Do you want to know what is the most expensive country to live in 2023? Below is a list of the top 7 world’s most expensive countries to live in 2023 according to Numbeo. Bermuda is leading with a score of 146.04 and Switzerland is second and Norway is at third place. In this list, the Cost of Living Index (excluding rent) is a relative indicator of the prices of consumer goods, which include groceries, restaurants, transportation and utilities.
Norway is a Nordic country in Northern Europe. Its mainland covers the western and northern parts of the Scandinavian Peninsula. The capital and largest city of Norway is Oslo. It is one of the top most expensive countries in the world to live in 2023. Norway ranks third in this list as the most valuable of the Scandinavian countries. It has a hefty VAT rate of 25%, one of the highest in the world, which drives up the cost of most everyday items. Additionally, Norwegians have the second highest GDP per capita among European countries (after Luxembourg), and enjoy the sixth highest GDP per capita (PPP) in the world.
The Bahamas is a sovereign country within the Lucayan Archipelago of the West Indies in the Atlantic. The archipelago state consists of more than 700 islands, cays and islets in the Atlantic Ocean. The Royal Bahamas Defense Force describes the area of the Bahamas as 470,000 km2 of ocean space. Most goods in the Bahamas have to be imported, which is a contributing factor to the cost of living. Whereas in other tropical places, such as Barbados and Bermuda, it is more expensive to buy groceries.
Furthermore, in terms of GDP per capita, the Bahamas is one of the richest countries in the Americas. Its currency (the Bahamian dollar) is pegged to 1-to-1 with the US dollar. Prices in the Bahamas are still steep due to the competitive housing market and high import taxes. The Bahamas is one of the top 10 most expensive countries in the world to live in.
With a cost of living index score of 92.02, Jersey ranks sixth among the top 7 most expensive countries in the world in 2023 to live in. Jersey is an island country and self-governing Crown Dependency off the coast of north-west France. The channel is the largest of the islands and is 23 km from the Cotentin Peninsula in Normandy. In addition, Jersey has a high per capita economic output at purchasing power parity, well ahead of all major developed economies in the world.
Bermuda is a British Overseas Territory in the North Atlantic Ocean. The closest land outside the area is in the US state of North Carolina, about 643 miles to the west-northwest. Bermuda produces almost no food or consumer goods and is usually dependent on goods shipped from the US. In addition, it is the most expensive country in the world to buy groceries. Import taxes into Bermuda are exorbitant, resulting in high costs on the retail price of everything from food to fuel.
Iceland ranks fourth on the list of the top countries in the world to live in 2023 with a score of 94.86. It is a Nordic island country and the least populated country in Europe. Iceland’s capital and largest city is Reykjavik, home to over 65% of the population. Iceland has strict regulations when it comes to importing foreign goods, leading to high prices of the products. Grocery prices in the country are among the highest in the world. In addition, Iceland has a market economy with relatively low taxes compared to other OECD Countries.
Living in Switzerland is much more expensive than usual. Both Geneva and Zurich in Switzerland are among the 7 most expensive cities in the world. It is the second most expensive country in the world to live in. Childcare, dining out and cinema tickets are just a few examples of everyday things for which the country makes it to the top 7 list of most expensive countries in the world. Also it is 23.35% more expensive than New York City with a score of 123.35.
Denmark is a Nordic country in Northern Europe. It is one of the richest countries in the world. European Denmark is the southernmost of the Scandinavian countries. Copenhagen is the capital of the country and one of the most expensive cities in the world. The Danish capital is especially pricier for anyone wanting to do some retail therapy. In addition, Denmark has a developed mixed economy classified as a high-income economy by the World Bank