12 Most Expensive Countries to Live in the World 2023

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 cost of living of a whole country is a complicated process. For example countries like the USA are considered expensive within states like New York, California and Hawaii 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 area and are densely populated. Another thing to note is that offshore territories like Bermuda and micro city principalities like Monaco will not be mentioned in this video. So without further ado here are the 12 most expensive countries to live in 2023. Number 12. Japan. Known for its innovations, tantalizing cuisines and a high standard of living Japan has one of the highest cost 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 9th 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 hotspots like temples, castles, shrines and even some natural wonders. As a whole the country's bare minimum cost of living for a person per month is approximately $1,500 while the average cost of living to live comfortably is about $2,600. That being said the unique culture and excellent public facilities make it worth it for many expats and the purchasing power of most of its inhabitants is on par with its cost of living. Number 11. Qatar. Qatar made its way into the limelight this 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 $1,600 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 $2,800. 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 $1,200 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 and value-added tax on goods and services. Additionally the country is among those nations with the highest GDP per capita so obviously its residents enjoy superior purchasing power. Number 10. The 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. Its 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 $1,800 and the average monthly spending to live comfortably in most parts of the country is estimated to be around $2,800. 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. Number 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 120,000 people living in it. The monthly cost of living on this island nation has remained balanced throughout this year as it's 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 $2,200 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 property and settle here. Number 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 and buy property in the world. In fact, it's namesake capital city is ranked as the fourth most expensive city to own property. Average rent here can vary between $1,300 to $2,500 a month. This makes the bare minimal cost of living for a single person in this country around $2,400. While if one chooses to reside in its main city, the median cost of living can rack up to $3,000 per month. Nevertheless, the purchasing power of its locals is quite high, with minimum pre-taxed salary for skilled workers ranging between $4,000 to $7,000, one of the highest in the EU. Number 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 $2,500, but to live comfortably in the hub of its metropolitan city, one can expect to spend at least $3,200 monthly. Just like most of the countries listed in this video, accommodations takes 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 cost an average of $1,500, compared to $2,400 within the city center. That being said, residents of Singapore can earn reasonable wages at an average of $4,000 to $5,000 per month, so their purchasing power is obviously on par. Number 6. Ireland. Ireland is experiencing a sudden surge in its inflation rates 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 $2,800 to $3,600 per month. Most of this sum is contributed towards accommodation, but utilities also cost a lot here, as the country imports around 90% of its power and its average electricity prices are some of the highest in Europe. Number 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. Number 4. Norway. Another Scandinavian country, Norway has always ranked high in 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 socioeconomic 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 first glance, but there is no doubt that the local purchasing power is high and the Norwegian social system provides exceptional benefits for its citizens. Number 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 healthcare, high quality education, and 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 6% of the island is suitable for agriculture, so that means that very little produce can be homegrown. And since Iceland is an island, the vast majority of its produce has 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. Number 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 of being a tax haven with high income earners from around the world, as the country doesn't have income or capital gains taxes. The standard of living here is also quite high, but because it's an island country, everything must be imported, making it an inexpensive place to live in. 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 one-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. Number 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. It's 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 $2,000 to $3,800 per month, while the overall cost of living for a single person can range anywhere between $3,500 to $4,500. But in spite of this, most Swiss citizens enjoy a purchasing power that's almost 26% 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.