Top 20 Countries with the Highest Cost of Living in the World. This article we’ve created will look the various countries in the world with the highest cost of living. Those countries that can make you break the bank before you can live there if you are an immigrant.
Cost of living across countries in the world varies. Some are extremely high while others are cheap. To say that a country has a high standard of living means the country is expensive to live in.
Though the cost of living is high, it is worth it. Most of these countries cost more to live in even than the US.
Today we will be looking at the top 20 countries with the highest cost of living.
Top 20 Countries with the Highest Cost of Living
According to numbeo.com, based on Cost of Living Index by country 2018 Mid-Year, Below are countries with the highest cost of living.
|Rank||Country||Cost of Living Index||Rent Index||Cost of Living Plus Rent Index||Groceries Index||Restaurant Price Index||Local Purchasing Power Index|
Countries with the Highest Cost of Living
Italy has a cost of living that’s by far more expensive than the United State. Notwithstanding, costs run 21 percent less than NYC, with rent that’s 77 percent cheaper and groceries costing 32 percent less.
Austria is one of the expensive countries to live in However, a local purchasing power just 1 percent less than NYC and rent that’s 71 percent cheaper softens the blow.
Despite being one of the most expensive countries to live in, Austria has rent prices that are 70 percent lower than those of the big apples and groceries run 31 percent cheaper. Finland resident also enjoys a higher local purchasing power of 20 percent.
- THE NETHERLANDS
Netherland has one of the least friendly climates with a personal income rate of up to 52 percent.
- SOUTH KOREA
Rent in South Korea is generally inexpensive. But life generally is pricier and costly than even the United States.
Belgians have a comparable rate of local purchasing power that’s just 1 percent lower than in the Big Apple.
- NEW ZEALAND
New Zealand is one of the most expensive countries to live in but the cost of living runs nearly 17 percent lower than NYC.
Sweeden has got one of the least friendly tax rates with a personal income tax that hovers around 62 percent. It is tempered with a cost of living with 13 percent greater purchasing power than New York City.
The blue country has a high cost of living; nonetheless, it’s still cheaper than life in NYC-16 percent cheaper. You save the most on rents, which are 71 percent less.
Even though Australia is one of the most expensive countries to live in, the residents enjoy some of the highest purchasing power in the world. The country ranks No. 5 in this regard, granting its citizens 23 percent more purchasing power than in NYC.
Right from biblical times, Isreal has always been a controversial land. this Middle Eastern holy land has never struggled to attract visitors and expats— even in spite of its political turmoil and a high cost of living. If you are drawn in by the nation’s holy sights and desert landscape, be prepared to spend some penny. A meal at an inexpensive restaurant costs about $16 on average, according to Numbeo.
The land of the rising sun, aka the Hiroshima land, stand out as different in a continent widely considered as the cheap continent. Japan’s cost of living is nearly 20% higher than the US, according to Numbeo. Well, are you interested in knowing more about the Hiroshima? Then be ready to spend some dime.
Singapore, the only city state in the world is very highly developed-both a city and a country — in Southeast Asia that has one of the world’s strongest economies. Singapore for the fifth year running has been consistently named by the Economist as the 2018 world’s most expensive city to live in. If you are planning to relocate to Singapore and you’ve not got some extra cash in your pocket, forget it. Maybe you can visit Malaysia.
Denmark is widely considered the happiest country in the world, don’t be fooled as it is also one of the costly. The country’s capital, Copenhagen, is often named among the most expensive cities in the world. Even a domestic beer is pricy, costing nearly $6 on average, according to Numbeo.
Luxembourg a tiny European country is often passed up by tourist as they all flocked to the neighboring nations of Belgium, France, and Germany — and maybe it’s warranted. Luxembourg which is consistently ranked among the wealthiest countries in the world has an average rent 61% more than in the US, according to Numbeo.
- THE BAHAMAS
A very scenic country Consisting of over 700 islands, including a beach full of swimming pigs and an island of iguanas, the Bahamas are what white sandy beach vacation dreams are made of. Considering the natural beauty and you’ve decided to live in this pristine island oasis with some of the clearest water on the planet, it’s going to cost you. Note that the cost of living in the Bahamas is is nearly 30% higher than in the United States, according to Numbeo.
Norway offers outdoor enthusiasts a lifetime adventure-From the glacial fjords to the large mountain ranges to the display of Northern Lights. If you are already falling in love with Norway, the only deterrent will be the high cost of living which has one of the highest price levels for personal goods and services in all of Europe. A good instance is the fact that a gallon of milk would cost you $7, according to Numbeo.
Iceland a Nordic Island has in recent times exploded as a hot stop for millennial travel bloggers and nature lovers of all ages. A sound priced flights have to turn Iceland into an appealing tourist destination all year round. If you are on a budget, don’t go there as the country can easily break your bank. From a glass of wine to a meal at a restaurant to a piece of clothing, everything will cost significantly more than you’re used to playing in the normal rate
Are you considering visiting Switzerland for its amazing sceneries or historic cities? This European country will certainly make you pay for it. Even getting in shape in Switzerland will cost you a fortune. According to Numbeo, a monthly fitness club membership costs $93 on average. However, it has been known to be a great place to be an expat.
Considering Bermuda’s Pinkish sand and turquoise water, it’s easy to understand why someone would want to live in Bermuda. well, the only unfortunate thing is that the high cost of living here make the reality of your dream impossible.
The British Overseas Territory is the world’s most expensive place to live, with a 100% higher cost of living than the US, according to Numbeo.
What’s your take on this? Do you think these countries are worth traveling to even on a tight budget? Let me know from your comments.
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