The United States is often considered a relatively expensive country to live in, although this varies depending on the region. However, 50 other countries are also classified as some of the most expensive in the world, despite having much lower living costs than the U.S.
A country may appear to have low living costs due to cheap rent and affordable food prices, but it can still be an expensive place to live in other aspects. Factors such as high taxes, inadequate wages, and above-average transportation expenses can all contribute to a high cost of living for the local population.
GOBankingRates crunched numbers from around the world to find the places where you might struggle to cover the costs of daily living. The study also included the local purchasing power for each country, which shows how much your dollar can buy. In this article, you will learn about Most expensive country in the world.
The costliest country in the world
In this article, we have described the most expensive country in the world. some of which are:
Switzerland
Cost-of-living index: 123.35
Local purchasing power: 118.44
Switzerland most expensive country in the world and has one of the highest costs of living in the world. Rent is only $1,516.83 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 12.1% higher compared to New York.
Singapore
Cost-of-living index: 83.98
Local purchasing power: 91.34
The monthly rent in Singapore is approximately $1,908.42. Despite this, the overall cost of living in Singapore is only slightly more than 6% higher than the average cost of living in the United States.
Iceland
Cost-of-living index: 94.86
Local purchasing power: 77.06
The high cost of living in Iceland is not attributed to housing expenses, as you can rent a home for $1,243.80. Instead, it’s the cost of food that is relatively high, with groceries costing around 20% more than in the United States.
Ireland
Cost-of-living index: 76.05
Local purchasing power: 82.27
Despite not being an obvious choice, Ireland is among the top five most expensive countries to live in. Although the cost of groceries is roughly 8% lower than in the United States, the purchasing power in Ireland is almost 23% less compared to the U.S.
Norway
Cost-of-living index: 100.9
Local purchasing power: 83.11
Norway is the most expensive country in the world while rent is on the lower side in Norway, averaging $952.03 per month, groceries are almost 27% more expensive than in the U.S.
Israel
Cost-of-living index: 88.05
Local purchasing power: 75.58
Israel’s cost of living is approximately 18% higher than the average cost of living in the United States. Renting a home in Israel costs around $1,082.33 per month, and grocery prices are roughly 6% higher compared to the U.S.
Lebanon
Cost-of-living index: 69.62
Local purchasing power: 35.12
Although Lebanon’s overall cost of living is only slightly cheaper than the United States by less than half a percentage, its local purchasing power is less than 70% of what you would have in the U.S. On the other hand, the average monthly rent in Lebanon is lower than many of the other countries on the list, costing around $566.60.
Canada
Cost-of-living index: 70.22
Local purchasing power: 87.98
Canada, our neighboring country to the north, has a cost of living that is similar to that of the United States as a whole. However, the purchasing power in Canada is weaker, with a difference of approximately 18% less compared to the U.S. On the other hand, Canadians pay about 43% less in rent, and a slightly higher cost for healthcare, by a few percentage points.
Qatar
Cost-of-living index: 62.81
Local purchasing power: 93.67
Qatar is a well-known most expensive country in the world for having a high cost of living, with the average monthly rent being around $1,441.02. However, the cost of groceries in Qatar is approximately 15% lower than in the United States, which is a positive aspect.
Netherlands
Cost-of-living index: 75.66
Local purchasing power: 87.99
The Netherlands has an overall cost of living that is only slightly more expensive than the United States by less than 5%. However, living in the Netherlands is significantly more costly compared to living in the U.S. in general. Additionally, it’s not known for being tax-friendly, with personal income tax rates that can reach up to 49.5%.
Australia
Cost-of-living index: 77.75
- Local purchasing power: 104.63
Despite being one of the most expensive countries to live in, Australia offers its residents some of the highest purchasing power globally. In fact, Australia ranks third in this regard, providing its citizens with almost 5% more purchasing power than the United States.
New Zealand
Cost-of-living index: 74.52
Local purchasing power: 83.63
Although New Zealand is considered one of the most expensive countries to live in, its cost of living is only slightly less than 5% higher than that of the United States. In New Zealand, groceries are about 2% more expensive, and healthcare costs are almost 4% higher compared to the U.S.
Cyprus
Cost-of-living index: 59.03
Local purchasing power: 57.31
Although Cyprus most expensive country in the world has a high cost of living, it’s less pricey than the U.S. as a whole. The average rent is only $674.82 per month and groceries are almost 20% lower than the U.S.
United Arab Emirates
Cost-of-living index: 58.33
Local purchasing power: 92.17
Despite being one of the most expensive countries in the world, the cost of living in the UAE is almost 12% less than the U.S. average. One of the advantages of living in the UAE is the relatively low cost of groceries, which are about 22% less expensive than in the U.S. Additionally, there is no personal income tax in the UAE, which can be a significant benefit for residents.
