Highest Cost of Living Worldwide (Full List)

The cost of living can differ from one country to the next and even from one part of the same country to another. For example, have you ever considered why a cup of coffee in one country costs twice as much as another? Or why the rent in one place is much higher than in another? The answer comes in the cost of living, including housing, transportation, food, and medical expenses. The international cost of the living tool put 197 countries in order from most expensive to least expensive based on how much it costs to live there.

How is the cost of living calculated?

The cost of living worldwide is ranked based on the following factors:

• Apartment/House rent
• Food
• Transport
• Other living expenses

Facts:

• Monaco is the world’s most expensive place to live, followed by Switzerland, Singapore, and the Cayman Islands.
• In Europe, northern nations typically have higher living costs than southern nations. For instance, Sweden, Denmark, and Finland are more expensive than Spain, Italy, and Greece.
• Southeast Asia and South America are typically more affordable than many other regions. Thailand, Vietnam, and Ecuador are popular destinations for budget travelers and ex-pats due to their lower cost of living. 
• In general, countries with high taxes tend to have higher living costs. This is because taxes are used to pay for social services and facilities that help people live better lives.

What are the 15 most expensive countries in the world?

According to LivingCost.org, the following are the 15 most expensive countries:

1. Monaco

• Monaco’s cost of living is $3761, which is 3.85 times higher than the average worldwide cost.
• After taxes, the average monthly salary in Monaco is $5641, which is enough to pay for 1.5 months of living costs.

Housing: Monaco is one of the most expensive places in the world to rent or buy a home. In Monaco, the average monthly rent for a one-bedroom flat is between $2352 and $3512, while the average monthly rent for a three-bedroom flat is between $4881 and $6130. So if you want to buy an apartment in the middle of the city, it will cost you about $62163 per square meter.

Food: The average cost of a meal at a high-end restaurant in Monaco is approximately $50 per individual. However, there are also more affordable alternatives, such as cafés and small restaurants offering meals for $15 to $20. Also relatively costly are groceries, with a liter of milk costing $1.95 and a loaf of bread costing $3.42. The estimated monthly food expenditure for one person is approximately $710.

Transportation: Monaco is a small country, so most people walk or take public transportation to get all around. The public transportation system works well and costs only $2.45 for a single ticket. But cabs can be very expensive, with the first 8 km costing $27.7. Each liter of gas costs $1.98. A monthly pass for the bus and train system can cost about $35.7.

Utilities: Monaco also has high prices for things like power, water, and gas. A person’s monthly energy bill can cost about $165, while a 50 Mbps internet bill can cost about $50.8.

2. Singapore

• Singapore’s cost of living is $3280, which is 3.36 times higher than the average cost of living worldwide.
• After taxes, the average monthly salary in Singapore is $4,959, which is enough to pay for 1.5 months of living costs. 

Housing: In Singapore, living is the most expensive thing. Depending on where it is and how big it is, a one-bedroom apartment can cost between $2053 and $2843 per month, while a three-bedroom apartment can cost between $4035 and $6409 per month. So if you want to buy an apartment in the middle of the city, it will cost you about $10,562 per square meter, on average.

Food: Singapore is renowned for its diverse food culture, and eating out is relatively inexpensive, with hawker centers offering a variety of inexpensive dishes. In a restaurant, the lunch menu costs $7.64, and the supper menu costs $67.7 for two people. Also relatively costly are groceries, with a liter of milk costing $2.53 and a loaf of bread costing $2.03. The estimated monthly food expenditure for one person is $522.

Transportation: Buses, trains, and vehicles are part of Singapore’s extensive public transportation network. Depending on the distance and mode of travel, transportation costs vary. A single journey on public transportation can cost $1.50, whereas taxis begin at $9.12 per 8 kilometers. The fuel price per liter is $2.34. A monthly transport and train pass can cost approximately $96.

Utilities: Depending on how much you use them, utilities like power, water, and gas can cost around $91.9 per month for one person. A 50 Mbps speed internet bill can cost about $35.30 a month.

3. Cayman Islands

• In the Cayman Islands, the average cost of living is $3,090, which is 3.16 times higher than the average.
• After taxes, the average monthly salary in the Cayman Islands is $4370, sufficient to cover expenditures for 1.4 months.

