the disparity in the prices of commodities around the world, be it accommodation, food, clothes or souvenirs. Since I come from a developing country, most of the EU countries I have visited so far were rather expensive in my point of view – one of a citizen coming from a country in transition where the economy is shattered, to put it mildly. Perhaps the most expensive country I traveled to was Netherlands, which I visited a couple of years back. It was a luxury on which I spent most of my one-year savings. Most of the basic things which I needed during my five days stay were three or four times more expensive than in my country. On the 2nd day of my stay, I decided to stop analyzing the prices of every single item I would see in a window shop and comparing them to those in my hometown. Some worlds are just not built to be compared. It is then that I started enjoying Amsterdam to the fullest.
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For those who live to travel, like me, we have already published an article on 20 Most Expensive Countries in the World to Visit which you might find both, interesting and useful. Norway was at the top of our list as the most expensive country in the world to visit. Alongside Oslo, Copenhagen, New York, Stockholm, and Zurich are some of the most expensive cities in the world to visit. If you happen to be traveling to any of these destinations, make sure you have a fat bank account. Otherwise, read a book on extreme budget traveling. We have also dedicated one article to writing about most expensive countries in South America, which might be useful in case you are planning to set off on an adventure in Latin countries. Travelling through these countries would not be as costly as traveling through Scandinavia, for example. Prices are even lower in Nepal which is considered to be the most cheapest country in the world.
According to Mercer Cost of Living, Hong Kong, Luanda, Singapore, Tokyo, and Zurich are the most expensive cities to live in 2017. Luanda, the capital of Angola, has the title of the most expensive city in the world to live in, to my great surprise. Other cities which are ranked high on the list of the most expensive cities in 2017 are Beijing, Bern, Geneva, Shanghai, 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, Hong Kong, London, Monaco, and Singapore. The most expensive city in the world in 2017 to buy a house is Monaco, where you could buy 15 square meters of property for an enormous $1 million. I can only dream of being able to afford to buy a property at that price. Truth be told, even if it were half as cheap, I still would not be able to afford it.
When creating the list of 25 most expensive countries in the world in 2017, I used several sources of data, all of which have to do with costs of living. The data are provided by the Expatistan and Movehub. Furthermore, I referred to the data provided by Numbeo, which is survey based. I have also taken 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 I believe, looking at the respective rankings of the countries and their capitals allow for an interesting analysis.
25. Belgium
Belgium is ranked last on our list of 25 most expensive countries in the world in 2017. The capital Brussels takes the 104th position on the list of the most expensive cities in the world.
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24. Netherlands
Given the experience I shared in the introductory part of the article, I am not surprised Netherlands has made our list. According to Expatistan, Netherlands is an 18th most expensive country in the world, with a Price Index of 173.
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23. United Kingdom
According to Numbeo, United Kingdom, the number 23 on our list of most expensive countries in the world in 2017, has a Cost of Living Index of 76.02, ranking it 25th. London is considered to be 29th most expensive city in the world.
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22. Finland
On Expatistan, the country ranks 19th, and it has a Price Index of 171. Its Cost of Living Index is 81.23.
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21. Sweden
The capital of Sweden is ranked 106th on the list of the most expensive cities in the world. The Cost of Living Index is 83.32, while Price Index is 170.
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20. The United Arab Emirates
Just one look at the lifestyle pursued by those living in the United Arab Emirates is sufficient to know that this country will be among the most expensive in the world. On Movehub, the country is ranked 8th. Dubai is the 19th most expensive city in the world.
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19. France
Up next on our list of most expensive countries in the world in 2017, we have France which has a Price Index of 179, while its Cost of Living Index is 81.16. Paris is among 100 most expensive cities in the world.
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18. Qatar
According to Movehub, Qatar is the 9th most expensive country in the world. It has a Cost of Living Index of 68.06. Doha is ranked as 81st on the list of the most expensive cities in the world.
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17. Japan
Life in Japan which ranks 17th on our list of most expensive countries in the world in 2017, does not come at a low price. Japan’s Cost of Living Index is 89.50, ranking it 8th on Numbeo. According to Mercer Cost of Living Index, Japan’s capital, Tokyo, is the 3rd most expensive city.
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16. Angola
The ranking provided by Expatistan suggests that Angola is the 2nd most expensive country in the world. Its Price Index is 277. Its capital Luanda is the most expensive city in the world.
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15. US Virgin Islands
Ranked 7th on Numbeo, this country has a Cost of Living Index of 93.96. The country is ranked 11th on Movehub, where it is estimated that its Cost of Living Index is 62.56.
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14. Cayman Islands
It appears that the proximity to the ocean does not come cheap. Expatistan has estimated that this country has a Price Index of 283, ranking it first on their list.
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13. New Zealand
I have always wanted to visit the “real” Middle Earth, and I better get serious and start saving. On our list of 25 most expensive countries in the world in 2017, New Zealand is ranked 13th.
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12. Israel
Expatistan estimates that the Price Index of Israel is 179, ranking it 16th on their list of the most expensive countries. Mercer Cost of Living Index shows that Tel Aviv is 16th most expensive city in the world.
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11. Bahamas
Survey participants on Numbeo perceive the Bahamas as a rather expensive country. Its Cost of Living Index is 109.37 ranking it 5th.
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10. Bermuda
According to Movehub, Bermuda, the next one on our list of most expensive countries in the world in 2017, has the highest cost of living and is, therefore, the most expensive country in the world. The estimated Cost of Living Index is 126.34.
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9. Ireland
Ireland’s Cost of Living Index is 84.88, and its Price Index is 199. Such indicators secured Ireland 8th rank on Expatistan.
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8. Luxembourg
Luxembourg’s capital Luxembourg is ranked low on the list of the most expensive cities in the world. However, it appears that the overall cost of living in the country is high, 64.18, as estimated by Movehub, ranking it among top 10 most expensive countries in 2017.
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7. Australia
Sydney is 24th most expensive city in the world. Australia is ranked 7th on our list and 9th on Expatistan, where it is estimated that it has a price index of 193.
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6. Hong Kong
According to Mercer Cost of Living Index, Hong Kong, the city, is the 2nd most expensive in the world. As estimated by Movehub, the Cost of Living Index of Hong Kong is 81.93, ranking it 3rd on their list.
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5. Denmark
The responses of survey participants on Numbeo have helped in ranking Denmark as the 6th most expensive country in the world on their list. Denmark has a Cost of Living Index of 93.27, while its Price Index is 189.
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4. Singapore
The capital of Singapore is the 4th most expensive city in the world. Movehub estimates that the Cost of Living Index of Singapore is 76.57, ranking it 5th on their list.
And now, let’s see the top three most expensive countries in the world in 2017.
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3. Norway
The data would suggest that prices in Norway have dropped, since the country was the most expensive in the world in 2015, while it is ranked 3rd in our 2017 ranking. As estimated by Movehub, the Cost of Living Index is 74.47.
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2. Iceland
No one gets to enjoy the beautiful scenery in Iceland for cheap. Iceland has the Price Index of 242, while its Cost of Living Index is 130.79.
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1. Switzerland
The data shows that Switzerland is the most expensive country in the world in 2017. Its Cost of Living Index is 138.16, while its Price Index is 239. Zurich is ranked 4th on the list of the most expensive cities in the world. Such indicators place Switzerland at the top of our list.
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This was Insider Monkey’s list of 25 most expensive countries in the world in 2017.
