Five (5) of the most expensive countries in the world
29th of April 2022
The cost of living can be expensive. Paying for provisions like rent, electricity, water, groceries, clothing, and gas for your vehicle can really add up. But in some countries, the cost of living is very expensive making it difficult for many hard-working individuals and families to make a living. This article brings you five of the most expensive countries in the world.
5. Denmark
It is an expensive destination located in northern Europe, where the cost of living is high even by European standards. It has a cost-of-living index score of 83 (eighty-three), which is the second highest ranking among Scandinavian countries.
Its restaurant prices are the third highest in the world and many people here live in shared accommodation. Luckily, salaries are relatively high to balance the high cost of goods and services in Denmark. In addition, Denmark has the world's lowest level of corruption and the highest personal income tax rates.
4. Japan
It is the 11th most populous and most densely populated country in the world. Tokyo, the capital of Japan has been rated as one of the three Asian cities where it is most expensive to lead a luxury lifestyle. To rent a one-bedroom apartment in Tokyo is about $1370 a month or $111 a night in an Airbnb.
Japan is the fourth most expensive place to do your grocery shopping. The cost-of-living index in Japan is also 83 points. Japan has the world's second highest life expectancy with men living to 81 and women to 88 on average. It is ranked the second highest country on the human development index in Asia.
3. Iceland
Iceland is a Nordic Island country in Europe. The cost-of-living index in Iceland is about 100.4. Icelanders pay about forty-four (44%) higher than the EU (European Union) average for accommodation and eating out costs about fifty two percent (52%) higher for transportation.
The average wage in Iceland before tax is $3160. They pay about thirty seven percent (37%) income tax on their salary. A one-bedroom apartment in the city cost about 1500.
2. Norway
It is ranked first on the world happiness report since 2009. Norway has the highest human development index in the world, the country has the fourth highest per capita income in the world. The cost-of-living index is 101 points the average wage in Norway is around 68,000 a year. Even McDonald’s starting wage is more than $18 an hour.
They usually work for five hours per week and have six weeks of paid vacation in Norway. The income tax is around thirty percent (30%). Rent is expensive especially in major cities like in Oslo, hence there is an increase in homeless people.
1. Switzerland
It is one of the most developed countries in the world with the highest nominal wealth per adult. The cost of a living index score is 122 points which is over 20 points more than the runner-up Norway.
Even the big mac holds the esteemed position of being the most expensive in the world. The Swiss are the highest paid people with the average wage being a little over one hundred thousand dollars a year. But one of the reports suggests one in 13 Swiss people live in relative poverty. Switzerland has some of the highest rental costs in the world.
Disclaimer: This article and all material used in this content is used for entertainment and educational purposes only.
firstly, i must say I loved your article and it made me familiarize with the high cost of living in these countries that you mentioned. However, you should visit most countries in Africa and most especially my country, Nigeria. That way, you would understand that no matter how difficult life is, we should always be thankful to God for the life we have regardless of the situation.