Housing: The cost of housing is a big part of how much it costs to live in the Cayman Islands. Because there isn’t much land on the islands and many people want to live there, rent and buy prices are high. A one-bedroom flat can cost anywhere from $1,700 to $2,335 per month to rent, while a three-bedroom flat can cost anywhere from $3,303 to $4,975 per month. On average, it will cost you $9069 per square meter to buy a flat in the middle of the city.

Food: In the Cayman Islands, food and other daily costs are fairly high. A lunch meal costs $18, and dinner for two in a restaurant costs $118. Groceries can be up to 50% more expensive than in the U.S. or U.K. For example, a liter of milk can cost $4.6, and a piece of bread can cost $4.75. The average cost of food for one person per month is about $762.

Transportation: Few public transportation options are available on the islands, so most residents rely on private vehicles to get around. Local transportation costs $2.4, while taxis begin at $29.8 per 8 kilometers. The diesel price per liter is $1.73.

Utilities: Depending on usage, the monthly cost of utilities such as electricity, water, and gas can reach approximately $118 for one individual. A 50 Mbps internet connection can cost approximately $128 per month.

4. Switzerland

• Switzerland’s cost of living is $2604, 2.66 times higher than the global average.
• After taxes, the average monthly salary in Switzerland is $6,020, sufficient to cover living expenses for 2.3 months.

Housing: Housing is the largest expense in Switzerland, with costs varying by location. In prominent cities such as Zurich and Geneva, rent is costly. A one-bedroom flat can cost between $1147 and $1481 per month to rent, while a three-bedroom flat can cost between $2172 and $2846 per month. If you wish to purchase an apartment in the city center, the average price per square meter will be approximately $1,2017.

Food: Switzerland is also pricey when it comes to food. Groceries can be more expensive than in other European countries. For two people, a restaurant’s lunch meal costs $ 24, and dinner costs $ 103. A liter of milk can cost $4.6, and a piece of bread can cost $4.75. The average cost of food for one person per month is about $832.

Transportation: Switzerland’s public transportation is effective but expensive. A monthly public transportation pass can cost approximately $90. Due to high insurance costs and road levies, car ownership in Switzerland is also costly. The per-liter price of fuel is $2.04.

Utilities: In Switzerland, utilities can also contribute to the overall expense of living. The average monthly utility bill for a single individual is $141. Additionally, garbage and recycling services may incur additional costs. A 50 Mbps internet connection can cost approximately $56.8 per month.

5. United States

• The average cost of living in the United States is $2213, which is 2.26 times the global average.
• After taxes, the average monthly salary in the United States is $4223, which is sufficient to fund expenses for 1.9 months.

Housing: Typically, housing is the highest cost for most Americans. The cost of accommodation varies significantly by location. As an illustration, the cost of housing in New York City or San Francisco will be significantly higher than in smaller communities or rural areas. A one-bedroom flat can cost between $1,154 and $1,483, while a three-bedroom flat can cost between $1,971 and $2,565. The average price per square meter for an apartment downtown is $4618.

Food: Food costs in the U.S. are usually reasonable. But it can be expensive to eat out, especially in bigger towns. For two people, a restaurant’s lunch meal costs $16.6, and dinner costs $63.3. A liter of milk can cost $1.05, and a piece of bread can cost $3.04. So the average cost of food for one person per month is about $568.

Transportation: Transportation costs depend on where you are and how far you go. Car payments, insurance, petrol, and upkeep can add to a lot of money. There is public transportation in many towns, and each trip costs $2.23. A cab ride for 8 km can cost $17.4. A liter of petroleum costs $1.01 USD.. A bus and train pass for a month can cost around $65.5.

Utilities: On average, a single person in the United States spends about $ 113 a month on energy. A 50 Mbps speed internet bill can cost around $67.30 a month.

6. Ireland

• Ireland’s cost of living is $2,198, 2.25 times higher than the average cost of living worldwide.
• After taxes, the monthly average wage in Ireland is $3,010, which is sufficient to cover expenditures for 1.4 months.

Housing: A one-bedroom apartment in the center of a city can cost between $1182 and $1474 per month to rent, while a three-bedroom apartment can cost between $2005 and $2518 per month to rent. On average, it will cost you $5690 per square meter to buy a flat in the middle of the city.

Food: A restaurant’s lunch meal costs $15.8, and dinner for two costs $76. A gallon of milk can cost $1.4, and a loaf of bread can cost $1.71. The average cost of food for one person per month is about $508.

