When choosing a country to settle down one considers several factors such as Visa policies climate and job opportunities but for many, the most important consideration has always been their cost of living in this video. We've listed the 12 most expensive countries to live in the world all of these countries are ranked according to their least median to high monthly cost of living although there might be other ways to rank the most expensive countries we solely chose to rank them by their average monthly costs plus determining costs of living of a whole the country is a complicated process, for example, countries like the USA are considered expensive within States like New York California and Hawaii.
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Experiencing High rates of inflation however it's a vast Country and this is not the case in all of its 50 states due to this calculating its median cost of living as a whole is quite different hence most of the countries mentioned in this video are smaller in the area and are densely populated another thing to note.
There are many countries that are very cheap to live that so explore them
ls that offshore
territories like Bermuda and micro City principalities like Monaco will not be
mentioned in this post so without further Ado here are the 12
most expensive countries
to live in 2023.
12: Japan
known for its Innovations tantalizing Cuisine and high standard of living Japan has one of the highest costs of living in Asia. Its cities are among some of the most densely populated in the world and monthly expenditures in most of them have skyrocketed over the last couple of years in fact 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 fifteen hundred dollars while the average cost of living to live comfortably is about two thousand six hundred dollars.That being said the unique culture and excellent public facilities make it worth it for many ex-pats and the purchasing power of most of its inhabitants is on par with its cost of living.
11: Qatar
Qatar made its way into the Limelight last year as it hosted the FIFA World Cup the country has also 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 sixteen hundred dollars 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 twenty-eight hundred dollars 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 one thousand two hundred dollars while 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 or value-added tax on goods and services. Additionally the countries among those nations with the highest GDP. Per capita so obviously its residents enjoy Superior purchasing power.
10 United Kingdom
the UK is a Melting Pot of people with all types of backgrounds and offers tons of career and education opportunities living here particularly in London England is expensive compared to Wales.Scotland and Northern Ireland nonetheless this doesn't necessarily mean that they are cheaper the cost of living has been rising ever since the pandemic and due to the current political uncertainties, it's still facing High rates of inflation. The overall minimal cost of living for a single individual is about thousand eight hundred dollars and the average monthly spending to live comfortably in most parts of the country is estimated to be around two thousand eight hundred dollars in spite of these high living expenses the UK. Still proves to be a desirable country to live in on account of its decent quality of life developed infrastructure and subsidized HealthCare system.
9 Barbados
This is a sovereign island nation in the Lesser Antilles of the West Indies which is the Caribbean region of North America it's the fourth most densely populated country in the Americas. And its capital city Bridgetown has approximately 120000 people living in it the monthly cost of living on this island nation has remained balanced throughout this year. As its politically and economically very stable the average cost of living for a single person to comfortably reside in any part of this island ranges from 2200 to 2 800 major contributors to this High living cost is rent and groceries this is due to the fact that most of the food consumed on the island is imported thus the higher prices regardless of its high living costs many affluent retirees and investors choose to buy the property and settle here.
8 Luxembourg
situated in the heart of Europe Luxembourg is one of the smallest Sovereign countries it's brimming with multiculturalism Scenic Landscapes and a strong economy that perfectly pairs with a casual Lifestyle the country's housing shortage makes it one of the most expensive to live in. Buy property in the world in fact its namesake capital city is ranked as the fourth most expensive city to own property average rent here can vary between thirteen hundred to twenty-five hundred dollars a month this makes the minimal bear cost of living for a single person in this the country around two thousand four hundred dollars while if one chooses to reside in its main city the median cost of living can rack up to three thousand dollars per month nevertheless the purchasing power of its locals is relatively high with minimum pre-taxed salary. For skilled workers ranging between four thousand dollars to seven thousand dollars one of the highest in the EU.
7 Singapore
Singapore is a sovereign island nation and is the most developed, as well as the most expensive country in Asia at large the modest spending to live on this island nation, is about two thousand five hundred dollars but to live comfortably in the hub of its Metropolitan City. One can expect to spend at least three thousand two hundred dollars monthly just like most of the countries listed in this video accommodations take a large chunk of monthly costs plus most of the housing comes in the form of high-rise condos or apartments and rent for a one-bedroom apartment beyond the city center is estimated to cause an average of one thousand five hundred dollars compared to two thousand four hundred dollars within the city center that being said residents of Singapore can earn reasonable wages at an average of four thousand to five thousand dollars per month. So their purchasing power is obviously on par number.
