The cost of living can be expensive. Paying for necessities like housing, power, water, groceries, clothing, and gas for your vehicle can really add up. But in some nations, the cost of living is very expensive, making it a struggle for many hardworking individuals and families to make a living.
Various studies and surveys have been performed to determine which countries are the most expensive to live in. One such survey was conducted by MoveHub. This survey took several factors into consideration, including the price of groceries, utility bills, rent, and transportation. Then, the countries were compared to a benchmark – the city of New York, which is notoriously expensive.
In this survey, four countries exceeded the benchmark. The Cayman Islands have a cost of living index of 141.64, making it the most expensive country to live in. Rent and utilities are among some of the most expensive costs compared to other countries.
Bermuda is the second most expensive country with a score of 138.22. The capital city of Hamilton is deemed to be one of the most expensive cities in the world where a 900 square foot apartment costs US$4,058 per month.
The third most expensive country is Switzerland. Switzerland’s cost of living index is 122.67 and high grocery prices are a large factor in the score.
In fourth place is Norway, which had a score of 104.49. Norwegian wages are high and the disparities in income are much smaller in Norway than they are in the United States. People in the service industry, education, and areas of the public sector all earn living wages. Furthermore, Norway has a very progressive system of taxation that imposes some of the highest taxes in the world but provides free universal health care and free college to its citizens.