Transportation: A single ride on a bus or train in Ireland costs about $2.41. Taxis can be more expensive; a trip of 8 km costs about $19.2 in a taxi. Car insurance, petrol, and repair costs can add up to between $200 and $300 per month, which is a lot of money. A bus and train pass for one month can cost around $104.  

Utilities: Electricity, gas, and water bills can vary based on a residence’s size and energy consumption. A typical monthly bill for an individual is $132, while the price for a family is $205. A 50 Mbps internet connection can cost approximately $53.5 per month.

7. Luxembourg

• The average cost of living in Luxembourg is $2167, which is 2.22 times the global average.
• After taxes, the average monthly salary in Luxembourg is $4284, sufficient to fund two-month living expenses.

Housing: In Luxembourg, housing can be quite expensive, particularly in the city center. The monthly rent for a one-bedroom apartment can range between $1178 and $1380, while a three-bedroom apartment can cost between $2,011 and $2,361. Therefore, if you want to purchase an apartment in the city center, you can pay an average of approximately $10,599 per square meter.

Food: The average price of food in Luxembourg is quite costly, but numerous options are available at varying price points. In restaurants, the lunch menu costs $17, and the supper menu costs $68 for two people. A liter of milk costs $1.28, while a loaf of bread costs $2.78. The estimated monthly food expenditure for one person is $529. The estimated monthly food expenditure for one person is $529.

Transportation: A monthly pass for the bus and train system costs approximately $41.2 in Luxembourg, making public transportation efficient and affordable. Being a car owner can be costly, as petrol prices and auto insurance are relatively expensive. The diesel price per liter is $1.65. An eight-kilometer taxi journey can cost $30.8. 

Utilities: In Luxembourg, utilities can contribute to the overall cost of living, but they are generally reliable and of high quality. A monthly utility bill for one person can cost approximately $144, while a monthly internet bill for 50 Mbps can cost approximately $55.9 per month.

8. Iceland

• The average monthly cost of living in Iceland is $2,149, which is 2.2 times the average cost of living around the world.
• After taxes, the average monthly salary in Iceland is $3279, which is sufficient to fund expenses for 1.5 months.

Housing: Iceland’s largest expenditure is housing, and rental costs can be quite exorbitant, particularly in Reykjavik. The monthly rent for a one-bedroom apartment can range between $1071 and $1282, while a three-bedroom apartment can cost between $1789 and $2200. The cost per square meter of an apartment in the city center is $5,087.

Food: Iceland’s food and groceries are also pretty pricey, partly because bringing things into the country costs a lot. A quart of milk costs about $1.42, and a loaf of bread costs about $3.14. The average cost of food for one person per month is about $657.

Transportation: Public transportation is available in Reykjavik and other cities, but many people choose to own a vehicle due to the country’s rugged terrain and long distances. In Iceland, automobiles and petroleum are expensive, with a liter of gasoline costing approximately $2.12. A monthly transport and train pass costs approximately $65.8. An 8-kilometer taxi journey can cost $25.2.

9. Liechtenstein

• The cost of living in Liechtenstein is $2,117 per year, 2.17 times the global average.
• After taxes, the average monthly salary in Liechtenstein is $5538, which is enough to pay for living costs for 2.6 months.

Housing: Apartment rentals in Liechtenstein can be costly. The monthly rent for a one-bedroom apartment can range between $943 and $1220, while a three-bedroom apartment can cost between $1676 and $2156. The cost per square meter of an apartment in the city center is $6281. 

Food: A loaf of bread costs approximately $3.63, and a liter of milk costs roughly $2.09. Grocery prices in Liechtenstein are also costly, with a loaf of bread costing roughly $3.63 and a liter of milk costing approximately $2.09. In a restaurant, the lunch menu costs $19.4, and the supper menu costs $78.5 for two people. Therefore, the estimated monthly food expenditure for one person is $682.

Transportation: There is public transportation in Liechtenstein, but most people own a car. Approximately $1.74 per liter of gasoline is the price of gasoline. Automobile insurance and registration expenses are also costly. A monthly transport and train pass can cost approximately $73. An 8-kilometer taxi journey can cost $10.5.

Utilities: A person’s monthly energy bill can cost about $128, while a 50 Mbps internet bill can cost about $49 monthly.