6 Ireland
Ireland is experiencing a sudden surge in its inflation rate and its cost of living is rising exorbitantly especially in its capital city of Dublin. Many speculate the main reason for its high rate of inflation is due to a great influx of big Tech and multinational companies moving their EU head office here plus Ireland offers one of the lowest corporate tax rates and this further encourages companies to invest here currently the average cost of living in the country is around twenty-eight hundred dollars to thirty-six hundred dollars per month. Most of this the sum is contributed towards accommodation but utilities also cost a lot here as the country Imports around 90 percent of its power and its average electricity prices are some of the highest in Europe.
5 Denmark
This European country is home to picturesque scenery a magnificent work-life balance incredible benefits and is overall an excellent place to live however all of this comes with a hefty price tag the Danes have an average monthly cost of living that ranges between 2 500 to 3 300 per person. Making Denmark the fifth most expensive country to live in the world. The reasons for these high costs include some of the highest levels of Taxation on income goods and services nevertheless by and large most Danes are happy to pay these high taxes because they're getting excellent social infrastructures government services and Social Security in return furthermore the country offers some of the highest salaries in the world which evidently makes up for the country's High Cost of Living considering all this it isn't a bad place to live in even if it's an expensive country many qualified expats and young students try to move here.
4 Norway
Another Scandinavian country Norway has always ranked high on the list of most expensive countries to live in. Just like Denmark, the high cost of living in Norway is a result of its social welfare system. Which relies on a value-added tax system and minimal variations between incomes among its citizens to sustain its unique economy and socio-economic structure however the social welfare system provided by the Norwegian government as well as the low unemployment rate are positive results of its pricey standard of living generally the majority of people can live a comfortable life in Norway on the monthly budget ranging from 2 600 to 3 600 a month. Although the cost of living in Norway may seem inopportune at the first glance. There is no doubt that the local purchasing power is high and the Norwegian social system provides exceptional benefits for its citizens.
3 Iceland
Iceland is famous for its breathtaking scenery from volcanoes and canyons to geysers and hot springs. But there's a lot more to it than that the country is known for being friendly and tolerant with a low crime rate and a strong emphasis on family and community while the cost of living may be high the country makes up for it with Affordable Health Care and high-quality education. Healthy work-life balance to put into numbers the average cost of living to live comfortably per month ranges between 2 800 to 3 600 a month. The main contributors to this high cost are daily goods and fresh produce because of its geography and climate only about six percent of the island is suitable for agriculture. This means that very few products can be homegrown and since Iceland is an island the vast majority of its products have to be imported by sea or air which adds to the cost even more another thing to consider is that despite Iceland's climate being very cold heating costs are relatively low. Because of the extensive use of geothermal heating from the country's volcanic geology.
2 The Bahamas
the Bahamas is one of the wealthiest countries in the West Indies it comprises over 700 breathtaking islands that are part of the country out of which only 30 are inhabited the country has a reputation for being a tax Haven with high-income earners from around the world. As the government doesn't have income or capital gains taxes the standard of living here is also relatively high. But because it's an island country everything must be imported making it an expensive place to live aside from that accommodation on this island is also very scarce and most of the vacant ones available are considered luxurious according to one of its local realtor websites the average rental price for a bedroom apartment is around 1 800 per month across the entire nation while the overall cost of living for a single person stands at over 3 800 per month.
1 Switzerland
Famous for its snow-capped mountains clear Lakes Alpine lifestyle political and economic stability Switzerland lures people with exciting employment packages and a high standard of living but as with every destination there are ups and downs that come with life in Switzerland its always been cited as the most expensive country in the world with its cities like Zurich and Geneva often listed as two of the most expensive in the world with rent for a mid-sized apartment ranging anywhere from two thousand dollars to three thousand eight hundred dollars per month while the overall cost of living for a single person can range anywhere between three thousand five hundred dollars to four thousand five hundred dollars but in spite of this most Swiss citizens enjoy a purchasing power that's almost 26 percent higher than their median cost of living so the catch here is that even though Switzerland is expensive the salaries are typically high and exceed these expenses.
