Want to know which is the most expensive country in the world to live in 2024? Below is the list of the top 10 most expensive countries in the world to live in 2024 according to the Numbeo Cost of Living Index. Bermuda leads the way with a score of 133.6, followed by Switzerland in second place and the Cayman Islands in third.
In this list, the cost of living index (excluding rent) is a relative indicator of the prices of consumer goods including groceries, restaurants, transportation, and utilities. The cost of living index does not include housing expenses such as rent or mortgage. If a city has a cost of living index of 120, it means it is 20% more expensive than New York.
Denmark is a Nordic country in Northern Europe. It is one of the richest countries in the world. European Denmark is the southernmost of the Scandinavian countries. Copenhagen is the country’s capital and one of the most expensive cities in the world.
The capital of Denmark is expensive especially for those who want to do some retail therapy. In addition, Denmark has a developed mixed economy that is classified as a high-income economy by the World Bank.
Also, Denmark is one of the most expensive countries in the world 2024. The overall cost of living index in Denmark is generally very high, and misses out on ranking in the top 5 most expensive countries to live in.
The economy of Denmark is a modern high-income and highly developed mixed economy. The nominal gross national income per capita is the ninth highest in the world at $68,898 in 2024.
Norway is a Nordic country in Northern Europe. Its mainland covers the western and northern parts of the Scandinavian Peninsula. Norway’s capital and largest city is Oslo. It is one of the top 10 most expensive countries in the world to live in 2024.
Norway ranks third on this list as the priciest of the Scandinavian countries. It has a VAT rate of 25%, one of the highest in the world, which drives up the cost of most everyday items.
Additionally, Norwegians have the second-highest GDP per capita among European countries, and enjoy the sixth-highest GDP (PPP) per capita in the world.
Norway is the second-wealthiest country in the world in monetary value, with the largest capital reserves per capita of any country. The tax rate on food is low at only 15%, but is still considered expensive. Norway is the third-most expensive place in the world to buy groceries.
08. Barbados – 79.4
Cost of living index score: 79.4
GDP (nominal): $6.8 billion
Per capita (PPP): $23,596
Barbados is an island country in the easternmost part of the Lesser Antilles and Caribbean Islands of the West Indies. It covers an area of 432 square km and has a population of approximately 282,289. Living in Barbados poses logistical challenges that make it one of the priciest places to live.
In addition, the government of Barbados invests a lot of money in a predominantly state-owned system, and the island has one of the highest literacy rates in the world with a literacy rate of 99.6%. Also, Barbados is the eighth most expensive country in the world to live in 2024.
Also, Barbados is the 47th richest country in the world in terms of GDP per capita. The country has a well-developed mixed economy, and the standard of living is moderately high. According to the World Bank, Barbados is one of the 83 high-income economies in the world.
Despite this, a self-study conducted in conjunction with the Caribbean Development Bank in 2012 revealed that 20% of Barbadians live in poverty, and approximately 10% cannot meet their daily basic food requirements.
07. Singapore – 81.9
Cost of living index score: 81.9
GDP (nominal): $525.2 billion
Per capita (PPP): $88,447
Singapore is a sovereign island country in Maritime Southeast Asia, making it the seventh most expensive country in the world to live in 2024. It has a cost of living index score of 81.9 according to Numbeo. It is the country with the third highest population density in the world.
Childcare in Singapore is one of the most expensive services in the world, costing the average family around $18,000 annually. Singapore has a highly developed market economy, historically based on the expansion of enterprise business.
Along with Hong Kong, South Korea and Taiwan, Singapore is one of the Four Asian Tigers, and is ahead of its peers in terms of gross domestic product (GDP) per capita.
06. Iceland – 85.7
Cost of living index score: 85.7
GDP (nominal): $33.3 billion
Per capita (PPP): $84,594
Iceland ranks 8th on the list of the top 10 most expensive countries in the world 2024, with a score of 85.7. It is a Nordic island country and the least populated country in Europe. The capital and largest city of Iceland is Reykjavík, where more than 65% of the population lives.
Iceland has strict regulations when it comes to importing foreign goods, which leads to very high prices of products. Groceries in the country are among the most expensive in the world. In addition, Iceland has a market economy with relatively low taxes compared to other OECD countries.
Also, it has the most trade union members in the world. Iceland also ranks highly in terms of economic, democratic and social stability, as well as equality, ranking third in the world based on average wealth per adult. Iceland runs almost entirely on renewable energy.
