Monaco has been considered the most expensive country in the world with a per-person living cost of $3,955 per year. The high standard of living in a nation or a country can be greatly impacted by the high cost of living. For the people who are working at low wages, this high cost of living makes it difficult for them to fulfill their basic needs like food, clothes, home, and basic utilities.
In this article, we are going to learn about the Top 10 Most Expensive Countries in the World.
List of Top 10 Expensive Countries in the World
The most expensive countries are renowned for their amazing infrastructure, good standard of living, new technologies, expensive lifestyles, better facilities, and growth of the economic conditions.
Here is the list of most expensive countries in the world where luxury and extravagance are the definitions of living :
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Ranking
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Country Name
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Per Person Living Cost
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|
1
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Monaco
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$3955
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2
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Singapore
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$3408
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|
3
|
Cayman Islands
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$3255
|
|
4
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Switzerland
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$2850
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5
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Iceland
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$2457
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6
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Ireland
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$2343
|
|
7
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Liechtenstein
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$2326
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8
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United States
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$2317
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9
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Luxembourg
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$2271
|
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10
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Australia
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$2212
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10. Australia
This country has been placed at the tenth position in the most expensive country where per person cost of living is $2212 per month. A family consists of four members, the cost of living coverts into $5111 per month.
The main causes of the high standard of living here are high salary, very high tax implementation by government, and the constant increasing demand for resources and the housing facilities. But even with these high pricing obstacles, this country is still an attraction for the tourists due to its landscapes, breathtaking sceneries, diverse cultural heritage, and exceptional standard of lifestyle.
- Housing: Housing is a significant expense in Australia, particularly in major cities like Sydney and Melbourne.
- Transportation: Public transportation costs can be high, and owning a car comes with associated expenses like fuel and insurance.
- Groceries: Grocery prices can vary depending on the location and the types of foods you purchase. However, generally, groceries tend to be more expensive in Australia compared to some other developed countries.
- Utilities: Utility bills, including electricity, water, and gas, can be high in Australia.
9. Luxembourg
This country has been placed at the ninth position in the list of most expensive countries where monthly cost of per person is $2271 and a family of four members has to spend $5110 monthly for basic living.
A major factor in the high standard cost of living here is its booming banking industry, which attracts big elites. The government focuses on giving first rate medical and educational services to the citizens of the Luxembourg. The country also focuses on better livings and enhancement of the cultural activities. The rate of poverty and unemployment is relatively very low in comparison to other countries.
- Monthly living expenses: The estimated monthly living cost for an individual in Luxembourg is around $2,271 (as of October 2023). This cost can vary depending on individual spending habits and lifestyle choices.
- Financial sector: Luxembourg is a major financial center in Europe, attracting affluent individuals and businesses, leading to higher demand for housing and other goods and services.
8. United States
Eighth position in the list of most expensive countries in the world is grabbed by United States where per person cost living is $2317. The major cause of high living expenses is due to high healthcare facilities, high taxes, and very high housing prices.
This country provides a plenty of work opportunities with a competitive pay. Even if it is expensive to live in this country, the person having a goal to have a high quality of lifestyle can be achieved here.
- Significant cost variations within the country: The cost of living varies considerably across different regions and cities within the US. Major metropolitan areas like New York City, San Francisco, and Los Angeles tend to be significantly more expensive compared to smaller towns and rural areas.
- Factors contributing to the high cost of living: Several factors contribute to the high cost of living in certain parts of the US, including:
- Housing: Housing costs, particularly rent and property prices, are a major factor driving up the cost of living, especially in major cities.
- Healthcare: Healthcare costs in the US are some of the highest in the world, even though access to affordable healthcare remains a challenge for many citizens.
7. Liechtenstein
The country placed in the seventh position in the list is Liechtenstein, where per person cost of living is $2326 per month and for a family of four members it changes into $5417 per month.
The size of the country is small, but despite of its small size it consists of beautiful scenery and high standard of living. Foreigners are attracted to this place due to its exceptional quality of life and high standards of living.
- Estimated monthly living expenses: The estimated monthly living cost for an individual in Liechtenstein is around $2,315 (as of October 2023).
- Factors contributing to high costs:
- Limited land and resources: Liechtenstein is a small country with limited land and resources, leading to higher prices for housing, food, and other goods and services.
- High standard of living: Liechtenstein boasts a very high standard of living with excellent healthcare, education, and infrastructure, which can also contribute to higher costs.
6. Ireland
Sixth position in the list is grabbed by Ireland where per person cost of living is $2343 monthly. The major factors responsible for the high standard of living is high demand of housing and better healthcare facilities.
However, the strong economy of the country, good community of people, extensive cultural legacy and striking scenery are all major factors responsible to attract the visitors.
- Estimated monthly living expenses: The estimated monthly living cost for an individual in Ireland is around $2,343 (as of October 2023). This cost can vary depending on individual spending habits and lifestyle choices.
