The whole world is now a global village and it is quite easy to move to another country to live in. However, before making that decision let’s take look at key information. That is the cost of maintaining a decent standard of living.
There are several studies and bodies that measure and monitor the cost of living in a particular country. The common ones are:
Numbeo’s cost of living survey which takes into consideration the cost of 50 items including accommodation, food and drinks from restaurants and supermarkets, clothing, taxi fares, leisure activities, utility, the internet and mobile phone bills. Numbeo uses cost of living index (CLI) as a measurement unit.
MoveHub is a company dedicated to helping people move abroad. It conducts surveys to help their customers make well-informed decisions. It uses the expensive city of New York as its benchmark. It takes into account several factors such as the cost of groceries, transport pricing, utility bills, restaurant meals (inexpensive, mid range and expensive) and renting an apartment. It uses its consumer price index (CPI). Curiously, Movehub’s infographic is based on Numbeo’s data but the rankings are different in certain regards.
WE consider the ranking of the two websites below:
- BERMUDA (CPI=126.34, CLI=150.38): A British overseas territory is an Atlantic Ocean tax haven ranks at number 1. Its capital is also the most expensive individual city on the planet.
- SWITZERLAND (CPI=90.68. CLI=138.16): One of the best places to live in terms of great infrastructure, healthcare system and clean environment. It comes in at second.
- HONG KONG (CPI=81.93, Numbeo’s number 21 with CLI=79.2): The small island nation is incredibly crowded and notoriously expensive. Apartments are small and pricey.
- ICELAND (CPI=80.47, Numbeo’s number 3 with CLI=130.79): Costs are pushed up due to heavy reliance on imported food- because the land has very little fertile ground. It is also cut off from the rest of Europe.
- SINGAPORE (CPI=76.57, Numbeo’s number 10 with CLI=88.07): According to the blog, Singapore life news, the average cost of a pint of beer in the city state is £8.50.
- NORWAY (CPI=74.47. Numbeo’s number 4 with CLI=112.75): According to Numbeo, 1 bedroom apartment averages a whopping £925 per month. Norway is expensive like most Scandinavian countries.
- DENMARK (Movehub’s number 13 with CPI=60.01, CLI=93.27): Another Scandinavian country with a notoriously expensive capital according to European Intellectual Unit.
- BAHAMAS (CPI=76.63, Numbeo’s number 5 with CLI=109.37): Like most island nations, higher, lower exports drive up costs. This Caribbean nation is no exception.
- US VIRGIN ISLANDS (Movehub’s number 11 with CPI=62.56, CLI=93.06): Are a group of Islands in the Caribbean that are an insular area of the United States. They are known for their beautiful resorts.
- UNITED ARAB EMIRATES (CPI= 68.39, Numbeo’s number 31 with CLI= 70.14): Famed as a destination for the rich and famous. Its states, Abu Dhabi and Dubai are synonymous with expensive trips. It is notoriously expensive.
- JAPAN (CLI=89.50): Island nations generally have an expensive cost of living and Japan is no exception. THE home of over 127 million people come in at number 8 on Number.
- QATAR (CPI= 68.06, Numbeo’s 33 with CLI =69.48): The oil rich nation employs highly skilled workers from overseas tempting them with extremely competitive salaries which are often swallowed up in living costs.
- ISRAEL (CLI=88.56): The cradle of Judaism, Christianity, and Islam. A diverse country, Numbeo ranks Israel as the 9th most expensive country to live in.
- LUXEMBOURG (CPI= 64.18, Numbeo’s number 12 with CLI=87.52): Ranking as one of the wealthiest nations, its living costs are just as high.
The above listed places are the most expensive places to live in 2017 should you consider relocating.