Ever wondered where in the world is the most expensive place to live?
Using the latest data from Numbeo's Cost of Living Index, we've identified the countries where day-to-day life comes with a higher price tag. The index scores are relative percentages of the cost of living when compared to New York City, which has an index score of 100. This means that countries scoring below 100 are cheaper to live in than The Big Apple, while countries scoring above 100 are more expensive.
Read on to discover the 30 countries with the highest cost of living rates in 2024.
All dollar amounts in US dollars unless otherwise stated.
In 30th place is Jamaica, which has a cost of living index score of 53.9. Consumer prices aren't much lower than those in the US; a box of 12 eggs, for example, will set you back $3.49 (£2.66) in Jamaica and $3.69 (£2.82) in America.
However, a litre of milk costs more than three times as much on the Caribbean island as it does in the States. This is partly due to the cost of importing goods from overseas, a factor affecting several other countries on this list.
With an index score of 54.1, the South American nation of Uruguay is in 29th place. Although rent, utilities, and dining prices are considerably lower than you'll find elsewhere, the steep cost of living – as in Jamaica – is driven by the wide range of consumer goods that must be imported.
As the smallest country in South America, Uruguay is highly reliant on imports, including cars – a new Volkswagen Golf or equivalent model comes in at an average cost of $39,601 (£30.2k) – and clothes such as jeans, Nike trainers, and leather shoes.
The island nation of Cyprus might be situated just off the coasts of Greece and Türkiye, but it's a world away when it comes to prices. The overall cost of living is 17.6% higher in Cyprus than in Greece and a whopping 38.4% higher than in Türkiye, with rental prices largely driving the disparity. The average rent for a one-bedroom apartment in the city centre is a steep $1,042 (£796) a month in Cyprus.
Aside from rent, everything from cinema tickets and gym membership to a three-course meal out costs approximately twice as much in Cyprus as it does in nearby Türkiye.
Residents of the United Arab Emirates (UAE) enjoy high average salaries, with the typical Emirati earning almost $3,400 (£2.6k) a month. This must come as a relief to citizens; everything from cappuccinos to cars are expensive in the nation, with the former costing $5.80 (£4.43) and a new Volkswagen Golf costing an eye-watering $44,633 (£34k).
On the bright side, running costs are reasonable thanks to the low price of petrol in the oil-rich UAE. This also means utilities are much more affordable than they are elsewhere.
Italy may be considerably cheaper than some other European nations, but la dolce vita still comes at a price. The world's 26th most expensive country, Italy can be a costly place to indulge in retail therapy (the average pair of leather business shoes costs over $122/£93) or buy a McDonald's (a standard meal costs over $11/£9).
But the good news is that groceries and alcohol are both cheaper, contributing to very reasonable restaurant costs overall. Not bad for a nation world-famous for its cuisine!
Overtaking the Isle of Man, Sweden returned to the top 30 in 2024. Although the Scandinavian nation is notably cheaper than its Nordic neighbours, its cost of living is compounded by high sales taxes, meaning everything from food and drink to clothes can be more expensive than elsewhere.
Milk, for example, costs almost $6 (£4.60) a gallon (around four litres), while a McDonald's meal comes in at $9.66 (£7.37). But despite steep costs, residents are clearly "lovin' it" in the country; Sweden ranks 10th on Numbeo's Quality of Life index, higher than the UK, US, or Canada.
South Korea is the 24th most expensive country, according to Numbeo, while data from Expatistan ranks the nation as the fourth most costly Asian nation to live in.
Although groceries and restaurant prices are inexpensive, some items are very pricey. A new Volkswagen Golf (or equivalent), for example, costs over $28,000 (£21k), partly due to the expense of importing non-South Korean cars into the country. Imports in general are often marked up, as the local currency is relatively weak compared to the US dollar.
The epicentre of European politics, Brussels is unsurprisingly the most expensive city in Belgium, with a score of 67.4. Belgium as a whole has a cost of living score of 61.1.
Restaurant prices are particularly high in the nation. According to Numbeo, Belgium has a restaurant price index of 67.8, higher than many other countries – including Canada, Australia, and Singapore – that have a more significant cost of living score overall. That said, Belgians can enjoy a bottle of world-famous domestic beer for the equivalent of just $1.82 (£1.40).
The UK was a newcomer to the top 30 in 2023 and now has an index score of 62. This may not come as a huge surprise to residents.
Households across the UK have seen drastic increases in fuel and energy bills in recent times, as well as skyrocketing prices both in the grocery aisles and at the nation's favourite takeaways (the increasing cost of fish and chips, which have become around 19% more expensive in recent months, has proved particularly contentious). And with inflation expected to exceed 3% for the remainder of 2024, the situation is unlikely to improve any time soon.
