10 Most Expensive Countries In The World

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Most Expensive Countries In The World

Every year many surveys are done to find out which is the most expensive country in the world. This year is not an exception. This year a survey done by CEOWORLD magazine revealed which is country with the highest cost of living. After collecting and reviewing data from more than a few studies the CEOWORLD magazine focuses on the range of living costs such as accommodation, clothing, taxi fares, utility, internet, the price of groceries in those countries. They also include the expenses of transport and eating out. Their rankings are based on five major points like the cost of living, rent, groceries, eating out and purchasing power. In the survey twelve countries out of the top twenty are European, four of them are Asian, and one North American, and the rest two countries are in Oceania. The top ten most expensive countries are:

  1. SWITZERLAND

Switzerland is not only one of the most beautiful country but also the most expensive country to live in. According to the IMF, one of the most developed countries in the world, Switzerland also has the highest nominal wealth per adult. Switzerland regularly ranks in as one of the top countries in surveys based on its national performance, including government transparency, civil liberties, quality of life, economic competitiveness and human development.

Last year it was the second most expensive country. Switzerland also has the eighth-highest per capita gross domestic product. Switzerland is widely famous for its industries of Banking and finance. Swiss watches and chocolate are also worldwide known and loved. In the survey of the cost of living, Switzerland has a score of 121.16 which is the highest among all the countries. The country scored 50.25. The country’s cost of living plus rent score is 87.11. Groceries are very expensive in Switzerland it scored 120.81 on the list. Switzerland is most expensive in the categories of restaurant price and power purchasing, scoring 123.09 and 129.7 respectively on the list.

2. ICELAND

After hitting hard by the worldwide financial crisis, in 2008 Iceland went through a severe depression and substantial political unrest. Which lead to the Icesave dispute, and the institution of capital controls. The country’s banking system systemically failed at that time. From then till now, Iceland has made a huge recovery. Iceland provides its citizens with universal health care and tertiary education by maintaining a Nordic social welfare system. Iceland is renowned as the most peaceful country. Iceland does not have an army. It regularly ranks high in economic, democratic, social stability, and equality.

By the United Nation’s Human Development Index, Iceland is the sixth most developed country globally. It also ranks at the top in the median wealth per adult ranking. Iceland has 101.86 points on the cost of living index. The second most expensive country has 48.28 points on the expenses of rent. Cost of living plus rent score is 76.13. Groceries are a lot less expensive than Switzerland with 92.1 points. Eating out in this country is the 2nd highest, 111.85 on the index. The country mostly runs with renewable energy. It has the lowest power purchasing cost among the top three countries with 91.8 points on the index.

3. NORWAY

The Scandinavian country has been known for being one of the most expensive countries to live in. The country is also known for having extensive reservations of natural resources such as petroleum, natural gas, minerals, lumber, seafood, and fresh water. Other than the Middle East, Norway is the largest producer of oil and natural gas, based on per-capita. Norway’s petroleum industry is the largest contributor in its GDP. The country has the fourth highest income in the world per capita. Norway’s cost of living is 100.99 on the index.

The rent prices are comparatively lower, scoring 37.28 on the index. The cost of living plus rent prices scores 70.4. Norway is famously known for its groceries being overpriced (92.67). The restaurant prices are also the 3rd highest, scoring 111.53 on the index. Purchasing of power will also cost you a lot, it has a score of 103.61 on the index. Norway is one of the highest ranked countries on the Human Development Index. Norway has one of the lowest crime rates in the world and also it has been ranked first on the World Happiness Report.

4. BAHAMAS

The coral-based archipelago is located in the Atlantic Ocean. The North American country, Bahamas consists of more than 700 islands. In 1973, the country became an independent Commonwealth realm. Most of the country’s economy is based on its earnings from tourism and finance sectors. The Bahamas is one of the richest countries in the Americas based on gross domestic product per capita.

The Bahamas has the 4rth highest cost of living, earning 92.4 points on the index. The country’s rent expenses have 33.49 points on the index. The prices of groceries are also pretty high with a score of 76.97 on the index. The cost of eating in a restaurant is the highest with 99.92 scores on the survey. The cost of purchasing power is comparatively low and the lowest among the top ten expensive countries with a score of 57.01 on the index.

5. LUXEMBOURG

Located in Western Europe, Luxembourg is a small landlocked country that is officially known as Grand Duchy of Luxembourg. Luxembourg is one of the most economically advanced and developed countries. It is among the countries with one of the highest GDP per capita. Luxembourg’s capital the Luxembourg City was declared a World Heritage Site by UNESCO. Luxembourg is one of the founding members of many international organizations such as the European Union, OECD, United Nations, NATO, and Benelux. The Luxembourgish passport is also one of the strongest passports in the world.

It ranked 5th on the global strongest passports rankings. The Luxembourgish passport holders can visit 186 countries without a visa. This country also has the 5th highest cost of living with 86.09 points on the index. The cost of rent in this country is higher than in Switzerland and it scored 55.64 on the rent index. The cost of living plus rent costs scored 71.47 points. The grocery and restaurant prices scored 75.1 and 96.08 on the list respectively. Among all the other costs the power purchasing cost is the highest in this country, scoring 106.26 on the index.

6. JAPAN

The Asian country is famously known for being one of the most advanced and literate countries in the world. Japan is the fourth largest importer and exporter in the world. Japanese passport also has been ranked as the strongest passport in the world, as of 2019. Japan also possesses one of the most modern, developed and strongest military. The population of Japan also maintains one of the highest standards of living, with the highest life expectancy and third lowest infant mortality rate.

Japan is one of the top countries in the Human Development Index. Japan’s cost of living score is 83.33. The country’s rent and restaurant costs have scored 27.97 and 48.75, the 2nd lowest among the top ten countries on this list. The cost of living plus rent also the 2nd lowest with 56.75 points. Although Japan’s power purchasing cost and groceries scored relatively higher, scoring 83.58 and 103.12 respectively.

7. DENMARK

Denmark is among the countries with the highest per capita incomes and the highest personal income tax rates in the world. The Scandinavian country is a part of the Schengen Area. Denmark is also one of the founding members of NATO, the Nordic Council, the OECD, OSCE, and the United Nations. Denmark is among the most economically and socially developed countries in the world that ranks highly in the Human Development Index. The country has one of the highest social mobility and enjoys a high level of income equality.

Denmark is also one of the lowest countries on the Corruption Perceptions Index. Denmark has 81.38 scores on the cost of living index. The country has the 3rd lowest rent among the top ten countries on this list, scoring 32.91. The cost of living plus rent score is 58.11. Denmark scored 95.14 and 114.39 on the restaurant price and power purchasing index. Denmark has the 2nd lowest price of groceries among the top ten countries, scoring 63.62 on the grocery price index.

8. HONG KONG

Located in southeastern China, the former British colony, Hong Kong is an autonomous territory. The fourth most densely populated region in the world, over the years Hong Kong has become one of the most important financial centers and commercial ports. Hong Kong’s currency is the 13th-most traded currency in the world, It has become one of the largest trading entity in the world. Hong Kong possesses the largest number of skyscrapers in the world.

It is also among the highly ranked countries on the UN Human Development Index. As per the Cost of Living Index, Hong Kong was scored 78.14. Hong Kong has the 3rd lowest eating out cost among the top ten countries, scoring 56.08 on the index. It also has the second lowest score of 69.34 on the cost of power purchasing index in the top ten. Although the country’s grocery prices are pretty high and it scored 80.3 on the index. The cost of living plus rent score of the country is 77.51.

9. SOUTH KOREA

South Korea is known as one of the most technically superior countries. The highly developed country also holds a high rank on the HDI. It is one of the largest economies in the world and also the 10th strongest country in the world, as of 2019. South Korea is one of the leaders in the industrial and technological sectors globally. It is the 5th largest exporter and 8th largest importer in the world.

The country primarily exports electronics, automobiles, ships, machinery, petrochemicals, and robotics. Apart from being a member of much international organization, South Korea is also one of the founding members of APEC and the East Asia Summit. On the Cost of Living Index, South Korea was ranked 9th with a score of 76.93. Among the top ten countries, South Korea has the lowest scores on the index by rent, cost of living plus rent and eating out, the scores were 22.23, 50.66, and 44.84 respectively. Though the cost of purchasing power stands quite high with a score of 103.4.

10. IRELAND

Ireland has one of the best economies in Europe. The knowledge economy is mostly focused on high-tech, life sciences and financial services industries. Ireland is the 6th biggest open economy. Irelan is ranked first in the world for high-value foreign direct investment. Ireland also has one of the largest GDP per capita. Ireland is widely known for its culture and has been influencing other cultures in the world. Ireland is the 10th most expensive country to live in. On the Cost of Living Index, it has a score of 75.35. Ireland scored 41.8 on the rent index and 59.24 on cost of living plus rent index. Among the top ten countries, Ireland has the lowest grocery prices and scored 59.1 on the index. Ireland was scored 82.65 and 95.09 on restaurant costs and power purchasing price respectively.

While these are the top ten most expensive countries to live in, Pakistan (20.4) has become the least expensive country to live in. Tunisia (23.69) and India (24.17) are the 2nd and 3rd least expensive countries to live in. Venezuela (25.73) is the 4rth and Egypt (26.46) is the 5th most affordable countries in the world to live in.

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