The Bahamas is a sovereign country within the Lucayan Archipelago of the West Indies in the Atlantic. The archipelagic state consists of more than 700 islands, cayes, and islets in the Atlantic Ocean. Also, the Royal Bahamas Defense Force describes the area of the Bahamas as 470,000 km2 of ocean area.
Most goods in the Bahamas have to be imported, which is a contributing factor to the cost of living. While buying groceries in other tropical places like Barbados and Bermuda is more expensive. Furthermore, in terms of GDP per capita, the Bahamas is one of the richest countries in the Americas.
Its currency (the Bahamian dollar) is pegged at 1-to-1 with the US dollar. Prices in the Bahamas are still very high due to the competitive housing market and high import taxes. The Bahamas is one of the top 10 most expensive countries in the world to live in 2024.
04. Us Virgin Islands – 102.6
Cost of living index score: 102.6
GDP (nominal): $4.06 billion
Per capita: $41,976
The United States Virgin Islands are a group of Caribbean islands and are both an unorganised and organised territory of the United States. The U.S. Virgin Islands consist of the main islands of Saint Croix, Saint John, and Saint Thomas and 50 other surrounding smaller islands and cays. The islands are the 4th most expensive island country in the world to live in 2024.
The total land area of the territory is 133.73 square miles, and its capital is Charlotte Amalie, located on the island of Saint Thomas. The U.S. Virgin Islands are organised under the 1954 Revised Organic Act of the Virgin Islands and have held five constitutional conventions since then.
Previously known as the Danish West Indies of the Kingdom of Denmark-Norway and the independent Kingdom of Denmark, they were sold by Denmark to the United States in the Danish West Indies Treaty of 1917 and have been an organised, unorganised United States territory ever since.
03. Cayman Islands – 111.7
Cost of living index score: 111.7
GDP (nominal): $6.99 billion
Per capita: $109,684
The Cayman Islands are one of the most expensive countries in the world 2024. With a GDP per capita of $109,684, the Cayman Islands are the country with the highest standard of living in the Caribbean. The Cayman Islands are home to immigrants from over 130 countries and territories.
The Cayman Islands are a self-governing British overseas territory, and the largest by population. The area of 264 square kilometres comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman. It lies between Jamaica and Mexico’s Yucatan Peninsula, south of Cuba and northeast of Honduras.
The country’s capital city is George Town on Grand Cayman, the most populous of the three islands. The largest island Grand Cayman is known for its beach resorts and diverse scuba diving and snorkelling sites. Cayman Brac is a popular launch point for deep-sea fishing excursions.
Little Cayman, the smallest island, is home to a variety of wildlife, from endangered iguanas to seabirds such as red-footed tits. The territory is a major world offshore financial centre for international businesses and wealthy individuals.
02. Switzerland – 112.2
Cost of living index score: 112.2
GDP (nominal): $938 billion
Per capita: $105,669
Living in Switzerland is much more expensive than any other country. Both Geneva and Zurich in Switzerland are among the 10 most expensive cities in the world. Switzerland is the second most expensive country in the world to live in 2024.
Childcare, eating out, and movie tickets are just some of the everyday things for which this country is included in the list of top 10 most expensive countries to live in. Furthermore, Switzerland’s economy is stable, prosperous, and high-tech. The country is the wealthiest country in the world per capita in many rankings.
Switzerland is considered one of the least corrupt countries in the world, while its banking sector is paradoxically considered “one of the most corrupt countries in the world”. Also, it is the twentieth largest economy in the world by nominal GDP and the thirty-eighth largest by purchasing power parity.
For several years now and in 2024, Bermuda is the most expensive country in the world to live in. Bermuda is a British overseas territory in the North Atlantic Ocean. The closest land outside the territory is in the US state of North Carolina, about 643 miles to the west-northwest.
Bermuda produces almost no food or consumer goods and is usually dependent on goods shipped in from the US. It is the most expensive country in the world to buy groceries. Import taxes in Bermuda are very high, resulting in a high cost at retail for everything from food to fuel.
Also, import taxes for Bermuda are the second largest source of government revenue after payroll taxes. Tourism is Bermuda’s second largest industry, with more than five million visitors annually, more than 80% of whom are from the United States. Other significant sources of visitors are from Canada and the United Kingdom.
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Hi, here is a list of most expensive countries to live in.
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