Ever wonder where the most expensive country in the world to live really is? What about the top 10 places? If you did, you have come to the right place. Perhaps you dream of moving abroad, looking for a fresh start in a new homeland. You may not, however, be aware of the cost of living in that country. You might be shocked by how expensive life can be in some lesser-known nations.
To compile this list we considered living expenses and accommodation costs for a single person in each country’s capital, as well as the area’s population. We sourced various internet sources including, but not limited to, Nomad List and World Population Review to bring you this information.
With that said, let’s start our list of the 10 most expensive countries to live in across the globe.
Most Expensive Countries to Live in
1. Barbados ($2,061)
First up on our list of most expensive countries is the sovereign island nation of Barbados, a part of the Lesser Antilles of the West Indies isles. It is located alongside many other small island nations in the North American Caribbean region. The island is about 23 kilometers wide by 34 kilometers long, covering roughly 349 square kilometers of area and hosting a population of 285,719 residents. Its size notwithstanding, it is actually the fourth-most densely populated nation in the Americas. Its capital of Bridgetown alone houses approximately 110,000 people.
Looking to rent a one-bedroom studio apartment in the capital? That will run you about $500 a month. If you think a per night stay at an Airbnb is a better deal, guess again. That will run you about $100 per night. The average price of a meal cost $13 at a minimum, and if you need your cup of coffee in the morning, you are looking at spending anywhere between $5.00 and $6.50, depending on where you go to get it.
2. Japan ($2,612)
Next up and ninth on the list is Japan, an archipelago island nation located in South-East Asia. Japan hosts a population of 126.8 million residents, spread among its 6,852 islands. The majority of the inhabitants (about 97% of them) reside primarily on just four of those islands. The country has several major cities including Sapporo, Yokohama, Osaka, and Nagoya, each of which houses about 2 million people, while the capital of Tokyo hosts around 37 million.
If you are looking to rent a one-bedroom studio in Tokyo, be prepared to spend around $1,370 per month or $100 for a night at an Airbnb. There is too much variance in eating out at restaurants, but beer will cost about $6, while a basic meal will run you about $15. At least coffee doesn’t match how expensive the city is. You can grab one for just $2.81.
3. Norway ($2,659)
Norway is a Scandinavian country that houses about 5.3 million people and is located in Northern Europe, sharing borders with Finland, Sweden, and Russia. Its total coverage area constitutes 385,203 square kilometers. The over 5 million residents are sparsely spread, however, with only about 14 people occupying every square kilometer, making Norway the 171st most densely populated country on the planet.
If you are staying at an Airbnb, you will fork over about $85, while renting a studio apartment will set you back $1,193 monthly. Feel like having a refreshing beer? Better have a spare $9.11 laying around if you have anything left after spending a minimal of $15 on a meal.
4. The Bahamas ($2,704)
Next on our list is the Bahamas. It’s pretty common knowledge that the Bahamas are composed of several islands, but did you know that it’s actually more than 700 of them that the nation lays claim to? The population between the islands, which together amount to 13,943 square kilometers is just shy of 403,000 people as of January 1st, 2022. 255,000 of those residents occupy Nassau, the nation’s capital city.
You can rent a night at an Airbnb for $149 per night or you can rent a one-bedroom studio for around $950 per month. Beers are fantastically priced at just $2.50 a glass, and a basic meal will require about $15 to $20 of your money. The $5 coffees, however, are a bit on the pricey side.
5. Luxembourg ($2,751)
Luxembourg will be a tight fit for visitors, being one of the smallest nations in the world, and the expenses you need to prepare for will leave, ironically, little wiggle room for your budget as well. The landlocked western European principality is home to just over 644,000 residents as of April 2022, a number that is far smaller than most of its European neighbors, but it is the 67th most densely populated country on earth with 207 people per square kilometer.
An Airbnb will run you about $80 per night, while a studio apartment will cost about $1,322 per month in Luxembourg City. Depending on your order, a standard meal will run you between $17 and $25, while coffee will cost you $6, and a beer will set you $9 back.
6. Iceland ($2,802)
The fifth slot on our list belongs to the nation of Iceland, located between the Atlantic Ocean and the Northern Sea, covering a rough area of 103,000 square kilometers. Though they have a lot of lands, their population is just shy of 346,000 residents in 2022, with just 3 people living per square kilometer. The reason for this is quite simple: a significant portion of lands claimed as Icelandic territory are geographically difficult to be inhabited by humans.
A night at an Airbnb will run about $128 while renting a month-long stay at a studio apartment in the country’s capital city of Reykjavik will cost about $1,236. A basic meal will cost a somewhat reasonable $12, however, while beers will run about $8 per serving. However, coffee drinkers can rejoice. A cup will only cost you $2.15!
