Which Country Has the Highest Cost of Living in 2024?
Feeling overwhelmed with all the bills piling up? Plus you still need to grab groceries for the week? It’s not just you feeling the effects of having a high cost of living. It’s expensive everywhere, and to prove this, we’re going to check out which country with highest cost of living.
Whether you’re looking to move and want to avoid these areas or you just need to compare yourself to others, these countries have it rough.
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What Does Cost of Living Mean?
Cost of living is essentially the amount of money needed to sustain a certain comfort level in a location. This covers the basics such as housing, groceries, taxes, and healthcare.
Some countries have a high cost of living due to the bigger cities. For example, the United States has a few cities like New York and San Francisco that have high living standards and costs compared to the more rural areas such as Kansas.
Which Country Has the Cheapest Cost of Living?
But before we dive into which country with highest cost of living, let’s first check out the cheapest countries. Out of all of them, if you’re looking to save a bit of money, you’ll want to check out Egypt, India, or Bangladesh.
These three countries are at the bottom of the list, with the living cost averaging around 70% lower than in the United States. Rent is anywhere from 70% to 80% lower in these countries as well.
Country With Highest Cost of Living
6. Norway
Starting off with a country that is on average 9.6% higher than the United States when it comes to the cost of living, we have Norway. Norway is also more expensive than 85% of countries in the entire world.
The exchange rates between currencies can make this country seem like a nightmare, but of course, if you want to live in Norway, you’ll adjust pretty easily. A perk about Norway, even though it’s expensive, is that they do have a higher salary as there is no national minimum wage.
5. Barbados
Next on the list of which country with highest cost of living is Barbados. The gem of the Caribbean features laid-back beaches and lively culture, but with the rich landscape and heritage comes a price.
Barbados is about 9% higher than in the United States but with housing notably lower than in other countries. Most of the cost comes from food, clothing, transportation, and healthcare.
4. Denmark
Even by European standards, the cost of living in Denmark is high. From eating out, utilities, and gas, it’s an expensive country. Thankfully it can balance out as salaries are high.
Copenhagen, Denmark’s capital, is one of the most expensive cities in the world, which raises the cost of living on its own. The cost of living is, on average, 7% higher than in the United States, but with the perk that rent is lower than we’re used to.
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3. Iceland
Iceland is roughly 24% higher than the United States when it comes to the cost of living. But why is that? Of course, it has stunning landscapes and unique culture, but because of its remote location, harsh climate, and unforgiving terrain, imported goods can be expensive. Which also increases the taxes to pay for those important goods.
That, and the population lacks volume, so things are expensive to keep the economy running. It’s a beautiful country to live in with great steps toward better quality and sustainable products, but the price point can be a deterrent.
2. Bahamas
Second on the list of which country with highest cost of living in the Bahamas. With an average of 25% higher living cost and even 28% higher rent cost than the United States, this is one country to avoid.
The reason for this is similar to Iceland, as most goods have to be imported, which raises the price when purchasing, as well as the taxes to afford to import goods. That and utilities are more expensive compared to the United States.
1. Switzerland
The country with highest cost of living is Switzerland with an average 58% higher cost of living and 15% higher rent average compared to the United States. Switzerland is a beautiful place to live and is one of the best places to visit in Europe, but it does cost extra for those amazing views and peaceful life.
One of the main expenses is the rent, which is consistently higher compared to the United States. That, and eating. Switzerland has amazing cheese and chocolate, but also several places with German, French, and Italian influences, however, it’s costly to eat out and buy groceries. Even with those expenses, it’s still a fantastic place to live thanks to its amazing education system and thorough transportation.
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