Here are the most expensive countries in the world to live
The cost of living has only increased over the years. Paying for necessities like shelter, electricity, water, groceries, clothing, and gasoline for your vehicle can add up. But in some countries the cost of living is astronomical, making it difficult for many individuals and families to make a living.
However, even if one country has cheap rents and bargain prices on food, it could be expensive in other areas. High taxes, low wages, and above average transportation costs can all contribute to a high cost of living for residents.
If you are planning to move, then read this list before you do, because you might be shocked to find out how expensive some countries are.
Here is a list of some of the most expensive countries in the world:
Maybe it’s no surprise that Switzerland is one of the most expensive countries to live in. If you’ve traveled there before, you can attest that it’s expensive.
The country is particularly expensive when it comes to food, drink, hotels, accommodation, restaurants, clothing, and health insurance – or just about whatever you need. The cost of restaurants and groceries is shockingly high and is often described as more expensive than any other country in the world.
While Switzerland is expensive for its residents, for people coming from abroad, the high costs here are the ultimate culture shock.
Various studies have repeatedly shown that Swiss consumers pay much more for basic goods and services than most European countries.
Rents are half of what you would pay in New York City, but worldwide income tax can go up to 40%. You are even taxed to live in your own home. However, Swiss citizens enjoy at least 26% more purchasing power than New York.
When you consider the beaches and turquoise water that Bermuda has to offer, it’s easy to see why anyone would want to live on the island. But unfortunately, this is far from the realm of reality for most people.
Bermuda’s tax haven in the Atlantic Ocean ranks among the most expensive nations in the world, with the country’s capital, Hamilton, also being one of the most expensive individual cities on the planet.
The British Overseas Territory is a fairly expensive place to live, with a cost of living 100% higher than in the United States, according to Numbeo.
This Nordic island country has been a popular destination for millennial travel bloggers and nature lovers in recent years.
The cost of living in Iceland is quite high, but it is interesting that this is not due to housing. You can rent a house for less than half of what you could in New York City. It’s food that’s expensive – you’ll have to spend a fortune on the grocery store.
Cut off from the rest of Europe and with very little fertile land, Iceland is forced to import much of its food, driving up costs. The country also has strict regulations on importing foreign goods, which increases costs.
Norway has consistently ranked higher on the list of the most expensive countries in the world, and tourists certainly feel it when they compare what their currency can earn them once traded.
Food is very expensive, as are restaurant meals, and even things like taxi fares are sometimes double what you’d expect to pay in the rest of Europe.
Norway has a high VAT rate – 25% – which increases the cost of most current expenses. While food has a lower tax rate of just 15%, but is still considered expensive. Many staples are actually more expensive than usual in Norway, including milk and bread.
The small Luxembourgish nation has a very high purchasing power. Although it is filled with high-end international banking and financial companies, it pays for it by having very expensive restaurants, cafes and bars.
According to a report on Expatistan, the cost of living in Luxembourg is more expensive than in 81% of cities in Western Europe, in addition to being more expensive than 85% of cities in the world.
Some people prefer to do their weekly groceries – across the border, because everything from milk to beef to beer is considerably cheaper in France than in Luxembourg.
Denmark is simply not for those who want to live on the cheap. Its restaurant prices are among the highest in the world. A three-course meal for two at a mid-range restaurant costs around DKK 600 (Rs 6,800).
Copenhagen, the capital of Denmark, is one of the most expensive cities in the world. Life outside the capital is not as expensive but it is far from cheap.
One thing is for sure, however, is that if you are a foreigner living in Denmark, you will enjoy a high quality life, but it comes at a cost. Even more if you are with children – children bear most of the bills and can make the cost of living high in Denmark.
7. The Bahamas
Like in Bermuda, the luxury of island living comes at a price. The majority of goods must be imported, which can cause the price of daily groceries to skyrocket.
Since there is no income tax, the government makes its money by taxing imported goods, as well as charging value added tax (VAT) for goods and services when sold by sellers.
As the standard of living in the Bahamas is quite high, real estate in the country also tends to be more expensive on average. Reasonable prices can always be found, depending on the type and location of the accommodation you choose.