Do you want to know which is the most expensive country in the world to live in 2023? Below is the list of top 10 most expensive countries to live in 2023 as per Numbeo cost of living index. Bermuda leads with a score of 141.8 followed by Switzerland in second and 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 that 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 capital of the country and one of the most expensive cities in the world.
The Danish capital is especially pricier for anyone wanting to do some retail therapy. In addition, Denmark has a developed mixed economy classified as a high-income economy by the World Bank.
Also, Denmark is the tenth most expensive country to live in 2023. The overall cost of living index in Denmark is generally steep, and misses out on ranking among the top 5 most expensive countries to live in.
With a cost of living index score of 80.0, Jersey ranks 9th among the top 10 most expensive countries to live in 2023. Jersey is an island country and self-governing Crown Dependency off the coast of north-west France.
The channel is the largest of the islands and is 23 km from the Cotentin Peninsula in Normandy. In addition, Jersey has a high per capita economic output at purchasing power parity, well ahead of all major developed economies in the world.
Gross national income in 2009 was £3.7 billion (about £40,000 per capita population). However, it is not an indication of each resident’s purchasing power and the actual standard of living in Jersey is comparable to that in the UK outside central London.
Iceland ranks 8th on the list of the top 10 most expensive countries to live in 2023, with a score of 83.3. It is a Nordic island country and the least populated country in Europe. Iceland’s capital and largest city is Reykjavik, home to over 65% of the population.
Iceland has strict regulations when it comes to importing foreign goods, leading to high prices of the products. Grocery prices in the country are among the highest in the world. In addition, Iceland has a market economy with relatively low taxes compared to other OECD Countries.
Also, it has the highest trade union membership in the world. Iceland ranks high in 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.
Singapore is a sovereign island country in Maritime Southeast Asia, making it the seventh most expensive country in the world to live in 2023. Its Cost of Living Index score is 83.98 according to Numbeo. It has 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 about $18,000 annually. Singapore has a highly developed market economy, historically based on expanding enterprise trade.
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 per capita gross domestic product (GDP).
Norway is a Nordic country in Northern Europe. Its mainland covers the western and northern parts of the Scandinavian Peninsula. The capital and largest city of Norway is Oslo. It is one of the top 10 most expensive countries to live in 2023.
Norway ranks third in this list as the most valuable of the Scandinavian countries. It has a hefty 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 per capita (PPP) in the world.
Norway ranks as the second wealthiest country in the world in monetary value, with the largest capital reserve per capita of any country. The tax rate on food is only 15% lower, but still considered expensive. Norway is the third most expensive place in the world to buy groceries.
Barbados is an island country in the Lesser Antilles of the West Indies and the easternmost part of the Caribbean Islands. It occupies an area of 432 km2 and has a population of about 287,000 (2019 estimate). Living in Barbados faces logistical challenges that contribute to it being one of the most priceless places to live.
In addition, the government of Barbados puts a lot of money into a primarily state-owned system, and the island has one of the world’s highest literacy rates of 99.6%. Also, Barbados is the fifth most expensive country in the world to live in 2023.
Moreover, Barbados is the 52nd richest country in the world in terms of GDP per capita. The country has a well-developed mixed economy, and a moderately high standard of living. According to the World Bank, Barbados is one of the world’s 83 high-income economies.
Despite this, a 2012 self-study in conjunction with the Caribbean Development Bank showed that 20% of Barbadians live in poverty, and about 10% cannot meet their basic daily food needs.
The Bahamas is a sovereign country within the Lucayan Archipelago of the West Indies in the Atlantic. The archipelago state consists of more than 700 islands, cays and islets in the Atlantic Ocean. Also, the Royal Bahamas Defense Force describes the area of the Bahamas as 470,000 km2 of ocean space.
Most goods in the Bahamas have to be imported, which is a contributing factor to the cost of living. Whereas in other tropical places, such as Barbados and Bermuda, it is more expensive to buy groceries. 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 to 1-to-1 with the US dollar. Prices in the Bahamas are still steep 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 2023.
The Cayman Islands is the third most expensive country in the world to live in 2023. With a GDP per capita of $91,392, the Cayman Islands have the highest standard of living in the Caribbean. There are immigrants from over 130 countries and territories living in the Cayman Islands.
The Cayman Islands is a self-governing British overseas territory, and the largest by population. The 264-sq-km territory includes the three islands of Grand Cayman, Cayman Brac and Little Cayman. It is located south of Cuba and northeast of Honduras, between Jamaica and Mexico’s Yucatan Peninsula.
The capital city is George Town on Grand Cayman, the most populous of the three islands. Grand Cayman, the largest island, is known for its beach resorts and diverse scuba diving and snorkeling sites. Cayman Brac is a popular launch point for deep sea fishing excursions.
Little Cayman, the smallest island, is home to diverse wildlife, from the endangered iguana to seabirds such as the red-footed breast. The region is a major world offshore financial center for international businesses and wealthy individuals.
Living in Switzerland is much more expensive than usual. Both Geneva and Zurich in Switzerland are among the 10 most expensive cities in the world. It is the second most expensive country in the world to live in.
Childcare, dining out and cinema tickets are just a few examples of everyday things for which the country makes it to the top 10 list of most expensive countries to live in 2023. Additionally, Switzerland has a stable, prosperous and high-tech economy. The country ranks as the wealthiest country in the world per capita in several rankings.
Switzerland is ranked as one of the least corrupt countries in the world, while its banking sector is paradoxically rated as “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-eight largest by purchasing power parity. It is the seventeenth largest exporter.
Bermuda has become the most expensive country in the world to live in 2023. Bermuda is a British Overseas Territory in the North Atlantic Ocean. The closest land outside the area 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 from the US. In addition, it is the most expensive country in the world to buy groceries. Import taxes into Bermuda are exorbitant, resulting in high costs on the retail price of everything from food to fuel.
Also, import taxes are the second largest source of government revenue after payroll taxes. Tourism is Bermuda’s second largest industry, with over half a million visitors annually, more than 80% of whom are from the United States. Other important sources of visitors are from Canada and the United Kingdom.
Cost of living index score: 141.8