List of Top 10 Most Expensive Countries To Live In [2023] (2024)

In an era where expenses are scaling new heights, reminiscent stories of an era when movie tickets cost a mere dime are fading away. Today, the same ticket could set you back a staggering $15, vividly illustrating the changing economic landscape we navigate. Albeit seemingly unjust, wealth is amassing at the top, while the middle class vanishes and the less fortunate sink deeper into the abyss of poverty.

The country with the highest cost of living is Monaco. About $3955 per month is needed just to get by in this country.

ALSO READ| 7 Best Countries With Golden Visa Program

In light of the ever-increasing living costs, it becomes paramount for governments to take decisive action, ensuring the populace can maintain their standard of living without the constant struggle to make ends meet. In the interim, let's delve into a comprehensive analysis of countries where the cost of living is nothing short of exorbitant. It's imperative to bear in mind that should you contemplate relocating to any of these nations, a substantial financial cushion is an absolute necessity. This list includes the top10 most expensive countries to live in:

1. Monaco - $3955
2. Singapore - $3408
3. Cayman Islands - $3255
4. Switzerland - $2850
5. Iceland - $2457
6. Ireland - $2343
7. Liechtenstein - $2326
8. United States - $2317
9. Luxembourg - $2271
10. Australia - $2212

This list is based on data sourced from LivingCost.org, and the figures have been meticulously computed, taking into account factors such as rent, food, transportation, and various other day-to-day expenditures. These numbers paint a vivid picture of the financial demands associated with sustaining a moderate lifestyle and adhering to an average level of consumption in these countries.

ALSO READ| 10 Hardest Countries to Get Citizenship in the World 2023

Details of Costliest Countries To Live In

1. Monaco

One Person: $3955

Family Of Four: $8853

Monaco, at a substantial 3.88 times more expensive than the global average, claims the throne as the costliest place on the planet. The principality not only ranks first among 197 nations in terms of living costs but also secures the 17th spot in the hierarchy of the world's most desirable places to reside. In Monaco, an average post-tax income of $5,648 is sufficient to sustain an individual for a month and then some.

2. Singapore

One Person: $3408

Family Of Four: $7444

Asia's beacon of luxury, Singapore, occupies the second spot in our lineup of exorbitant domiciles. With a living cost soaring to $3,408 per person, Singapore's exalted status in the ranks of the world's costliest countries results from its lofty wages, thriving economic landscape, and unparalleled standard of living. Despite the steep price tag, Singapore continues to lure expatriates, thanks to its benevolent tax regime, political stability, and impeccable infrastructure.

ALSO READ|10 Best Countries to Start Business in the World 2023, Check List Here!

3. Cayman Islands

One Person: $3255

Family Of Four: $5696

The Cayman Islands secure the third spot on this extravagant list, demanding $3,255 for an individual's monthly subsistence. This idyllic island nation, renowned for its thriving economy, insatiable appetite for imported goods and services, and booming tourism sector embraces a high cost of living. Nevertheless, the high living costs are offset by the country's elevated living standards and a tax system that beckons affluent expatriates from around the globe.

4. Switzerland

One Person: $2850

Family Of Four: $7230

Nestled amongst the breathtaking Alpine landscapes, Switzerland claims the fourth position as the world's third most expensive country, requiring $2,850 per month to maintain one's livelihood. Switzerland's steep living expenses stem from a plethora of factors including towering wages, formidable taxes, and a robust economy. A haven for nature lovers and adventure enthusiasts, Switzerland's high costs are a small price to pay for its unrivalled quality of life.

ALSO READ|Top 10 Countries With Most Number of Airports

5. Iceland

One Person: $2457

Family Of Four: $5255

Iceland, the land of fire and ice, emerges as the fifth costliest place to call home, with a monthly living cost of $2,457 per person. This Nordic island nation's isolated location and modest population contribute to its high living expenses. Iceland boasts exceptional healthcare, an enviable education system, stunning natural beauty, and a low crime rate. It's no wonder tourists flock to its shores, making it a desirable but expensive destination.

6. Ireland

One Person: $2343

Family Of Four: $5095

Securing the sixth spot in our list, Ireland commands a monthly living cost of $2,343. The Emerald Isle's costly existence is attributed to the relentless demand for housing and the high expense of healthcare. Nonetheless, Ireland is enticed by its robust economy, rich cultural heritage, friendly populace, and captivating landscapes.

7. Liechtenstein

One Person: $2326

Family Of Four: $5417

Liechtenstein, stands as the seventh most expensive country, demanding $2,326 for survival each month. Despite its diminutive size, this landlocked nation boasts picturesque scenery, favourable tax policies, and an elevated standard of living. The high living costs are a consequence of lofty wages, a modest economy, and an insatiable appetite for imported goods and services. Nevertheless, Liechtenstein remains a magnet for wealthy expatriates seeking an enviable quality of life.

ALSO READ|Top 10 Countries That Pay You To Move As Foreigner in 2023

8. United States

One Person: $2317

Family Of Four: $5291

The United States of America, the eighth most costly nation on our roster, imposes a monthly living cost of $2,317 per person. The high living expenses in the U.S. result from exorbitant healthcare expenditures, towering taxes, and steep housing prices in major cities. However, this land of opportunity provides a wide array of affordable entertainment, culinary experiences, and shopping options, not to mention abundant job prospects with handsome salaries. Thus, while living here may be dear, achieving a premium quality of life remains an attainable goal.

9. Luxembourg

One Person: $2271

Family Of Four: $5110

For a single individual, the monthly living expenses in Luxembourg stand at a substantial $2,271, positioning it as the ninth most expensive country to reside in worldwide. This pint-sized nation boasts a thriving banking sector, a magnet for the affluent, which significantly contributes to the elevated cost of living. However, Luxembourg compensates with its exceptional healthcare and educational institutions, an enviable quality of life, and a plethora of cultural and recreational opportunities. Moreover, it enjoys relatively low rates of poverty and unemployment.

10. Australia

One Person: $2212

Family Of Four: $5111

Australia claims the tenth spot among the world's most expensive countries to live in, with a monthly living cost of $2,212. The country's high minimum wage, substantial taxation rates, and relentless demand for housing and resources are the primary factors propelling its lofty cost of living. Yet, despite these financial demands, Australia remains an attractive destination for travellers, allured by its captivating landscapes, rich cultural tapestry, and remarkable standard of living.

ALSO READ|

• 9 Safest Countries in the World for Women to Travel Or Live In: Check List Here
• 7 Countries With No Railway Networks, Check List Here!
• Top 9 Freest Countries In the World 2023: Human Index Report