If you intend to travel or have any plans to migrate to another nation, it’s crucial to know the cost of living index there.
There is undoubtedly variation in the cost of living across different nations. Despite this, living in several of the most expensive countries in the world requires tens of millions of dollars per month.
Expensive home rentals, the cost of food, transportation, taxes, and other things that drive up living expenses all have an impact on this.
The top 12 nations in the world for highest cost of living are listed below:
Countries with the Most Expensive Cost of Living
According to Numbeo, which bases its index on prices for housing, food, transportation, dining out, and utilities, there are 12 nations in the world with the highest cost of living in 2024.
1. Bermuda
East of North Carolina, Bermuda is an archipelagic nation consist of numerous smaller islands in addition to its seven main islands.
Living expenses in this country are approximately US$1,982.99 (about Rp31 million in rupiah) per month, excluding housing rent. With a cost of living index score of 113.6, Bermuda has the highest in the world.
2. Switzerland
Switzerland is the next nation with high cost of living. In this nation in the center of Europe, the average monthly cost of living is projected to be between 1,200 and 1,700 euros, or Rp20 and Rp29 million.
Switzerland’s cost of living index of 112.2, which is just little different from Bermuda’s, is not surprising.
3. Cayman Islands
One of the nations in the globe renowned for its breathtaking natural beauty is the Cayman Islands.
The projected cost of living in the Cayman Islands is US$1,200, or Rp19 million, per person per month, if you wish to visit or reside there.
The cost of living index for this nation, which is located outside of Great Britain, is 117.7 in 2024.
4. Virgin Islands
In the northern Caribbean, there is a British foreign territory called the Virgin Islands.
The estimated cost of living in the Virgin Islands, including house rental, food, and other expenses, is between US$2,200–3,000 per person, or Rp34–57 million. This nation has a cost of living index score of 102.6.
5. Bahamas
There are around 700 coral islands in the Bahamas archipelago. In order to reside there either permanently or temporarily, you will need to spend approximately US$1,426 or Rp22 million each month, which does not include housing rent.
Included in the list of nations with a cost of living index that can reach 88.5 is the Bahamas.
6. Iceland
Iceland is the next country in sixth place, with a monthly cost of living index of 65.6.
With an estimated monthly cost of US$1,287.9, or Rp20 million, living expenses are high. Still, this number is in line with medical and educational institutions.
Moving on to the Asian continent, we have Singapore, which is Indonesia’s neighbor. The cost of living index for this developed nation in Southeast Asia was 81.9.
Without accounting for home rent, the estimated monthly cost of living in Singapore is $1,132.7 USD or Rp18 million per person.
8. Barbados
Situated at the confluence of the Atlantic and Caribbean seas, Barbados is an island nation.
The monthly cost of living in this country is relatively high, at about US$1,177.4, or Rp18 million, excluding the cost of housing rentals. At 79.4, Barbados’ cost of living index differs from Singapore’s by very little.
9. Norway
Next up is Norway, a nation renowned for both its wealth and beauty. Every person in Norway needs to budget at least US$1,195.2, or Rp18 million, a month in order to experience this. The cost of living index for the nation is 79.2.
10. Denmark
Denmark borders Norway and is in Northern Europe. The cost of living in this nation is high, comparable to that of its neighbors, at about US$1,171.3 (or, equivalent to Rp18 million in rupiah, or Rp171.3) each month. This is paired with a cost of living index that is relatively high (75.2).
11. Jersey
Between continental Europe and the United Kingdom across the English Channel sits the island nation of Jersey.
This nation, which is renowned for its breathtaking scenery, has a cost of living index score of 74.3, which is somewhat expensive.
12. United States
The United States is one of the nations with high living cost.
This superpower has a cost of living index of 72.9 and a robust economy thanks to its strong industrial base.
