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Most Expensive Countries to Live in the World

Living in the top 10 most expensive countries comes at a cost, with high prices for accommodation, food, and amenities.

Published

2 years ago

March 17, 2023

The cost of living varies greatly across the world, and some countries are notorious for being particularly expensive. From high housing prices to steep taxes and pricey groceries, the cost of living in these countries can be a shock to the system.

In this article, we’ll take a look at the top 10 most expensive countries to live in the world. From the stunning scenery of Bermuda to the bustling metropolis of Barbados, we’ll explore what makes these countries so expensive and what you can expect if you’re considering a move or visit to one of these destinations.

Top 10 Most Expensive Countries to Live in the World

1. Bermuda – $5,011

With its crystal-clear waters and pink sand beaches, Bermuda may seem like a paradise on Earth. But this beautiful island nation comes with a hefty price tag, earning a spot on the top 10 most expensive countries to live in the world. From housing and food to transportation and entertainment, the cost of living in Bermuda is high across the board.

For example, a one-bedroom studio apartment will cost you about $2,675 per month. Alternatively, if you go with an Airbnb, you’ll be paying around $212 per night.

However, for those willing to pay the price, the island offers a luxurious lifestyle with top-notch amenities and a laid-back atmosphere that’s hard to beat. So, if you’re ready to splash out and live like a true islander, Bermuda may just be the perfect place for you.

2. Cayman Islands – $3,387

The Cayman Islands is the second most populated British overseas territory, with around 63,000 people living on a group of islands including Grand Cayman, Little Cayman, and Cayman Brac in the Caribbean sea.

The islands are famous for hosting over 100,000 offshore companies, and if you plan to do business in the capital, George Town, a one-bedroom studio apartment costs about $1,924 per month or $83 per night on Airbnb.

However, food and drinks can be quite expensive, with a basic meal costing at least $20-$30.

3. Switzerland – $3,162

Switzerland is the world’s third most expensive country to live in, with a population of over 8.6 million people spread across 41,285 square kilometers. It is the 95th most populated country and the 135th largest country by landmass.

It has many beautiful cities to choose from, including its capital, Bern, and its largest city, Zurich. Accommodation for one person in Bern costs around $1,366 per month or $86 per night on Airbnb and a meal out costs about $15-$20.

4. Denmark – $3,312

Denmark, the land of fairy tales and hygge, is also one of the top 10 most expensive countries to live in the world. With a high cost of living, particularly in the capital city of Copenhagen, residents and visitors alike will need to budget carefully.

Housing costs are particularly steep, with a one-bedroom apartment in Copenhagen costing around $1,917 a month, or $96 a night in an Airbnb. But with stunning natural landscapes, vibrant cities, and a high standard of living, many believe that the high price tag is worth it. So, if you’re ready to live life like a true Viking, Denmark may just be the place for you!

5. Iceland – $2,802

Iceland, the land of fire and ice, is also one of the top 10 most expensive countries to live in the world. With a small population of just over 339,949 people, the cost of living is high due to the country’s isolated location and harsh climate.

Renting a one-bedroom apartment in Reykjavik, the capital city, can cost around $1,236 per month. However, Iceland’s stunning natural beauty, unique culture, and friendly locals make it an irresistible destination for many. So, if you’re looking for adventure and don’t mind the high prices, Iceland might just be the perfect place for you!

6. Luxembourg – $2,751

Luxembourg, one of the smallest countries on our list, has a high cost of living that won’t leave much room in your budget. It’s a landlocked country in western Europe with a population of around 620,000 people. Despite its small size, it’s densely populated with about 207 people per square kilometer.

In Luxembourg City, expect to pay $1,322 a month for a one-bedroom studio apartment or $80 a night in an Airbnb. Drinks and meals are also pricey.

7. The Bahamas – $2,704

The Bahamas is a country made up of over 700 islands, with a population of approximately 389,000 people across 13,943 km² of land. The largest city is Nassau, with a population of 255,000. If you plan to visit the Bahamas, expect to pay around $950 per month for a one-bedroom studio apartment in the city, or $149 per night for an Airbnb. Eating out can cost $15-$20 for a basic meal, with beers around $2.50. Coffee is a bit pricey at $5 per cup.

8. Japan – $2,612

Known for its unique blend of ancient traditions and modern technology, Japan is also one of the most expensive countries to live in. With a population of around 126 million, the country is made up of four main islands and numerous smaller ones. Tokyo, the capital city, is the most expensive city in Japan, with a one-bedroom studio apartment costing around $1,370 a month, or $111 a night in an Airbnb.

Dining out can be pricey too, with a basic meal costing around $10-$15 and a cup of coffee costing around $4. But despite the high costs, Japan’s rich culture and stunning landscapes continue to attract visitors from all over the world.

9. Norway – $2,291

Norway is a beautiful country located in northern Europe, known for its stunning fjords and natural beauty. It is also one of the most expensive countries to live in the world. With a population of over 5 million people, Norway has a high standard of living but also high costs of living. The capital city, Oslo, is particularly expensive, with a one-bedroom studio apartment costing around $1,900 a month or $89 a night in an Airbnb. Basic meals out will cost you around $20-$30 per person, with a beer costing around $9 and coffee around $5 per cup.

10. Barbados – $2,061

Barbados is a small sovereign island nation located in the Caribbean region of North America. With a total area of around 349km², it has a population of 285,719 people, making it the fourth most densely populated country in the Americas. Bridgetown, the capital city, is home to about 110,000 residents.

A one-bedroom studio apartment in Bridgetown costs around $500 a month, or $100 a night in an Airbnb. A basic meal out costs at least $13, with a beer at around $6.50 and coffee at approximately $5.00 at local restaurants.