The cost of living of a particular country is the cost of maintaining a certain standard of living in it. Usually, calculating the cost of living for a country is done in comparison to a certain standard of living in different geographic areas.
The cost of living index is used to represent the calculations. For the list below, the indices are created in relation to New York City (NYC). Which means that for New York City, each index should be 100(%).
If another city has, for example, rent index of 120, it means rents in average in that city are 20% more expensive than in New York City.
Nigeria ranks 66 in this list:
10 countries with the highest cost of living
Below is a list of the top 10 countries with the highest cost of living:
1. Bermuda
Bermuda is a British island territory in the North Atlantic Ocean known for its pink-sand beaches such as Elbow Beach and Horseshoe Bay.
Its massive Royal Naval Dockyard complex combines modern attractions like the interactive Dolphin Quest with maritime history at the National Museum of Bermuda.
The cost of living for Bermuda index is 133.68.
2. Switzerland
Switzerland is a mountainous Central European country, home to numerous lakes, villages and the high peaks of the Alps.
Its cities contain medieval quarters, with landmarks like capital Bern’s Zytglogge clock tower and Lucerne’s wooden chapel bridge. The country is also known for its ski resorts and hiking trails.
The cost of living for Switzerland index is 123.10.
3. Bahamas
The Bahamas is a coral-based archipelago in the Atlantic Ocean. Its 700-plus islands and cays range from uninhabited to packed with resorts.
The northernmost, Grand Bahama, and Paradise Island, home to many large-scale hotels, are among the best known.
The cost of living for Bahamas index is 107.54.
4. Norway
Norway is a Scandinavian country encompassing mountains, glaciers and deep coastal fjords. Oslo, the capital, is a city of green spaces and museums.
The Norway cost of living index is 99.80.
5. Iceland
Iceland, a Nordic island nation, is defined by its dramatic landscape with volcanoes, geysers, hot springs and lava fields.
Massive glaciers are protected in Vatnajökull and Snæfellsjökull national parks. The Iceland cost of living index is 96.45.
6. Denmark
Denmark is a Scandinavian country in Europe. The southernmost and smallest of the Nordic countries, it is south-west of Sweden and south of Norway, and bordered to the south by Germany.
The cost of living for Denmark index is 84.88.
7. Singapore
Singapore, an island city-state off southern Malaysia, is a global financial center with a tropical climate and multicultural population.
The cost of living index is 83.67.
8. Luxembourg
Luxembourg is a small European country, surrounded by Belgium, France and Germany. It’s mostly rural, with dense Ardennes forest and nature parks in the north, rocky gorges of the Mullerthal region in the east and the Moselle river valley in the southeast.
The cost of living index is 82.01.
9. Kuwait
Kuwait, an Arab country on the Persian (Arabian) Gulf, has cultural heritage dating back to antiquity.
Kuwait City, the capital, is known for its modern architecture, ranging from skyscrapers to the striking Kuwait Towers, water towers whose design recalls the tiled domes of a classic mosque.
The cost of living index is 81.62.
10. Hong Kong
Hong Kong is an autonomous territory, and former British colony, in southeastern China. Its vibrant, densely populated urban centre is a major port and global financial hub with a skyscraper-studded skyline.
Hong Kong's cost of living index is 81.48.
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