10. Vanuatu

• Vanuatu’s cost of living is $2,114, which is 2.16 times higher than the average worldwide cost.
• After taxes, the average monthly income in Vanuatu is $677, enough to pay for living costs for 0.3 months.

Housing: A one-bedroom apartment can cost between $1208 and $1500 per month to rent, while a three-bedroom apartment can cost between $2035 and $2144 per month. A square meter of an apartment in the city center costs $1288. 

Food: Due to its reliance on imported products, food and grocery prices in Vanuatu are typically more expensive than in neighboring countries. Milk costs $1.89 per liter, and bread costs $3.03 per baguette. The estimated monthly food expenditure for one person is $585.

Transportation: Local transportation in Vanuatu costs about $1.28 per ride, which is relatively inexpensive. A monthly pass that lets you ride buses and trains can cost about $18. Taxis are also an option but can be more expensive, especially for long trips. For example, an 8-kilometer cab ride can cost up to $10.6. Each liter of gas costs $1.42.

Utilities: Most utilities in Vanuatu, such as power, water, and the internet, are inexpensive. For example, a person’s monthly energy bill can cost about $164, while a 50 Mbps internet bill can cost about $31.3.

11. Australia

• Australia’s cost of living is $2104, 2.15 times higher than the average worldwide cost.
• The average monthly salary after taxes in Australia is $3773, sufficient to cover living expenses for 1.8 months.

Housing: Housing is commonly the largest expense for most Australians. Sydney and Melbourne are among the most expensive cities to rent or purchase a home. A one-bedroom apartment in a city center can cost between $972 and $1288 per month to rent, while a three-bedroom apartment can cost between $1563 and $2259 per month. If you wish to purchase an apartment in the city center, the average price per square meter will be approximately $8,684.

Food: Food and goods can also cost a lot, especially if you choose organic or high-quality items. A restaurant’s lunch meal costs $13.9, and dinner for two costs $64.6. A gallon of milk costs about $1.35, and a loaf of bread costs about $2.06. The average cost of food for one person per month is about $532.

Transportation: Transportation costs can also be high, especially if you travel a long way to work. In places like Sydney and Melbourne, a trip on public transportation can cost about $3.19. A bus and train pass for one month can cost around $107. It can cost $16.9 to take a cab for 8 kilometers. A litre of petroleum costs is $1.38.

Utilities: Depending on consumption, utilities such as electricity, gas, and water can cost a person approximately $111 per month, whereas 50 Mbps of the internet can cost approximately $52.7 per month.

12. Bahamas

• In the Bahamas, the average cost of living is $1981, which is 2.03 times the average cost of living around the world.
• After taxes, the average monthly salary in the Bahamas is $1701, sufficient to cover living expenses for 0.9 months.

Housing: The cost of living in the Bahamas depends a lot on where it is, how big it is, and how good it is. A one-bedroom apartment can cost between $785 and $976 per month to rent, while a three-bedroom house can cost between $1500 and $2190 per month. On average, it will cost you $1804 per square meter to buy a flat in the middle of the city. 

Food: Due to the country’s dependence on imported products, food prices in the Bahamas can be relatively high. In a restaurant, the lunch menu costs $19.6, and the supper menu costs $88.9 for two people. A liter of milk costs approximately $3.91, while a loaf of bread costs roughly $3.78. The estimated monthly food expenditure for one person is $650.

Transportation: In the Bahamas, public transportation is limited, and many residents rely on their vehicles. The price of one liter of gasoline is approximately $1.63. There are also taxis available, but fares can be costly. For example, an 8-kilometer taxi journey can cost $31.7.

Utilities: In the Bahamas, utilities can also be costly. For example, a monthly utility bill for one person can cost approximately $164, while a monthly internet bill for 50 Mbps speed can cost approximately $68,8.

13. Qatar

• Qatar’s cost of living is $1960 annually, twice the global average.
• After taxes, the average monthly salary in Qatar is $3346, sufficient to cover expenses for 1.7 months.

Housing: The price of Qatar varies greatly based on where and what kind of place it is. For instance, a one-bedroom apartment in the middle of the city can cost anywhere from $988 to $1666 monthly. However, in the city center, a three-bedroom flat can cost between $1880 and $2933 per month. So if you want to buy an apartment in the middle of the city, it will cost you about $5105 per square meter, on average.

