Top 10 Expensive Countries to Live In the world
Are you wondering which are the most expensive countries to live in? With global economic inequality on the rise, living costs can vary hugely depending on where you choose to settle down. Some countries offer a relatively low cost of living and decent wages, while others have sky-high prices that make it hard to make ends meet and it’s important to be aware of this when traveling or considering a move abroad. In this article,
We will take a look at the 10 most expensive countries to live in the world for living expenses:
1. Bermuda
At the top of the list is an island paradise of Bermuda, a British Overseas Territory located in the Atlantic Ocean around 600 miles off the coast of North Carolina. The island offers beautiful beaches, stunning scenery, and low taxes – but that doesn’t mean it’s cheap to live there!
As of 2022, the average rent for a one-bedroom apartment in Bermuda is USD 3,000 per month and other living costs, such as utilities and groceries, tend to be much higher than in other locations around the globe. This puts an immense financial burden on expatriates who are planning to move or are already living there with limited earnings. Fortunately, residents may be able to offset these expenses by taking advantage of some tax exemptions offered by Bermuda’s government.
2. Switzerland
Next is the Switzerland, which is considered one of the most expensive places to live in the world. Moving to Switzerland is becoming more and more popular due to its stunning natural landscapes, low unemployment rate, and safe environment.
However, it’s important to remember that Switzerland is one of the most expensive countries in the world to live in. Renting an apartment in a city can cost around USD 2,500 per month – greatly contrastive with the global average of around $1,200 as of 2022. Food expenses will depend on where you plan to shop, but budget at least twice as much as what you would spend normally, as groceries tend to cost double if not triple the global market price.
Furthermore, other costs such as electricity and any bills should take into consideration the people you live with and whether they split the costs evenly or not; cable, Wifi, and insurance can all add up over time! In short, while relocation within Switzerland may be attractive for all its numerous benefits, make sure you’ve accounted for all potential expenses beforehand.
3. Norway
Coming in third place is Norway, located in Northern Europe on the Scandinavian Peninsula. Norwegian wages are among some of the highest in the world – but so too are their living costs! The Cost of Living Index stands at a staggering 106.10, with rent in particular making up a large portion of Norwegian expenses.
On average, a one-bedroom apartment in Norway will cost you around $2350 per month as of 2022. Buying simple daily items like bread and milk also come with an added expense that might come as surprise for many (a basket of food items can cost around $75). Despite all this, life in Norway remains appealing due to its notable quality of life advantages like strong infrastructure and short commutes between home and work.
4. Singapore
Another island nation makes it onto the list – Singapore! This small yet powerful city-state located off the coast of Malaysia boasts one of the world’s strongest economies and a thriving tech and finance sector. Despite its small size, Singapore is a major economic hub in Asia and this has resulted in high costs of living for those who make their home there. As far as rent is concerned, you could expect an average standard-sized two-bedroom apartment near a good part of town to cost around 2100 dollars per month.
Expenses on food and utilities will depend on your lifestyle, with some estimates putting these at approximately $700 and $400 respectively. Altogether, it can be quite costly for ex-pats planning to settle down in Singapore, but luckily there are government initiatives such as housing grants that you can use to offset part of your living expenses.
5. Luxembourg
Another European nation makes it onto this list – Luxembourg! This small country nestled between France, Belgium, and Germany is considered one of the wealthiest nations in Europe due to its strong economy and banking sector. Expenses such as rent are well over $2000 per month and basic baskets of food cost upwards of 70 dollars!
You can expect everyday items such as groceries and beverages to be more expensive than what is found in other countries. Not only that, but things like transportation, recreational activities, clothing, and other hobbies also cost more than they would in other countries due to Luxembourg’s high living standard.
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6. Hong Kong
Another Asian nation appears on our list – Hong Kong! This special administrative region of China is considered one of the financial capitals of the world, and its costs of living reflect that. According to the Cost of Living Index, the average price for rental accommodation in Hong Kong was roughly USD 2,000 per month as of 2022.
Expenses like groceries and restaurant-priced meals have increased immensely due to the rising living costs, even though there are still some cheap eats available for locals or those visiting Hong Kong alike. Utility bills are also on the rise and it is important to take into account all these factors before deciding to make the city one’s permanent residence.
7. Iceland
Next on our list is Iceland – another small yet prosperous nation located in Northern Europe on the Scandinavian Peninsula. Despite its relatively small size (it’s home to just 340k people!), it has become one of the most expensive places to live due to its booming economy and tourism industry. Living in Iceland can be quite expensive with the Cost of Living Index indicating 2.7 higher than the European average.
Expenses like rent, utilities, transportation, and consumer goods are all significantly high with an estimated rent of $1,950 for a one-bedroom apartment or house as of 2022. Other expenses like eating out at a restaurant will range from $15 to over $50 per person, depending on the location and quality. With these high prices, Iceland is considered one of the most expensive countries to live in around the world.
8. Australia
Australia is known for its beautiful beaches and unique wildlife – but it’s also known for its high cost of living! According to Expatistan’s Cost of Living Index, rent prices are expected to remain expensive as well, with an average of USD 1800 per month as of 2022. Groceries and other expenses for ex-pats may be about 20% higher than living in the US or Europe.
As such, Australia can be difficult for foreigners to adjust to due to its moderate-to-high cost of living. However, with careful budgeting and smart financial planning, it is still possible for many foreign individuals and families to make a home in this beautiful country.
9. Israel
Israel is the 9th most expensive country to live in due to its strong economy and high wages. In 2022, rent prices for a one-bedroom apartment in Tel Aviv averaged around USD 1500 per month, and other expenses such as food, transportation, and healthcare only add more strain on wallets. This is why many ex-pats choose to live outside the city and its greater metropolitan area, to find lower rent prices and some respite from expensive living costs
10. Denmark
Last but not least on our list is Denmark – a European kingdom located on the Jutland Peninsula. According to the Cost of Living Index, rent in Denmark as of 2022 averages $1,400 (USD) per month. Expenses such as food and drinks, transportation, and health are also higher than average.
All these factors push up the total cost of living in Denmark significantly. However, despite this expense, many foreigners still choose to move there because its educational system and high-quality infrastructure offer a lot of opportunities that other countries might not be able to provide.
Overall, it is clear that some countries are more expensive than others when it comes to the cost of living. However, many of these countries offer high wages and a great quality of life which can make them worth the additional expense. When making any decision about moving abroad, it is important to take into account all aspects of the cost of living before deciding on a new home.
Conclusion:Â
Whether you’re looking for a vacation destination or considering a move abroad, it pays off to know which countries are more expensive than others when it comes to living costs. From Switzerland through Iceland we have looked at 10 different countries that rank as some of the most expensive places for living expenses – so if you’re thinking about making one of these lands your new home make sure you consider how much money you need beforehand before taking that leap into luxury life!
