Long gone are the days when only luxurious cars, clothes and wines, now people are more interested in living a luxurious life all the way around. When we say expensive, the cities that may automatically come up in your mind may include the United States, UK, China, and you are correct, but these are not the most expensive countries to live in. There are countries about which you would not have thought in a thousand lives.
How can you determine whether a country is expensive or not?
The measurement comes from calculating the cost of living index. Yes, a good question, perhaps the cost of living index is calculated as the theoretical price index that measures the relative cost of living over a region or a country. In other words, it compares the cost of living in a major city to a corresponding metropolitan city; the higher the cost of living index more expensive the place for living is likely to become.
Today we are listing the top 10 most expensive places to live in the world. Just hold on tight and be prepared to be amazed.
- The most expensive country that you would not think about in the world is Switzerland. The small country in Europe that has gathered the attention of tourists worldwide has no idea how expensive it is to live in this beautiful country.
- The cost of living index as high as 131.39, and the local purchasing power as 126.15 is not easily affordable.
- Reports state that the cost of living in Zurich, the largest city in Switzerland, is almost the same as living in New York, but the expenses are still 26 percent more expensive than Paris and 63 percent more expensive than Brussels.
- One of Switzerland’s reasons is so expensive because of geographical discrimination to some of the wholesale vendors. Some vendors charge Swiss retailers comparatively higher than they do to other retailers.
- Also, the food in Switzerland is 78 percent higher than in other countries in Europe.
- The trip to Switzerland with cutting down the bare minimum necessities is 300 USD per day and around 2100 USD per week for a single person. This is one of the main reasons why some people only dream of visiting the country when they are old enough to hope that they would be wealthier.
- Iceland is the second most expensive country to live in the world. The cost of living index in Iceland is the highest and clocked at 123.96, and the local purchasing power is 87.84.
- The cost of living index in Iceland was 40 percent higher than that of the United States, and this is without the expenses of rent included. You can think about how expensive it is to live in a country of only farmers and cattle.
- One of the main reasons living in Iceland is so expensive is that the equipment needed to farm and guard its fodder is exclusively imported, making farming an expensive occupation out there.
- The growing tourism industry around the city has made the locals sweat out their lives to pay their rent in and around the country.
- Consumer prices in Iceland are, on average, 66 percent higher than the rest of Europe.
- To spend a vacation in Iceland, you would need approximately 1500 USD per person, and this is the price for mediocre accommodation and no flights included.
- This was an easy guess for the third rank in the most expensive countries to live in the world. Since the first two belong from Europe, the third was an obvious choice.
- Norway ranks third with the cost of living index 113.70, and the local purchasing power 107.95. it is the third most expensive country in western Europe and is expensive than 95 percent of the world’s countries.
- Norway’s prime reason to be classified as one of the most expensive countries is that it is itself rich, and the difference in salary between people is relatively small or no difference.
- Taxes pay the government’s health and welfare services, so the other services in the country are comparatively expensive.
- The only thing you can find for lower prices in Norway is the food; people in Norway spend less on food than the other countries in Europe.
- A trip for two people in Norway averagely costs 1550 USD for a week. This is lower than the other two countries mentioned above, where you go on spending 1500 USD for one person only.
#4: The Bahamas:
- The Bahamas, the country in the Caribbean, stands at the fourth position for the most expensive country to live in the whole world.
- The living index cost for the Bahamas would be 100.68, and the local purchasing power is 71.40.
- This is because the import rate in the Bahamas is higher. After all, the major goods have to be imported into the country, making it one of the world’s most expensive countries.
- All of the imported items are taxed when they arrive and clear customs; also, unlike America, there are no income taxes in the country.
- The real estate in the Bahamas also tends to be on the table’s expensive side compared to Canada and America.
- A full week in the Bahamas and its most beautiful islands can cost up to 1370 USD per person, and an average cost of 2500 USD for two, so you might want to plan your trip accordingly.
- Luxembourg is a small European country surrounded by France, Belgium, and Germany on the sides. This country ranks as the fifth most expensive in the world.
- Luxembourg’s cost of living index is priced at 96.56, and the local purchasing power is 116.73.
- The reports by Expatistan suggest that it is 81 percent more expensive than the cities in western Europe and 85 percent more expensive than the other countries in the world.
