Here Are World's 7 Most Expensive Countries To Live In

The cost of living has only increased over the years. Paying for necessities like housing, power, water, groceries, clothing, and gas for your vehicle can add up. But in some of the countries, the cost of living is astronomical, making it a struggle for many individuals and families to make a living.

However, even if a country has cheap rent and bargain prices on food, it could be pricey in other areas. High taxes, low wages and above-average transportation costs can all contribute to a high cost of living for residents.

If you are thinking of relocating, then read through this list before you do, as you might be shocked to find out just how expensive some of the countries are.

Here¡¯s a list of some of the most expensive countries to live in world:

1. Switzerland

Perhaps, coming as no surprise, Switzerland is one of the most expensive countries to live in. If you have ever journeyed there, then you can attest that it is pricey.

The country is especially pricey when it comes to food, beverages, hotels, housing, restaurants, clothing, and health insurance ¨C or pretty much everything you need. The cost of restaurants and groceries is outrageously high, and is often described as more expensive than any other country in the world.

Shutterstock

While Switzerland is expensive for its residents, for people coming from abroad, high costs here are the ultimate culture shock.

Various studies have shown time and again that Swiss consumers pay much more for basic goods and services than most of the European countries.

Rents are half of what you¡¯d pay in New York, but worldwide income tax can run up to 40%. You¡¯re even taxed for living in your own home. However, Swiss citizens at least enjoy purchasing power that¡¯s 26% higher compared to New York.

2. Bermuda

When you consider the beaches and turquoise water that Bermuda has to offer, it's easy to understand why someone would want to live on the island. But unfortunately, that's far out of the realm of reality for most people.

Shutterstock

The Atlantic Ocean tax haven of Bermuda ranks among the most expensive nations on earth, with the country's capital Hamilton also one of the most expensive individual cities on the planet.

The British Overseas Territory is quite a pricey place to live, with a 100% higher cost of living than the US, according to Numbeo.

3. Iceland

This Nordic island country has been a popular destination for millennial travel bloggers and nature lovers in recent years.

Iceland¡¯s cost of living is quite high, but interestingly, it isn¡¯t due to housing. You can rent a home for less than half of what you could in New York. It¡¯s food that¡¯s pricey ¡ª you will have to spend quite a fortune on groceries.

Agoda

Cut off from the rest of Europe and with very little fertile ground, Iceland is forced to import much of its food, pushing up costs. The country also has tight regulations when it comes to importing foreign goods, which adds up to the costs.

4. Norway

Norway has always ranked higher in the list of most expensive countries in the world, and tourists definitely feel it when they compare what their currency can get them once exchanged.

500X

Food is very costly, as is eating out, and even things such as taxi fares are sometimes double what you would expect to pay in the rest of Europe.

Norway has a high VAT rate ¨C 25% - which pushes up the expense of most everyday costs. While food has a lower tax rate at just 15%, but is still considered expensive. A lot of staples are actually more expensive than usual in Norway, including milk and bread.

5. Luxembourg

The tiny nation of Luxembourg has a very high purchasing power. Whilst it¡¯s filled with high-end banking and international finance corporations, it pays for this by having really expensive restaurants, cafes and bars.

Shutterstock

According to a report in Expatistan, cost of living in Luxembourg is more expensive than in 81% of the cities in Western Europe, in addition to being more expensive than 85% of cities around the word.

Some of the people prefer to do their weekly shopping ¨C across the border, as everything from milk to beef to beer is considerably cheaper in France than in Luxembourg.

6. Denmark

Denmark is simply not for those wanting to live on the cheap. Its restaurant prices rank among the highest in the world. A three-course meal for two at a mid-range restaurant is around 600 Danish krone (Rs 6,800).

Shutterstock

Copenhagen, Denmark's capital, is one of the most expensive cities in the world. Life outside the capital is not quite as expensive but it is far from cheap.

One thing which is certain, however, is that if you as a foreigner living in Denmark, you would enjoy high quality life, but it comes at a cost. Even more so if you are with kids ¨C kids take up most of the bills and might make the cost of living in Denmark high.

7. The Bahamas

As with Bermuda, the luxury of living on an island comes at a price. The majority of goods have to be imported, which can send the price of everyday groceries skyrocketing.

Shutterstock

Given that there is no income tax, the government makes its money by taxing imported goods, as well as charging value added tax (VAT) for goods and services when they are sold by vendors.

As the standard of living in The Bahamas is quite high, real estate in the country also tends to be on the more expensive side of average. Reasonable prices can still be found, depending on the type and location of housing you choose.