According to Numbeo's research, Germany is the 21st most expensive country in the world. Although groceries and restaurant prices are comparatively low, basic utilities are much higher than elsewhere, working out at over $335 (£255) a month for a 915-square-foot (85 square metres) apartment. However, rents in Germany are, on average, 23.8% lower than in the UK.
The country's inflation rate is now falling, but prices of everyday goods have soared over the past few years. In fact, the spiralling cost of donor kebabs was debated in parliament earlier this year amid fears the country's de facto national dish could soon cost more than $11 (£8.40).
Luxembourg has a small population compared to many other countries on this list, with around 660,000 inhabitants.
The nation has an impressive monthly minimum wage of €3,085 ($3.3k/£2.6k) for non-qualified workers over the age of 18, one of the best in the world and the highest in the EU by far. And in 2020, Luxembourg became the first country in the world to scrap fares on all public transport.
Despite the generous salaries, however, many Luxembourg residents reportedly choose to do their grocery shopping in France, where essentials are considerably cheaper – although, as you'll discover, the cost of living in France is generally higher.
Tel Aviv is one of the most expensive cities in the world, not least because it's home to an eye-wateringly expensive McDonald's menu, with prices starting at around $15 (£11.50) for a classic meal at one of the fast-food giant's restaurants.
Big Macs aside, Israel is a costly place to live, with cars, utilities, and rent all much more expensive than elsewhere. That said, it's one of many countries on our list where the cost of living index score has fallen. It dropped from 88.1 in 2022 to 76.4 at the start of last year and is down to 62.7 in the latest ranking.
Life in the Netherlands is far from cheap, with petrol just one example of how costly commodities can be – a gallon costs an eye-watering $7.97 (£6.10) at the time of writing.
On the plus side, these prices go some way to explaining why the nation is one of the least polluted countries on our list. Indeed, the Netherlands comes second in Numbeo's Quality of Life Index despite being the world's 18th most expensive nation to live in.
Finland is another of the priciest nations on the planet, with commodities such as water, petrol, and even cinema tickets all ranking within the top 10 most expensive compared to the rest of the world.
However, Finland has topped the annual World Happiness Report for the last six years, most recently receiving the accolade in March 2023. Before landing first place in 2018, it featured in the top five every year since the report's inception in 2013.
The Commonwealth of Puerto Rico is an unincorporated US territory and comes in at 16th in the rankings.
Although prices for certain goods are remarkably low – a pint of domestic beer is around $2.50 (£2) for example – the cost of living in the island nation is overall more expensive than the likes of Italy, Sweden, and Japan.
However, it's still significantly cheaper than the US, from where Puerto Rico imports most of its goods.
Prices in Paris have fallen in recent years, and while it was once named the most expensive city in the world by ECA International, Numbeo currently places it as the 24th. However, France overall is the 15th most costly country to live in this year.
Expect to spend an average of $8.62 (£6.60) for a pound of that famous French cheese, for example, which works out to almost $20 (£15) per kilogram. Zut alors...
Due to high VAT rates of 23%, the cost of living in Ireland is sky-high compared to the neighbouring UK, where restaurants, rent, and grocery prices are much cheaper. Ireland's geography doesn't help and, like the UK, its island status means it imports many of its essential goods.
Unlike the UK, Ireland also has to contend with a lack of natural resources. The country imports over 70% of its power, well above the EU average of 58%, and its electricity prices are some of the highest in Europe.
New Zealand currently ranks 14th overall on Numbeo's Quality of Life Index, which isn't bad considering it's the 13th most expensive country in the world.
The country has to import many of its goods, which are saddled with import taxes, one of the main drivers of its high cost of living score. Housing is also expensive, particularly in Auckland, where the average property price was over NZ$1 million ($610k/£480k) in 2023, according to Statista.
It might be a cheaper place to live than its North American neighbour, but Canada's prices are still consistently high across the board.
Milk is particularly costly, coming in at over $8 per gallon (£6). By comparison, the price of a gallon of petrol in Canada is nearer $4.80 (£3.66)!
The Canadian Dairy Commission has approved a spate of price increases over the last few years. That said, various bodies urged the Commission to hold off on the adjustments while food inflation remains high, and it agreed to postpone its latest scheduled increase to May this year. A price increase of around 1.77% per litre came into effect on 1 May.
Landlocked in the heart of Europe, Austria now ranks 11th on our list, climbing from 25th place in 2022. The country's inflation rate has fallen recently, but prices of household goods and services remain stubbornly high.