7. Denmark ($3,312)
The southernmost country of Northern Europe’s Nordic region is Denmark, and it is the world’s fourth most expensive country to reside in. The nation is bordered by Norway, Sweden, and Germany with a population of close to 5.8 million residents, with the capital of Copenhagen hosting about 1.2 million people in its urban center and another 1.99 million in its metropolitan surroundings.
When surveys were conducted to find the country with the happiest residents, Denmark scored in the top 5 on the list, but it scores the number 4 spot for the most expensive, especially since Copenhagen is an extremely expensive city. A one-bedroom studio rental will run about $1,917 monthly, while an Airbnb stay will require $96 per night. Beers and coffees will run between $5.50 and $6.50 each, while an average meal per person will cost $18.
8. Switzerland ($3,162)
Nearly 8.78 million people reside across Switzerland’s 41,285 square kilometers area, making them the 95th most densely populated country in the world. In terms of size, the third most expensive nation ranks 135th in size. Switzerland offers no shortage of gorgeous locations to live in including its largest metropolis, Zurich, and Bern, the nation’s capital. The latter houses around 133,000 people.
If you wish to stay in Bern for a month, make sure you have a $1,366 budget for lodging at a studio apartment or $86 per night for an Airbnb accommodation. If you’re heading out for a meal, bring $15 to $20 along. If you want a coffee, add $5 to that. If beer is on your nightly wishlist, you will want to tack on $6 more.
9. Cayman Islands ($3,387)
Coming up just behind Bermuda as the second most populated British territory located overseas, the Cayman Islands are also the second most expensive country on the globe. As of 2022, the estimated population of the country’s islands (which include Cayman Brac, Grand Cayman, Little Cayman, as well as several others) is approximately 68,400.
The Caymans have earned a reputation for being the home of over 100,000 offshore companies that are registered as operating on the island due to their lax taxation laws. But if you want to make residence in George Town, the capital city, you are looking at $1,924 per month for a studio apartment and $83 per night for an Airbnb stay.
Where this place will really cost you though is in the food and drink department. A standard meal will run at least $20 to $30, while a cup of coffee will require $7 of your money and beer will warrant $8.
10. Bermuda ($5,011)
Would it surprise you to find out that Bermuda is the world’s most expensive place to live? Counting everything, a modest living in this overseas British territory in the North Atlantic will run you over $5,000 per month. The territory occupied by Bermuda is just 20.5 square miles, with just under 62,000 residents occupying them. The country’s capital of Hamilton, and Bermuda’s sole incorporated city houses slightly over 1,000 people.
You are going to want to show up with lots of cash in hand to this Island. A one-bedroom studio will cost you $2,675 a month, and an Airbnb stay will run you about $212 per night. If you like your alcoholic beverages, bring a whole separate budget for those. Every serving will cost you $10, not to mention the minimum of $20 to $30 that you will spend on your meals.
Most Expensive Countries to Live in: Conclusion
We hope you satisfied your intellectual cravings and interests by joining us for a trip through the globe’s 10 most expensive countries to live in. If you do decide to live there, we suggest scaling back on your alcohol consumption and being more frugal with your purchases, though much of it depends on how much you are willing and able to spend. Now that you have read through this list, you will have a good idea of what to expect if you decide to stay in any of these nations.
So which of the most expensive countries is your favorite? Comment down below and let us know!
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Frequently Asked Questions:
What is the most expensive country?
Determining the most expensive country depends on various factors, such as the cost of living, exchange, and inflation rates. As of 2021, Switzerland was considered one of the most expensive countries, with high housing, transportation, and food costs. However, rankings can vary depending on the criteria used to measure the cost of living.
What’s the most expensive country to live in?
As of 2021, Switzerland was the most expensive country to live in, followed by Norway and Iceland. The high living costs in these countries are attributed to factors such as high wages, strong currencies, and a high standard of living. However, rankings can vary depending on factors such as the cost of housing, transportation, and food, as well as personal lifestyle preferences.
Which country has the most expensive healthcare?
The United States has the most expensive healthcare system in the world, with total spending on healthcare amounting to around 18% of its GDP. High costs are attributed to administrative expenses, expensive medical procedures, and a lack of price controls on prescription drugs. Despite high spending, the US does not have the best health outcomes compared to other developed countries.
Hello, my name is Idammah, and I am the founder of Wolfionaire.com, a personal development, and finance blog focused on motivation, success, and wealth. I am obsessed with studying the world's wealthiest individuals and learning about their path to success. I believe anyone can achieve their financial goals with the right mindset and strategies, and I hope to inspire and empower my readers to pursue their own path to success.
