Because of the global economy’s current state, there are a lot of people around the world that are looking for greener pastures, and it makes sense. You want to be able to have financial stability and have a place where you can safely raise a family. With higher quality of life, though, typically comes higher cost of living. What are the most expensive countries in the world? Here are the five that stand out the most.
The second smallest country in terms of population in the top five, Barbados has around just 287,000 citizens and is situated in the Caribbean Sea. A haven for tourists, Barbados caters more to those that are visiting rather than living there. Though rent is much lower than it is in the US (more than 50 percent less), it still costs around $1,080 for a single person and $4,000 for a family of four to live there before rent.
The first of the European countries on the list, the beautiful Iceland has a population of just around 370,000 and growing. The total estimated cost without rent for a person in Iceland is about $1,115 while a family of four is about $4,120. So what makes Iceland so expensive? There really isn’t much land on which you can live. The scarce housing and import costs make Iceland a bit more expensive, but with a solid GDP per capita, residents are able to manage.
One of the countries that is seen as a standard for quality of living, Norway has around 5.4 million residents and a very rich history. While it might be cheaper to rent an apartment or house in Norway compared to the United States at nearly 40 percent lower costs, everything else is going to be more expensive. Excluding the rent, Norway’s costs are about $1,100 per person and around $4,000 for a family of four. Norway residents don’t do too badly for themselves, though, with a GDP per capita of $62,183.
It won’t surprise many to see Switzerland on the list as the country is known for its financial prowess on a global scale. These days, Switzerland has a population of around 8.5 million people and boasts a GDP per capita in the top 10 worldwide at $66,307. The average cost of living without housing for a single person is around $1,500 per month while a family of four will have to spend around $5,400. Switzerland also boasts one of the highest purchasing power index ratings.
A territory comprising over 180 islands, Bermuda sits off the coast of North Carolina, although it’s a British territory. The current population of Bermuda is around 64,000. Choosing to live in Bermuda on your own, you’re likely to pay nearly $2,000 per month, and that’s without any rent payment. A family of four can expect to pay nearly $6,900. Bermuda also has the most expensive groceries in the world, as well as restaurants. The import costs alone are what make things so expensive in Bermuda, but the luxury living due to the banking industry also boosts things greatly.