Vienna, its capital, scored first place in Mercer's Quality of Living City Ranking for 10 consecutive years between 2009 and 2019. So while entertainment and restaurant costs are high, the locals don't seem to be complaining.
Like neighbouring New Zealand, Australia relies heavily on imports, which pushes up the prices of many everyday items. In grocery stores, goods such as bottled water, milk, and beer are notably more expensive.
The ongoing cost of living crisis is compounding price spikes. This has had a particularly dramatic effect on rental prices, with analysis from CoreLogic revealing that the median weekly rental price for houses and units reached a new high of AU$601 ($398/£305) at the end of 2023 – an increase of 8.3% year on year.
With New York as the base city for Numbeo's index, the USA ranks 9th overall in our top 30.
According to World Population Review, America's healthcare system is the most expensive in the world, with the average citizen paying a steep $12,555 (£9.6k) in 2022, the most recent year for which data is available.
Rent is also sky-high. A one-bedroom city centre apartment costs around $1,752 (£1.3k) per month, while analysis by the estate agent Savills shows that five of the top 10 most expensive cities for renting are located in the US: San Francisco, New York, Los Angeles, Chicago, and Miami.
Despite being a special administrative region in China, the cost of living in Hong Kong – which ranks 46th in the latest Quality of Life index – is far higher than in the mainland, meaning residents need increasingly deep pockets to get by.
On average, Hong Kong's consumer prices, including rent, are around 60% more expensive than in China, while petrol is around three times as pricey.
Denmark is particularly costly for anyone who likes to indulge in retail therapy. A pair of jeans will set you back over $111 (£85), while shoes don't come cheap either. A pair of Nikes costs around $112 (£86).
However, local purchasing power in the Scandinavian nation is also high, meaning residents are equipped to cope with the higher cost of living.
The second priciest of the Scandinavian nations, Norway takes 6th place on our list. Its index score has shifted dramatically from 88.6 to 76, likely due to a slight drop in prices for food and non-alcoholic drinks.
Norway has a steep VAT rate of 25%, one of the world's highest, which pushes up the cost of most everyday items. Food has a lower tax rate of 15% but is still considered expensive, with beer proving particularly costly. On average, a domestic draught and a bottle of imported beer both cost $9.26 (£7).
The majority of commodities are imported into Barbados, contributing to its steep cost of living, while local purchasing power ranks low. However, Barbados' index score dropped from 88.8 to 84.2 over the course of last year and now sits at 76.6.
In 2022, the government launched measures to lower inflation, including temporarily reducing VAT on energy bills and reducing the price of essential foods.
The cost of living on the island hasn't dented the country's focus on learning though. The government has poured money into the predominantly state-owned education system and at an exceptional 99.7%, it has one of the world's highest literacy rates.
The cost of living in city-state Singapore spiked from mid-2022 to mid-2023, with its index score rising from 79.09 to 85.9 – though its score in the latest rankings is a far less alarming 76.7.
Alcohol is considered a luxury item and is extortionately expensive, with a mid-range bottle of wine costing almost $27 (£21).
Renting a one-bed apartment in the city centre costs an average of almost $2,800 (£2.2k) per month, while buying a new car is more expensive in Singapore than in almost any other country due to the government saddling purchases with taxes and tariffs as a form of traffic control.
Iceland climbed the ranks from eighth to fifth in last year's mid-year data after its index score went from 83.3 at the start of 2023 to 87.7 following growing inflation. Although it's now dropped to 83, the nation has rocketed up the rankings and is now in third place.
The island country has tight regulations when it comes to importing foreign goods, which ultimately drives up prices. The country's groceries are among the most expensive in the world, with milk, eggs, chicken, and beef all comparatively costly. (According to Numbeo, 1kg of beef is 85% more expensive in Iceland than in America.)
There's some consolation when it comes to the cost of utilities, however, as Iceland's infrastructure relies heavily on inexpensive geothermal heating and hydropower.
Ever daydreamed about escaping to the paradise that's the Bahamas? Well, island life comes at a cost...
Like the other island nations on this list, residing in the Bahamas comes with numerous logistical challenges that contribute to a higher cost of living. Importing goods makes everything more expensive, and taxes are so high that approximately 25% of government revenue comes from import and export duties.
Switzerland has once again been named the world's most expensive country – which is no surprise considering all the top five cities in Numbeo's current cost of living index by city are located in the European nation.
Childcare, dining out, and cinema tickets are just a few examples of the everyday things you'll pay more for in Switzerland than elsewhere. On the plus side, the country boasts high purchasing power, meaning most citizens enjoy a comfortable lifestyle.
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