- Factors contributing to high costs:
- Housing: Housing costs, particularly rent and property prices, are a major factor driving up the cost of living in Ireland, especially in major cities like Dublin.
- Limited housing supply: The demand for housing in Ireland has outpaced supply in recent years, further contributing to rising prices.
5. Iceland
The country placed on the fifth position in the list of most expensive countries in the world is Iceland, where the cost of living per person is $2457 per month and the cost of living for the family of four members is $5255 monthly.
The population is very low in this country which leads to the high cost of living. This country has good healthcare and education facilities and beautiful environment which attracts most of the visitors here. The crime rate here is very low.
- Estimated monthly living expenses: The estimated monthly living cost for an individual in Iceland is around $2,457 (as of October 2023). This cost can vary depending on individual spending habits and lifestyle choices.
- The cost of living varies significantly within Iceland, with higher costs concentrated in the capital city, ReykjavÃk, compared to rural areas.
- Despite the high cost of living, Iceland offers a high standard of living with excellent healthcare, education, and social safety nets.
4. Switzerland
This country claims the fourth position in the list of most expensive countries where the cost of living per month for a person is $2850 and the family which has four members have around $7230 cost of living per month.
The major causes of high cost of living here is high salaries, high taxes and the strong economy of the country. Switzerland is considered as the paradise for lovers of nature and its exorbitant expenses are well worth the exceptional standard of living it offers.
- Estimated monthly living expenses: The estimated monthly living cost for an individual in Switzerland is around $3,545 (as of October 2023). This cost can vary significantly depending on factors like lifestyle choices, location within Switzerland, and the exchange rate.
- The cost of living varies significantly within Switzerland, with major cities like Zurich and Geneva being generally more expensive compared to smaller towns and rural areas.
- Despite the high cost of living, Switzerland offers a high quality of life, attracting skilled professionals and businesses.
3. Cayman Islands
Third spot has been grabbed by Cayman Islands where the cost of living per person is $3255 per month and the family consisting four members has a cost of living around $5696 per month. The country has a very strong economy and it more focuses on how to increase the tourism industry of the country.
The country also has a good command over the export and import services. However, the high standard of living attracts many wealthy people from all over the world to live and invest here.
- Estimated monthly living expenses: The estimated monthly living cost for a family of four in the Cayman Islands is around $7,080 (as of March 2024). This can significantly vary depending on lifestyle choices and specific locations within the islands.
- The cost of living varies significantly within the Cayman Islands, with the capital, George Town, generally being more expensive compared to smaller districts.
2. Singapore
The second highest expensive country in the world is Singapore where the cost of living per person is $3408 per month and a family consisting of four members has a cost of living around $7444 per month. The high salary, booming economy, and unmatched high standard of living have elevated this country to be in the second position.
This country continues to attract many people and foreigners due to its stable political environment, high standard of living, good facilities, amazing infrastructure and a very favorable tax imposition system by the government.
- Estimated monthly living expenses: The estimated monthly living cost for an individual in Singapore is around $3,178 (as of October 2023). This cost can vary depending on factors like lifestyle choices and specific location within Singapore.
- Factors contributing to high costs:
- Limited land and resources: Singapore is a small island nation with limited land and resources, impacting the availability and affordability of housing and certain vital goods.
- High import dependency: The country relies heavily on imports for a significant portion of its food and consumer goods, which contributes to higher costs due to transportation and import duties.
1. Monaco
The first position holder in the list of most expensive places in the world is Monaco, where the cost of living per person is $3955 per month and the family of four members has an expense of $8853 monthly.
The country is considered as the costliest country on the planet. Every facility provided is top class and this country holds 17th rank in the list of most desirable places where a person wants to live.
- Estimated monthly living expenses: The estimated monthly living cost for an individual in Monaco is around $3,955 (as of October 2023).
- Factors contributing to high costs:
- Limited land and resources: Monaco is a microstate with very limited land, driving up housing costs and making it heavily reliant on imports for most goods and services.
- High import dependency: The extreme reliance on imports, coupled with transportation and import duties, significantly increases the cost of everyday goods.
- Affluent population and luxury demand: Monaco attracts wealthy individuals and businesses, leading to a high demand for luxury goods and services, which command premium prices.
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FAQs on Top 10 Most Expensive Countries in the World
Which is the most expensive country in the world?
Monaco has been ranked first in the list of the expensive countries in the world.
Name the top 5 most expensive countries in the world.
The 5 most expensive countries in the world are stated below:
- Monaco
- Singapore
- Cayman Islands
- Switzerland
- Iceland
Which country is costly for tourism?
According to the survey the top five are stated below:
- Switzerland
- Norway
- Iceland
- Denmark
- Bahamas
What is the one most expensive city in the world?
The most expensive city in the world is Zurich.
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