Denmark
Cost-of-living index: 84.12
Local purchasing power: 99.45
Despite being slightly cheaper than the U.S., the overall cost of living in this country is still about 14% higher. Even though residents have relatively higher purchasing power compared to other countries, it is still lower than that of the U.S.
Nigeria
Cost-of-living index: 30.49
Local purchasing power: 9.34
Although Nigeria is included in the list of most expensive countries, it is significantly cheaper than the U.S. as its cost of living is almost 40% lower. However, its low purchasing power remains a challenge. The average rent in Nigeria is $713.99 per month, and healthcare costs are about 20% lower than in the U.S.
Italy
Cost-of-living index: 66.47
Local purchasing power: 61.74
Italy ranks in the top 20 most expensive countries to live in, with a cost of living that’s only slightly cheaper than the U.S. by less than 3%. Despite this, healthcare and grocery costs are still lower in Italy than in the U.S.
Trinidad and Tobago
Cost-of-living index: 54.88
Local purchasing power: 38.47
With rent costs that are among the lowest on this list, and groceries about 16% lower, it’s easy to live the good life in Trinidad and Tobago.
Panama
Cost-of-living index: 51.43
Local purchasing power: 33.09
Panama is one of the most expensive country in the world to live in, with a cost of living almost 20% lower than the U.S. overall. Despite ranking in the top 20 worldwide, healthcare and grocery costs are still cheaper in Panama compared to the U.S.
United Kingdom
Cost-of-living index: 69.65
Local purchasing power: 88.78
While the United Kingdom’s overall cost of living is only slightly less expensive than that of the U.S., Britons enjoy paying about 13% less for groceries. However, taxes are higher in the UK, with a maximum personal income tax rate of 45%.
Venezuela
Cost-of-living index: 43.2
Local purchasing power: 15.41
Venezuela’s cost of living is much lower than in the U.S., however, the purchasing power is extremely low. Despite being considered an expensive country overall, groceries, rent, and healthcare costs are significantly lower here.
Belgium
Cost-of-living index: 72.61
Local purchasing power: 79.72
Belgium’s overall cost of living is slightly higher than the U.S., but it’s not a significant difference. Healthcare costs, on the other hand, are about 5% higher for Belgians compared to Americans. Perhaps the country’s famous chocolate production is a factor in its slightly higher cost of living.
Sweden
Cost-of-living index: 71.74
Local purchasing power: 98.14
Sweden’s cost of living is relatively high, but its residents enjoy good purchasing power. However, it’s important to note that Sweden also has a high tax rate, with personal income tax rates reaching around 32%.
Finland
Cost-of-living index: 73.2
Local purchasing power: 91.02
Despite being one of the most expensive countries in the world, Finland’s rental prices are comparatively affordable, averaging at $786.16 per month. Groceries are also cheaper by about 5%, but healthcare costs are about 7% higher than in the U.S.
France
Cost-of-living index: 74.13
Local purchasing power: 85.41
France is among the more expensive countries to live in, with a cost of living about 3% higher than in the U.S. However, when it comes to renting, it’s more affordable. Groceries and healthcare costs tend to be higher in France than in the U.S.
Austria
Cost-of-living index: 71.04
Local purchasing power: 77.25
Austria is considered an expensive country to live in due to a high-income tax rate of 55%. However, the blow is softened by a local purchasing power that is only 1% higher than that of the U.S., and relatively affordable rent.
Japan
Cost-of-living index: 77.03
Local purchasing power: 87.11
While Japan’s overall cost of living is almost 7% higher than in the U.S., the country does offer relatively affordable rent prices. In contrast, groceries and healthcare expenses are higher, costing around 11% more than in the U.S.
Greece
Cost-of-living index: 56.22
Local purchasing power: 39.73
Living in Greece is significantly cheaper than in the U.S., with a cost of living that’s 53% less on average. Rent prices are particularly affordable, averaging just $376.38 per month. However, the country’s high personal income tax rate of 44% may have a significant impact on individuals’ budgets.
South Korea
Cost-of-living index: 73.22
Local purchasing power: 76.85
The cost of living in South Korea is higher than the U.S. average, but it’s still 17% cheaper compared to living in New York City. Moreover, rental prices in South Korea are particularly affordable, averaging around $412.09 per month.
Iran
Cost-of-living index: 37.39
Local purchasing power: 17.98
Iran’s overall cost of living is significantly lower than the U.S. for almost every category, but the country has very low purchasing power.
Uruguay
Cost-of-living index: 52.07
Local purchasing power: 30.07
Uruguay is one of the most expensive countries to live in, but it still has a cost of living that’s 17% lower than the U.S. In addition, healthcare, groceries, and rent are all cheaper in Uruguay, although its purchasing power is lower.
Dominican Republic
Cost-of-living index: 41.77
Local purchasing power: 21.07
The Dominican Republic is generally less expensive than the U.S., despite being considered a relatively pricey country.