Food: Qatar’s food prices are higher than average for the Middle East. Lunch at a restaurant will set you back $7.98, while dinner for two will set you back $54.5. It costs roughly $2 for a liter of milk and $1.33 for a loaf of bread. A single person’s monthly food budget is estimated to be $437.

Transportation: There is little public transportation in Qatar, so many people use their cars or taxis. Compared to other countries, $0.57 per liter is a low gasoline price. But because it costs a lot to import cars, it can be expensive to own a car. A public transportation pass for one month costs about $43.7.

Utilities: The energy cost in Qatar can change based on how much you use them and how big your home is. A person’s monthly energy bill can be around $79.2, while a 50 Mbps internet bill can cost around $87.5.

14. Norway

• Norway’s cost of living is $1844, 1.89 times higher than the average worldwide cost of living.
• After taxes, the average Norwegian salary is $3443, which is enough to pay for living costs for 1.9 months.

Housing: The cost of housing in Norway can be high, especially in big towns like Oslo and Bergen. In the city center, a one-bedroom apartment can cost between $746 and $955 per month to rent, while a three-bedroom apartment can cost between $1383 and $1729 per month. So if you want to buy an apartment in the middle of the city, it will cost you about $6,646 per square meter. 

Food: The high cost of living and taxes in Norway means that food prices are usually high. A restaurant’s lunch meal costs $18, and dinner for two costs $83 per person. A gallon of milk costs about $1.99, and a loaf of bread costs about $2.86. The average cost of food for one person per month is about $618.

Transportation: In Norway, public transportation is generally dependable and efficient but can be costly. A single ticket for local transportation (bus, tram, or metro) costs approximately $3.85, whereas a monthly pass costs approximately $76.4. In Norway, owning a vehicle can be costly due to high taxes and expenses. For example, an eight-kilometer taxi journey can cost $23. In addition, the per-liter price of gasoline is $2.06. 

Utilities: In Norway, utilities like power, water, and heat can cost a lot. The price can change based on the size of your home and how much you use it, but for one person, you can expect to pay about $129 per month, while a 50 Mbps internet bill can cost about $50.3 per month.

15. Canada

• Canada’s cost of living is $1826, 1.87 times the average cost of living worldwide.
• After taxes, the average Canadian pay $3120 per month, which is enough to cover living costs for 1.7 months.

Housing: Costs for housing can change a lot from one city or region to another. On average, a one-bedroom apartment in a big city like Toronto or Vancouver can cost between $892 and $1056 per month, while a three-bedroom apartment can cost between $1548 and $1872 per month. On average, it will cost you $5,858 per square meter to buy a flat in the middle of the city.

Food: Food costs can also change based on where you live and what foods you like. A restaurant’s lunch meal costs $14.7, and dinner for two costs $60.8. A gallon of milk costs about $1.99, and a loaf of bread costs about $2.19. The average cost of food for one person per month is about $511.

Transportation: Transportation costs can also vary depending on location and how you get around. Public transportation is generally the most affordable option in major cities, with a monthly pass costing around $79.7. Owning a car can be more expensive due to gas, insurance, and maintenance costs, with the average cost of a liter of petrol being around $1.33. Ride-sharing services like Uber or Lyft are also available in many cities. 

Utilities: The price of power, gas, and water can change based on how much you use and where you live. Canadians spend about $90 a month on electricity, on average. A 50 Mbps speed internet bill can cost about $56.3 a month.

What are the ten cheapest countries in the world?

1. Pakistan (Living Cost- $278)

2. Egypt (Living Cost- $321)

3. Sri Lanka (Living Cost- $344)

4. Afghanistan (Living Cost- $344)

5. Nepal (Living Cost- $379)

6. Bhutan (Living Cost- $411)

7. India (Living Cost- $420)

8. Bangladesh(Living Cost- $421)

9. Libya (Living Cost- $432)

10. Algeria (Living Cost- $439)

Here is a full list of the highest cost of living worldwide:

In conclusion, the cost of living can be very different from country to country, depending on things like the exchange rate, the price of goods and services, and the standard of living. Even though the cost of living may be higher in some countries, they may also pay more and have a better quality of life. Therefore, when moving to a new country or planning a vacation, it is important to consider the cost of living carefully. This is because it can greatly affect your finances and general experience.

Read More Best Countries for Quality of Life (Top 87 Countries)