The 25 most expensive countries to live in, ranked
- GOBankingRates determined the most expensive countries to live in. The United States landed within the top 25.
- To determine the most expensive countries, GOBankingRates looked at the daily cost of living in addition to the local purchasing power for each country, comparing each to the notoriously expensive New York City.
- It also found that though rent tends to be cheaper in these countries than in New York City, other expenses factored into the cost of living tends to even things out.
- Visit Business Insider's homepage for more stories.
Traveling to a country to visit is one thing; living there permanently is another.
According to GOBankingRates, which recently determined the most expensive countries to live in around the world, places like Norway, Switzerland, and Iceland all have homes which can be rented for almost half of what one could get in New York City. However, the cost of living in those countries is still much higher than that of the Big Apple when you factor in other common expenses.
For example, GOBankingRates reports that the cost of dining out is 25% higher in Norway than in New York City, while in Iceland, restaurant food prices are a staggering 33% higher and groceries 19% higher than in New York City.
Meanwhile, Sweden has a personal income tax rate of around 62%, while Switzerland has a worldwide income tax that can reach as high as 40% - as GOBankingRates points out, in Switzerland, a person is even taxed for living in their own home.
To determine which are the most expensive countries to live in, GOBankingRates analyzed each, relative to New York City, on five metrics: cost of living, rent, grocery prices, restaurant menu prices, and local purchasing power (defined as the relative purchasing power in buying goods and services in a given country for the average wage in that country).
The cost of living index and local purchasing power figures are all sourced from GOBankingRates and are relative to New York City; for example, Norway, with a 113.70 cost of living index, has a cost of living index 13.7% higher than New York City.
Keep reading to find out which are the top 25 most expensive countries to live in, listed from least to most expensive.