When it comes to choosing a country to settle down, several factors come into play such as visa policies, climate, job opportunities, and cost of living. The latter is perhaps the most important consideration for many individuals. In this article, we have listed the most expensive countries to live in the world based on the median to high monthly cost of living.
Please note that determining the cost of living of a whole country is a complicated process. For example, countries like the USA are considered expensive within states like New York, California, and Hawaii, which experience high rates of inflation. However, it is a vast country and this is not the case in all of its 50 states. Thus, calculating its median cost of living as a whole is quite different.
Most of the countries mentioned in this article are smaller in area and densely populated. Additionally, offshore territories like Bermuda and micro city principalities like Monaco will not be mentioned in this article.
Japan: A Land of Innovations, Tantalizing Cuisines, and a High Standard of Living
Japan is known for its innovations, tantalizing cuisines, and a high standard of living. It has one of the highest costs of living in Asia, and its cities are among some of the most densely populated in the world. Monthly expenditures in most of them have skyrocketed over the last couple of years. Its capital city of Tokyo is ranked as the ninth most expensive city to live in the world.
Aside from its urban areas, its more rural areas are also getting expensive day by day as most of them are dotted with tourist hot spots like temples, castles, shrines, and even some natural wonders. As a whole, the country’s bare minimum cost of living for a single person per month is approximately $1,500, while the average cost of living to live comfortably is about $2,600. That being said, the unique culture and excellent public facilities make it worth it for many expats. The purchasing power of most of its inhabitants is on par with its cost of living.
Qatar: A Destination for the FIFA World Cup and High Cost of Living
Qatar made its way into the limelight in 2022 as it hosted the FIFA World Cup. The country received the highest number of visitors this year, and its cost of living is subsequently sparking up. In the past, the UAE and Kuwait were considered the most expensive Persian Gulf States, but as of 2022, Qatar overtook all of them.
Currently, a single individual requires at least $1,600 to reside adequately, that too outside of its main city of Doha. While the average cost of living to reside comfortably in all of its areas is around $2,800. The major contributor to its monthly cost is rent, with the median rent for a one-bedroom apartment in its main city of Doha costing $1,200. On the flip side, prices of fuel, utilities, and goods are noticeably cheaper. Plus, its residents enjoy lesser taxes as the state imposes no income tax, property tax, and value-added tax on goods and services. Additionally, the country is among those nations with the highest GDP per capita, so its residents enjoy superior purchasing power.
Switzerland
Switzerland is renowned for its beautiful landscapes, thriving economy, and high quality of life. However, this comes with a cost, as it is one of the most expensive countries to live in the world. The cost of living in Switzerland varies greatly depending on the city, but in general it is high across the country.
The minimum cost of living for a single individual in Switzerland is around 2,400 dollars per month, while the average cost of living to live comfortably is around 3,800 dollars. The major contributors to the high cost of living in Switzerland are housing, food, and transportation. Housing is particularly expensive, with the average rent for a one-bedroom apartment in a major city costing around 1,800 dollars.
Despite the high cost of living, Switzerland offers many benefits to its residents. The country has a strong economy and low unemployment rates, which provides job opportunities for those looking to settle down. Additionally, Switzerland has a world-class healthcare system, excellent public transportation, and a high standard of living.
Iceland
Iceland is another expensive country to live in, as its cost of living has been on the rise in recent years. The minimum cost of living for a single individual in Iceland is around 2,500 dollars per month, while the average cost of living to live comfortably is around 3,500 dollars.
The major contributors to the high cost of living in Iceland are housing, food, and transportation. Housing is particularly expensive in the capital city of Reykjavik, with the average rent for a one-bedroom apartment costing around 1,500 dollars. Food and transportation costs are also relatively high compared to other countries, which makes it a challenge for many people to afford a comfortable lifestyle in Iceland.
However, Iceland offers many benefits to those who choose to settle down there. The country is renowned for its breathtaking landscapes, clean air and water, and unique culture. Additionally, Iceland has a thriving economy, excellent healthcare system, and low crime rates.
Hong Kong
Hong Kong is a bustling metropolis known for its skyscrapers, shopping, and nightlife. However, it is also one of the most expensive countries to live in the world, with a cost of living that is much higher than other countries in Asia.
The minimum cost of living for a single individual in Hong Kong is around 2,600 dollars per month, while the average cost of living to live comfortably is around 4,000 dollars. The major contributors to the high cost of living in Hong Kong are housing, food, and transportation. Housing is particularly expensive, with the average rent for a one-bedroom apartment in the city center costing around 2,200 dollars.
Despite the high cost of living, Hong Kong offers many benefits to those who choose to settle down there. The country has a thriving economy and a low unemployment rate, which provides job opportunities for those looking to make a new home. Additionally, Hong Kong has a high standard of living, excellent public transportation system, and a vibrant culture.
Norway
Norway is another Scandinavian country that is well known for its high standard of living, but this luxury comes with a high price tag. The country is renowned for its high salaries, but this is negated by the high prices of goods, services, and housing. The bare minimum cost of living for a single individual is around $3,400, and the average monthly cost of living to live comfortably is around $5,200. Despite its high cost of living, the country is home to a high quality of life and a low crime rate, making it a popular destination for families and individuals seeking a secure future.
Bermuda
Bermuda tops the list as the most expensive country to live in the world. The country is renowned for its high standard of living, stunning beaches, and warm climate, but this paradise comes with a high price tag. The cost of goods and services is exceptionally high, with most imported items being subject to high customs duties and taxes. The bare minimum cost of living for a single individual is around $4,100, and the average monthly cost of living to live comfortably is around $6,500. Despite its high cost of living, the country remains a popular destination for the wealthy and those seeking a luxurious lifestyle.
In conclusion, the cost of living is a crucial factor when it comes to choosing a country to settle down. The countries mentioned in this article, Japan, Qatar, Switzerland, Iceland, and Hong Kong, all have high costs of living due to various factors such as urbanization, inflation, and a high standard of living. The minimum cost of living for a single individual in these countries ranges from $1,500 to $2,600 per month, while the average cost of living to live comfortably is around $2,800 to $4,000. Despite the high costs, these countries offer many benefits such as a strong economy, excellent public facilities, and a high quality of life. It is important to keep in mind that determining the cost of living of a whole country is a complex process and can vary greatly depending on the location within the country.
New Zealand and Australia both are crazy expensive! I have lived in both countries for over a decade, I don’t want to anymore! I’ll just go back to my own motherland which may not have the best environment, but it has the necessary resources I need to survive. At least I won’t have to pay $450 fine for every minor traffic mistake! I’m not gonna be ripped off by paying huge amounts of tax! Neither of the countries have good judiciary and healthcare system. Doctors aren’t that professional. You’ll have to wait at the emergency for hours only to be invalidated. Even the police are lazy, they treat criminals like friends and gaslight the main victims. There are many news articles on how weak Australian and New Zealand laws are! In Asian countries you personally know people in the judiciary system who can help you to put someone in jail if they harass you. Asian countries have more manpower than other countries, people always know someone who can help. Asian countries may be overpopulated, but you always end up finding someone who is genuine if you ever need help. Australia & NZ is so isolated that during times of need no one is there!
All the people saying Australia should be on the list.. you guys obviously haven’t been over the ditch to NZ. You make double to triple the salaries that people in NZ make and most things are still cheaper in Australia. You are still doing fucken well compared to a lot of other countries.
Switzerland is very expensive. Imagine a small regular coffee cost €5.50 in a cafe in Lucern. But boy people there look good, and 6 out of 10 women are walking around with their LV and designers outfits & bags. I want to live there.