Several benefits come with living in countries with high costs of living. These benefits include a stable economy that boosts businesses' potential and growth, resulting in more professional opportunities. In addition, the education and healthcare services are of high quality. Discover some of the world’s most expensive countries to live in as an ordinary person.
The cost of living index examines the cost of living in a country compared to others. Some of the factors that determine a country's cost of living are; the costs of housing, food, healthcare and cost of raw materials, among others. Discover some of the most expensive countries in the world.
World's most expensive countries to live in
The most expensive countries are developed nations from Europe, North America and Asia. The list below shows the world's most expensive countries based on their cost of living indices as compared to the USA, UK, and other developed nations.
- Index cost of living: $3761
What country has the highest cost of living? Monaco is the most expensive country to live in as of 2023. The cost of living index is $3,761, the highest in the world.
Monaco is the second-smallest country in the world, and it tops the list of the most expensive places to live in the world. The average net salary is $5629 enough to cover 1.5 months of living expenses. Compared to the US, its average cost of living is 70% higher.
Although Monaco is an expensive country, it enjoys tax benefits, making it an attractive destination for entrepreneurs, investors and high-net-worth individuals waiting to keep more money. The country also boasts a strong economy with a diverse range of industries.
- Index cost of living: $3280
Singapore is an island country and a city-state in maritime Southeast Asia. It is famous for being a global financial centre and stands out for its higher cost of living. It is 48% more expensive than in the United States.
Eating at a restaurant will cost you around $27.1, and a dinner for two is estimated at $67.7. Several factors contribute to the country's high cost of living. Essentials like food and fuel are mostly imported due to Singapore's resource constraints.
- Index cost of living: $3144
Bermuda is a small island located in the North Atlantic Ocean. It is considered the third most expensive country in the world, with the cost of living being 1.68 times more expensive than the average in the United Kingdom. The average net salary is $5974, which can cover living expenses for 1.9 months.
Bermuda is widely known for its pink-sand beaches, crystal clear waters and picturesque landscapes. The country also boasts a well-developed political infrastructure that can benefit experts looking to live and work on the island.
4. Cayman Islands
- Index cost of living: $3090
The Cayman Islands is a group of islands comprising Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica. The Cayman Islands are renowned for their pristine beaches.
In the Cayman Islands, housing, food, and transport are expensive. It is 40% more expensive than in the United States, with the average net salary enough to cover living expenses for 1.4 months compared to 1.9 months in the US.
- Index cost of living: $2651
Jersey is among the countries with the most expensive cost of living in the world. It is ranked the second most costly and eighth best state to live in the United Kingdom. The average net salary for an ordinary person is $2859, which can cater for expenses for 1.1 months.
It's located between England's south coast and France's north coast. The island is a haven of beautiful beaches, great country walks, fascinating history and fantastic wildlife.
- Index cost of living: $2604
Switzerland is a landlocked country that is between France and Italy. Austria, Germany and Liechtenstein also border it. Salaries in Switzerland are high, with the average net wage being $6020, which can cover 2.3 months of living expenses. Essential commodities are 2.66 times more expensive than the world average.
7. United States
- Index cost of living: $2213
The United States is the world's most dominant economic and military power. It is one of the most populated countries in the world, with a population of 331 million. Basic commodities are 2.26 times more expensive than the world average. The average net salary in the United States is $4223, which can cover 1.9 months of living expenses.
- Index cost of living: $2198
Ireland is one of the most expensive European countries with the highest cost of living. It has an average cost of living of 0.7% cheaper than the United States. The net average wage here can cater to living expenses for 1.4 months, compared to 1.9 months in the US.
- Index cost of living: $2167
Luxembourg is another landlocked country and one of the world's smallest countries which borders Belgium, France and Germany. Amenities such as housing, transport, health care and education are costly. The average net salary here is $4632, which can cater for expenses for 2.1 months.
- Index cost of living: $2117
Liechtenstein is located between Switzerland and Austria in Western Europe, making it one of the only two doubly landlocked countries worldwide. It has one of the highest wage levels in Europe and is one of the most expensive countries to live in. The cost of living is 4% less costly than in the United States. The country has a population of over 37 thousand people.
Countries with high living costs are often considered to have a high quality of life. These nations offer a high standard of living, good healthcare, education, social welfare, and opportunities for recreation and cultural experiences. The above is a list of the most expensive countries to live in you can consider relocating to.
Legit.ng recently published an article about the most beautiful cities in Nigeria. Nigeria is a country full of places to visit and have fun. Almost every city in the country is gorgeous. However, some cities stand out because of their beauty.
The most beautiful cities in Nigeria have numerous factors that contribute to their appeal. These include picturesque surroundings, majestic physical features and beautiful infrastructure. Some of these cities include Abuja, Calabar, Lagos and Jos.