- Luxembourg is also the second richest country in the world. Also, the cost of housing in Luxembourg is at sky-high prices because of the poor supply chain and demand; no management has been raising the prices for houses for a long time now.
- Luxembourg’s tourism expenses are similar if compared to that of New York, London, and Paris.
- Denmark is ranked in sixth place for the most expensive country in the world. Not surprisingly, the country also belongs to Europe, where the cost of living index is found to 93.30 and local purchasing power at 117.53.
- Denmark is surprisingly more expensive than the United Kingdom and the United States, almost by 22.2 percent and 23.2 percent, respectively.
- The housing rates in Denmark’s largest cities may be lower than that of the cities in America, but the food prices are pretty high, making it the second most expensive country to dine out in.
- Denmark is considered an expensive country because people have higher salaries and higher taxes to pay. The locals may somehow manage to keep up with the same, but it may become a burden on the tourists to Denmark.
- A fun fact about the Danes people is that after all paying such heavy taxes and being tax heaven itself, Denmark has been put on the throne as the happiest country globally.
- If you are a student, then the monthly expense for you living in Denmark may be anywhere near 1000-1200 EUR, and the prices go higher if you move towards the bigger cities.
- Something off the charts, and as we finally head out of Europe, the seventh rank is grabbed by Singapore for being one of the most expensive countries.
- This country in Asia has a cost of living index of 91.40, and the local purchasing power to be 95.89.
- Singapore is the second most expensive country in Asia and is 94 percent more expensive than the rest of the world.
- Singapore has also been ranked by the Economic Intelligence Unit as the most expensive city to live in.
- The prime reason why Singapore’s properties are expensive is that there are not much available; most of the people living in Singapore prefer to live around the city where their workplace is closest to the place they reside.
- The car prices in Singapore are also getting higher day by day. Why? Because the government is trying to put down the uses of cars by making them more unaffordable. Also, the driving expenses like petrol prices and electronic road prices just add fuel to the fire.
- The tourism expense in Singapore is comparatively higher than the other countries in Southeast Asia but is lower than the cities of the United States of America. You can also opt-in for cheaper hostels, which are not that bad for a short stay.
- To much surprise, Japan is also one of the most expensive countries to live in the world and the third most expensive in Asia.
- The cost of living index in Japan is 86.58, which is 80 percent higher than the other countries in the world with the local purchasing power of 107.35.
- There are many factors that come into account for saying that Japan is one of the most expensive countries to live in firstly because Japan is on a fairly remote island, which makes the country difficult to communicate with the economic needs.
- Japan has made its own terms and conditions and is now working according to them. Also, transportation costs and rents in Japan are much higher when compared to other Asian countries.
- The tourism expense in Japan is higher than in China, Thailand, and Vietnam but is lesser than Singapore and also the United States.
- The middle eastern country has been placed in eight positions for the most expensive countries in the world. The cost of living expenses is 86.53, and the local purchasing power is 102.30.
- It is reported that Israel’s cost of living is reported to be 15 percent higher than that of the United States without the inclusion of rent. However, the rent in the United States is higher than that of Israel by 21.52 percent.
- Accommodation and food are super expensive in Israel, and also the market is small. The competition is tougher for everyone.
- Tourism in Israel is not so expensive; however, the people visiting America may find it costlier due to the fact that the US dollar is not as powerful in Israel as it is for the rest of the world.
- Also, cars and fuel are expensive in Israel, mainly due to the heavy taxes imposed on them.
- Our last pick for the most expensive country in the world to live in Ireland. This island in Europe is considered one of the fourth most expensive islands in Europe.
- The cost of living expenses in Ireland is close to 85.45, and a local purchasing power of 96.10.
- The reports claim that the housing prices in Ireland are much greater than that of the United States of America and some of the cities have the prices same as New York City and Los Angeles, but the people of Ireland do have access to free healthcare.
- The higher rates in the country are nothing shocking as all of these are accompanied when the country you are living in is a remote island, and the transportation of good is not easy.
- Also, the lack of natural resources makes up for the rest of the things, the major part of what the people of Ireland eat are exported, and that is why even the food is costly.
- In many areas of Ireland, the cost of residing may go higher as much as 3000 USD.
There are many other countries that are on the list ahead, including Australia, France, and Sweden, as the expensive countries to settle down in. These were our picks for the top 10 most expensive places. This is just one segment; the places for the luxurious life never end.