Living in a country means you have to pay the cost of customs there. The cost of customs and living necessities is called the cost of living in a specific region, determining how expensive a lifestyle is. Read the Four Corners Facts collective information report about the most expensive country in the world before heading there.
The cost of living affects many ways of life. Those who are working hard but whose wages are too low to meet their daily and monthly expenses make survival difficult.
How do I calculate a country’s cost of living?
Well, there is a general rule to calculate the cost of living by comparing one region to another. Usually, basic needs of daily usage count as daily expenses, including rent of a residential plot or property value, rate of utility bills, and various goods and services, rather than comparing the cost of each with that of another country or region.
Due to the fast change in the world economy, our list’s values can differ from the current situation, but we tried to be as close as possible. Also, we are concerned with giant data analytical sites that publish the world’s population and several data reports to make this interesting article close to reality. So, stick to the post of the most expensive country in the world.
According to Numbeo, we are sorting a list of the most expensive countries in the world based on the index of living costs and rent.
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- Bermuda
- Switzerland
- Norway
- Iceland
- Barbados
- Jersey
- Israel
- Denmark
- Bahamas
- Singapore
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Bermuda
- Cost of living: 146.04
- Rent index: 98.58
According to Numbeo, Bermuda is at the top of the list as our most expensive country in the world with the cost of living index and rental index. Bermuda is one of the most salaried countries, where wages are approximately $6.5 for an average person. But the cost of living is as high as the wages. According to Numbeo, an apartment of 1 bedroom costs $2.7K in the city, whereas $1.9K in outside areas. Besides residence, grocery items like food and other luxuries are comparatively higher than in New York City.
Except for all transportation and restaurant (inexpensive ones) left to lose your pockets, if you are traveling to Bermuda for a job opportunity, we advise you to carefully discuss terms and conditions as part of a good salary package to maintain a tension-free lifestyle.
Switzerland
- Cost of living: 123.35
- Rent index: 53.54
While Bermuda is at the top of the list, Switzerland is second. Switzerland is officially the world’s highest cost of living country, making it the most expensive country in the world on our list.
According to Numbeo, the cost of living index is 123.35, whereas the rent index is 53.54.
Switzerland tops the rest of the world when it comes to the cost of groceries and dining outdoors, easily outperforming the competition in both categories. On the upside, Switzerland also dominated the category of ‘local purchasing power,’ which evaluates the worth of a country’s currency to determine how much return on investment you receive when you travel that country.
There is something interested to know about banks!
Norway
- Cost of living: 100.90
- Rent index: 34.68
Norway has repeatedly rated higher among the world’s most expensive countries.
Food is highly expensive, as is dining out, and transportation rates are frequently twice what you would consider paying in the rest of Europe.
Norway has a high VAT rate of 25%, which raises the cost of most everyday items. Food has a cheaper tax rate of only 15%, although it is still pricey. Many Norwegian basics, such as milk and bread, are significantly more costly than normal.
Iceland
- Cost of living: 94.86
- Rent index: 41.93
This Nordic island country has been a favorite destination for young content creators and nature lovers in the past few years.
Living in Iceland is relatively expensive; however, this is not due to housing. You may rent a property for less than half the price you might pay to live in New York. Might you think the cost of food could be high? Then you are right! You will have to spend more money on it.
The reason for costly grocery items is that Iceland is separated from the rest of Europe and has relatively little productive land. They are obliged to acquire much of its food. Also, the government has strict laws for importing foreign items, which add to the price.
Barbados
- Cost of living: 92.37
- Rent index: 21.99
Barbados is among the most expensive locations to visit in the Caribbean. There are many reasons why things are expensive in Barbados.
There are various reasons, some related to the country’s economic structure, while others are due to customs that encourage frequent travel abroad. Many goods originate from either the US or Europe, which means they have to be shipped across oceans and then added on top of customs fees.
The public transportation system isn’t frequent, and taxis can be expensive. Most people take a walk around the city. The cost of a meal is between $10 and $30, and an average restaurant could cost as much as $90 for two people. Restaurant prices are typically around $40 for dinner. However, it can increase to $200 or more during the New Year’s Eve holidays.
