If you’re considering becoming an expat, then you might want to consider the cost of living in the country you’re moving to first.
The cost of living is determined by considering the rent, food, transportation, and other living expenses in each city. These costs are combined to create a consumer basket based on the assumption of a moderate lifestyle and average consumption. This is often known as the Consumer Price Index (CPI).
In this article, we’ll look at the world’s top 10 most expensive countries, based on data from worldpopulationreview.com, livingcost.org, and numbeo.com.
Liechtenstein
One of the world’s smallest countries offering Alpine scenery and unique medieval castles, Liechtenstein has a relatively high cost of living. Monthly expenses hover around $2,198/£1,727 for an individual, and $5,071/£3,984 for a family, 2.15 times more expensive than the world average. Post-tax, the average wage amounts to $5,787/£4,547, enough to cover living expenses for 2.6 months. The pricey expense that Liechtenstein commands is attributed to its high quality of life ranking, ranked 4th by livingcost.org
Bahamas
The Bahamas, known for its breathtaking coral reefs and vibrant island culture, ranks 9th on this list. The average monthly cost amounts to approximately $2,229/£1,806 for an individual and $5,890/£4,628 for a family of four, 2.18 more expensive than the world average. After taxes, the average wage comes to $2,110/£1,658, enough to cover living expenses for 0.9 months.
Australia
The average monthly cost in Australia amounts to around $2,257/1,773 for one person and $5,243/£4,120 for a family of four, 2.21 times more expensive than the world average. After taxes, the average wage comes to $3,499/£2,749, enough to cover living expenses for 1.6 months. However, these costs may seem less relevant, as Australia has been ranked 8th for the best quality of life.
Ireland
Ireland, with its enchanting countryside and lively urban centres, finds itself in 7th in this list. The expenses for one person in Ireland come to $2,337/£1,836 and $5,129/£4,030 for a family of four. This is 2.29 times more expensive than the world average. After tax, the average salary is $3,162/£2,484 which is just enough to cover 1.4 months expenses. These high costs contribute to why it is considered the 9th best country to live in.
Iceland
Nestled in the North Atlantic, Iceland offers a unique living experience amidst stunning natural landscapes. The cost of living reflects the country’s high standard and quality of living, with it being ranked the safest country in the world. The cost of living sits around $2,384/£1,873 for one person and $5,111/£4,016 for a family of four. This is 2.34 times more expensive than the world average. After tax the salary is $3,560/£2,797 which is enough to cover living expenses for 1.5 months.
USA
Known as the land of opportunity, it is important to remember the cost of living in the United States of America can vary from state to state. In major cities like New York or San Francisco, the cost of living can be significantly higher than the national average, impacting housing affordability and daily expenses. However, with all considered, the cost of living for one is $2,434/£1,912 and $5,606/£4,405 for a family of four, this is 2.38 times more expensive than the world average. The salary after tax is $4,759/£3,739 which would cover living expenses for 2 months.
Switzerland
Considered the banking capital of the world as well as a tax haven, Switzerland offers an average salary of $6,250/£4,911 which is enough to cover living expenses of $2,809/£2,207 for 2.2 months. This is 2.75 times more expensive than the world average. The expenses for a family of four rise to $7,193/£5,652, and although these high prices may deter expats, Switzerland is ranked the best place to live by the US News.
Cayman Islands
The Cayman Islands are a well-known tax haven, with zero corporate tax and favourable tax and privacy laws. It is the 3rd most expensive country in the world, with food for one costing around $775/£609 monthly, rent and utilities costing $2,187/£1,718 and the total cost of living is $3,208/£2,520. For a family of four, these expenses rise to $7,985/£6,274, 3.14 times more expensive than the world average. The monthly salary after tax comes to $4,665/£3,665, enough to cover 1.5 months.
Singapore
Singapore, a stunning blend of modernity and tradition, diverse culture and one of the largest financial centres in the world. The cost of living will set back an individual $3,285/£2,581 or $7,461/£5,862 for a family of four. This is 3.22 times more expensive than the world average. Some contributing factors to these figures include transport ranking most expensive in the world at $263/£206 monthly, and rent and utilities being the second most expensive in the world.
Monaco
Often referred to as the “billionaires’ playground”, home to one of the most iconic F1 tracks, Monaco boasts luxurious boutiques, exquisite cuisine, and a vibrant cultural scene. However, all this comes at a cost – the average wage needed to cover expenses for one person in Monaco sits at $5,621/£4,417 and for a family of four it comes to $11,019/£8,658.90 – these figures are 5.51 times more expensive than the world average. The majority of the expenses come from the cost of rent and utilities – securing Monaco easily at the number one spot out of 197 countries.
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Caleb Hinton
Caleb is a writer specialising in financial copy. He has a background in copywriting, banking, digital wallets, and SEO – and enjoys writing in his spare time too, as well as language learning, chess and investing.