Kuwait
Cost-of-living index: 48.68
Local purchasing power: 78.57
Kuwait offers a cost of living that’s over 20% lower than that of the U.S., along with a slightly higher purchasing power. Additionally, there is no personal income tax in the country.
Germany
Cost-of-living index: 65.58
Local purchasing power: 103.08
The cost of living in Germany is about 5% lower compared to the U.S., and it also provides 3% more purchasing power. Nevertheless, the country has a high personal tax rate with an average of 37.7%, making it one of the most heavily taxed countries globally.
Costa Rica
Cost-of-living index: 47.01
Local purchasing power: 39.88
Compared to its low purchasing power, the cost of living in Costa Rica is considered high. However, groceries, healthcare, and rent are all less expensive than in the U.S.
Guatemala
Cost-of-living index: 47.01
Local purchasing power: 39.88
Despite the cost of living in Guatemala being approximately 23% cheaper than in the U.S., the purchasing power in Guatemala is over 66% lower than in the U.S. Nevertheless, groceries, healthcare, and rent are all more affordable in Guatemala compared to the U.S. In terms of healthcare costs, the difference is almost negligible between the two countries, but rents are low and grocery expenses are lower in Guatemala.
Slovenia
Cost-of-living index: 53.88
Local purchasing power: 59.48
Slovenia’s cost of living is 16% lower than that of the U.S., which may seem appealing. Nevertheless, residents have to deal with a high 50% personal income tax.
Portugal
Cost-of-living index: 47.94
Local purchasing power: 46.8
Portugal most expensive country in the world may seem like an attractive option with a cost of living that’s 22% lower than that of the U.S. However, with a high-end income tax rate of 48%, you’ll soon realize that Portugal is actually one of the most expensive countries to live in.
Russia
Cost-of-living index: 35.26
Local purchasing power: 37.41
Russia’s most expensive countries and cost of living might seem affordable, being 47% lower than the U.S., but its low purchasing power takes away the advantage. Although rent is reasonably priced and groceries are cheaper than the U.S., healthcare costs are nearly on par with those in the U.S.
Taiwan
Cost-of-living index: 62.35
Local purchasing power: 58.35
Despite being one of the pricier countries to live in, Taiwan offers affordable rent, which is one of the lowest on the list. However, the country’s cost of living is offset by high grocery prices, which are almost 6% higher than in the U.S., and expensive healthcare, which costs around 17% more.
Slovakia
Cost-of-living index: 44.68
Local purchasing power: 54.7
Slovakia’s cost of living is lower than the U.S. but so is its purchasing power. However, in most other categories, groceries, rent and healthcare, it’s still cheaper than the U.S.
Croatia
Cost-of-living index: 48.94
Local purchasing power: 47.55
The cost of living in Croatia may seem high compared to its relatively low purchasing power. Nevertheless, Americans may appreciate the lower cost of groceries and reasonable rent. However, healthcare expenses in Croatia are similar to those in the United States.
Chile
Cost-of-living index: 43.9
Local purchasing power: 33.27
Although Chile’s cost of living is considerably lower than that of the U.S., it may not be as appealing due to low wages and purchasing power. Despite the lower cost of groceries and rent, residents may struggle to make ends meet in this “land of poets.”
Iraq
Cost-of-living index: 34.47
Local purchasing power: 40.92
The cost of living in Iraq is notably cheaper than in the U.S., with incredibly low rent and reasonable costs for groceries and healthcare. Nonetheless, the purchasing power in Iraq is lower than that of the U.S.
Spain
Cost-of-living index: 53.88
Local purchasing power: 70.04
Living in Spain is cheaper than in the U.S., and it also offers reasonable purchasing power. However, it’s important to note that not all expenses are cheaper. Spain has a high personal income tax rate of 45%.
Jordan
Cost-of-living index: 49.19
Local purchasing power: 31.34
In Jordan, the cost of living is relatively higher compared to the U.S., despite the fact that expenses on rent, groceries, and healthcare are cheaper. However, due to the lower wages, it becomes clear why Jordan is considered as one of the most expensive countries to reside in.
China
Cost-of-living index: 41.77
Local purchasing power: 59.99
The cost of living in China is about 30% lower than in the U.S., and essential expenses such as groceries, healthcare, and rent are also cheaper. However, it’s important to note that wages are also generally lower in China.
Oman
Cost-of-living index: 49.42
Local purchasing power: 84.24
Compared to the U.S., the cost of living in Oman is lower across the board, and its purchasing power is relatively good. Additionally, the low cost of rent alone makes it worth the expense.
Albania
Cost-of-living index: 35.5
Local purchasing power: 30.19
Although Albania has significantly cheaper rent, grocery, and healthcare costs than the U.S., its low purchasing power offsets some of these savings.
Vietnam
Cost-of-living index: 37.48
Local purchasing power: 29.38
Vietnam is a relatively inexpensive country to live in, with significantly lower costs than the U.S. across many categories, including rent, healthcare, and groceries.
Most informative articles visit our homepages:
