In this article, we will look at the world’s 7 most expensive countries to live in 2024. If you want to read our discussion about post-pandemic inflation in the United States, head over to the World’s 20 Most Expensive Countries to Live In 2024.
7 – Australia
Insider Monkey Score – 9
Australia is 7th on our list of the world’s 20 most expensive countries to live in. The country has significant median household expenditures, with the average household spending $130,353 in 2022, equivalent to $2,507 per week. Expensive housing and the high cost of goods and services, transportation, and healthcare are some of the factors that make Australia an expensive country to live in 2024.
6 – United States
Insider Monkey Score – 9
The United States is one of the world’s most expensive countries to live in 2024. According to the U.S. Bureau of Labor Statistics, the average annual expenditures of households in the United States amounted to about $72,967 in 2022. In addition, American households spend more than $60,000 per year on expenses such as housing, transportation, taxes, and food on average.
5 – Hong Kong
Insider Monkey Score – 6
Hongkong is among the world’s 5 most expensive countries to live in. According to various sources, an average family of four spends around HKD 40,000 to HKD 60,000 per month without rent. Some of the factors that contribute to the high cost of living in the country include high taxes, wages, and demand for housing in major cities.
4 – Bahamas
Insider Monkey Score – 5
The Bahamas is one of the most expensive countries to live in the world. On average, the monthly rent of a one-bedroom apartment in Nissau is around $1,000 to $1,500, while a three-bedroom apartment can cost around $2,000 to $3,00. The country has a high living standard, which contributes to its overall high cost of living.
3 – Singapore
Insider Monkey Score – 3
Singapore is among the world’s top 3 most expensive countries to live in. The Singapore Department of Statistics notes that the average monthly household expenditure among resident households in 2017/18 was S$4,724. The average monthly rent in the country for a three-bedroom apartment could go up to S$5,000.
2 – Cayman Islands
Insider Monkey Score – 3
The Cayman Islands has the second spot in our world’s 20 most expensive countries to live in the 2024 list. The country has very limited availability of space, resulting in exceptionally high housing prices. In addition, it caters to wealthy individuals and expatriate communities, driving up the cost of certain goods and services.
1 – Switzerland
Insider Monkey Score – 2
Switzerland is the world’s most expensive country to live in 2024. Expatistan reports that the estimated monthly cost of living for a family of four in the country is CHF 7,135, while the estimated monthly cost for a single person is CHF 4,235. The country is known for its superior wages and high living standards, both of which make it the most expensive place to live in 2024.
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