Jersey
- Cost of living: 92.01
- Rent index: 65.33
New Jersey is home to some of the country’s highest taxes, and the state has some of the most expensive real estate. The state’s high tax rates have contributed to the rising prices in many areas, including the city. The region also boasts some of the nation’s best schools. However, the cost of living in New Jersey isn’t uniformly high. If you’re considering moving to a new state, you should consider hiring a financial advisor to help you plan your finances.
For the first time, New Jersey ranked 6th in the world for its high cost of living. In the country, the cost of a shoebox apartment in Newark is well over $1000 a month. The state ranks sixth among home rental markets, and Newark is home to several rich and famous individuals. But despite its expensive housing prices, it still has many residents. The average cost of a one-bedroom apartment in Alpine is $2 million.
Israel
- Cost of living: 88.05
- Rent index: 33.94
According to Israeli news outlets, the price of basic goods is higher in Israel than in many Western countries. Although the shekel has remained strong against the dollar since the global financial crisis, a high level of foreign investment in the local high-tech scene has boosted its value. According to Ben-David, the price of basic goods is higher in Israel than in other Western countries, focusing on Tel Aviv, the economic and technological center of the country. With its wealth of new condos and restaurants, the city has a thriving high-tech scene, a Mediterranean coastline, and modern restaurants.
According to a new study by the Economist Intelligence Unit, Israel is still cheaper than Singapore, Hong Kong, the United Kingdom, France, and Bermuda. The report also ranked Israel seventh in the world regarding the cost of living in a housing rental. In the rankings, housing rental costs were added to the cost of living calculations to determine where the country’s cost of living is highest. However, the study did not factor in the high cost of food and alcohol, a major cause of complaints.
Denmark
- Cost of living: 84.12
- Rent index: 33.23
While Danish people tend to live in high-quality homes and enjoy a comfortable lifestyle, it is important to keep in mind that living in Denmark can be quite costly. In this country, most goods are imported, which can drive grocery prices sky-high. Fortunately, the country does not impose any income tax, but it imposes value-added taxes on goods. For this reason, Danish families often pack their lunches and eat at home instead of traveling to other cities to buy food.
While tuition in Denmark is free for EU citizens, non-EU nationals must pay for books, study materials, and other expenses. Private and international schools charge higher tuition than public schools. A monthly card for public transportation costs around 462 DKK, or about 68 USD. A single-trip ticket to a city or town in Denmark will cost you about 22 DKK. There is also a general attitude toward greetings and social behavior. In Denmark, greetings are casual and involve a firm handshake and a smile. Men should greet women first, while women should greet men.
Bahamas
- Cost of living: 84.00
- Rent index: 35.34
The highest cost of living in the world is in the Bahamas, with prices exceeding three hundred dollars per capita. This island nation of 700 islands and a landmass of 13,943 square kilometers is home to over three hundred thousand people. The capital, Nassau, has a population of around 255,000. Basic utilities, including electricity, water, and heat, cost about US$200 per month. A basic meal will set you back about $15, while beer and coffee are about $5 each.
Despite the high cost of living, the Bahamas is still a great destination for tourists. A three-course meal in a fine restaurant for two can run you up to US$60, and a liter of gas costs about US$1.43 per liter. Public transport tickets can be bought for as little as US$1.25 each or for a regular monthly pass, which will cost between US$56 and $150. Taxi fares start at about US$10 and include about $1 per kilometer. Although the Bahamas isn’t competitive with its Caribbean counterparts in price, it has many wealthy residents who are willing to spend a little extra.
Singapore
- Cost of living: 83.98
- Rent index: 66.43
A recent survey from the Economist Intelligence Unit, a research company, shows that Singapore is the most expensive country in the world. The study looked at the prices of 150 different items across 133 cities worldwide. The data is based on the prices of those items in different countries and was produced to help employers determine what salaries and wages are appropriate for their employees.
While the price of homes and education has increased worldwide, the price of cars in Singapore has remained relatively stable. Further, Singapore is a cash-gobbling metropolis, and the government deliberately raised car prices in 2018 to keep cars off the road and reduce congestion.
