In this article: Top 20 most expensive countries to live in the world in 2024. If you would like to skip the discussion on post-pandemic inflation in the US, please visit the following page. 7 countries with the highest cost of living in the world in 2024.
of Cost of living In the United States, there has been a significant increase following the coronavirus pandemic.focus group investigation Bank of America Corporation (NYSE:BAC) found that 67% of employees believe that inflation is rising faster than their wages. The bank conducted a similar survey in 2021, in which 58% of employees felt that inflation was rising faster than their salaries.
This increase in the percentage of employees who think the cost of living is rising faster than their salaries shows that inflation is increasingly affecting people in the country. Bank of America Corporation (NYSE:BAC) recognized this and took steps in the right direction to provide relief to its employees. It raised wages despite high inflation and raised the minimum wage for workers there from $22 an hour to $23 an hour. Bank of America Corporation (NYSE:BAC) also announced plans to raise the minimum wage to $25 an hour by 2025.
Just before the pandemic, Amazon.com, Inc. (NASDAQ:AMZN) is also a step in the right direction. In 2018, the company set a minimum wage of $15 for its employees, more than double the federal minimum wage at the time. Amazon.com, Inc. (NASDAQ:AMZN) is a strong advocate of raising minimum wage standards.
It has become clear that post-pandemic inflation is much more robust than previously predicted. Although inflation was lower in the first month of this year compared to the same month last year compared to December last year, inflation remained at a higher-than-expected level.
On a 12-month basis, inflation was 3.1% in January 2024, down from 3.4% in December 2023. consumer price index It noted that food prices rose by 0.4%, making certain essentials more expensive. Moreover, in January 2024 the price of shelter increased by 0.6% over the previous month. On a 12-month basis, shelter prices rose a whopping 12% in the same month.
Companies like Amazon.com (NASDAQ:AMZN) have advocated for higher minimum wage standards, and some have postponed pay increases for their employees until 2023. One such company is tech giant Microsoft Corporation (NASDAQ:AMZN).MSFT). The company cited: economic situation Another reason for this move is the investment in human capital. It's worth pointing out that in 2022, Microsoft Corporation (NASDAQ:MSFT) nearly doubled its budget for specific employee performance improvements. However, all Microsoft Corporation (NASDAQ:MSFT) employees are entitled to stock bonuses and prizes.
I would like to point out that the United States ranks quite high on our list. World's most expensive country to live in 2024However, you'll probably have to check the list to see where it is. High levels of inflation in the US also lead to higher interest rates, as the US government wants to limit the domestic money supply. However, rising interest rates in the United States will increase the cost of living in developing countries.
Currently, the price of oil is set in dollars, so countries must rely on dollar foreign exchange reserves to purchase oil. When U.S. interest rates rise, the dollar becomes more expensive around the world. This leads to a capital flight of dollars from developing countries. Because they have to buy increasingly expensive oil (because oil is priced in dollars). As countries' foreign exchange reserves are depleted, their currencies begin to depreciate against the dollar, pushing the country into high-price territory. However, it's worth pointing out that these countries are becoming increasingly cheaper for people who earn in US dollars.
Let's take a look at this background Top 20 most expensive countries to live in the world in 2024.
methodology
In order to carefully select the list of Top 20 most expensive countries to live in the world in 2024We used Expatistan and Numbeo's cost of living rankings by country. We weighted these rankings equally and averaged both rankings for each country to create the Insider Monkey score. The lower this score, the more expensive the country is and the higher it ranks on the list. We used Numbeo's rankings as a tiebreaker.
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20 – Germany
Insider Monkey Score – 24.5
Germany is one of them World's most expensive country to live in 2024. The average monthly cost of living for a single person in this country is over 900 euros per month. By conservative estimates, median housing costs account for more than 30% of the country's average consumer spending. Germany's high cost of living is due to a variety of factors, including high taxes, high wages, and high demand for housing in large cities.
19 – France
Insider Monkey Score – 24
France is 19th Most expensive country in 2024. The cost of living in the country is higher than other countries in the same region. Although Paris is one of the most expensive cities in the country, the cost of living is lower in the south of France. Numbeo estimates that her family of four in France needs about $3,651 a month, excluding rent, while the average monthly expenses for a single person are about $1,200, excluding rent.
18 – United Arab Emirates
Insider Monkey Score – 21
The United Arab Emirates is one of them. most expensive place to live in the world. Its metropolitan areas, particularly Dubai and Abu Dhabi, are home to some of the most expensive real estate in the world. A one-bedroom apartment in central Dubai can cost up to $1,500 per month. Additionally, according to the CIA World Factbook, the average household in the UAE spends 13.7% of their total household expenditure on food.
17 – Qatar
Insider Monkey Score – 20.5
Numbeo estimates that a family of four in Qatar will have an estimated monthly expense of $880 before rent. The country's high cost of living can be attributed to several factors, including its developed economy and dependence on oil. However, it is worth pointing out that this country is known for its tax-free income. Additionally, domestic utility bills are usually subsidized by the government.
16 – Israel
Insider Monkey Score – 18.5
Israel has the highest cost of living among OECD countries, with prices 38% higher than in other OECD countries. Prices for basic consumer goods are high in this country compared to other markets in the region. For example, milk, bread and cheese are 50% to 70% more expensive in this country compared to other OECD countries.
15 – New Zealand
Insider Monkey Score – 16.5
Compared to many other developed countries, the cost of living in New Zealand is considered high. Singles can expect to spend more than NZ$5,120 per month without paying rent. Moreover, the price of his one-bedroom apartment in Auckland city center could be around NZ$1400.
14 – Netherlands
Insider Monkey Score – 16.5
This includes the Netherlands Top 15 countries with the highest cost of living in the world. Estimated monthly living expenses for a single person range from 2,500 euros to 5,000 euros for him, excluding rent.Amsterdam is one of them The world's most expensive city to live in And housing prices are extremely high.
13 – Luxembourg
Insider Monkey Score – 16.5
Luxembourg is one of them. Europe's most expensive city. House prices in the country are 87% higher than the European Union average, with rents in Luxembourg City starting at around 1,610 euros for a one-bedroom apartment and up to 4,000 euros for a three-bedroom apartment.
12 – Canada
Insider Monkey Score – 15.5
Canada's standard of living is very high and this also means that Canada is one of the top in the world. The world's most expensive country to live in. In Toronto, the estimated monthly cost for a rent-free family is approximately CAD 4,848.
11 – United Kingdom
Insider Monkey Score – 15
The UK is number 11 on the list. Top 20 most expensive countries in the world. According to estimates from the Office for National Statistics (ONS), the average UK household spends £2,721 a month on household expenses. Additionally, Brits spend 13% of their household budget on transport, and a significant portion on food.
10 – Norway
Insider Monkey Score – 13
Norway is one of them Europe's most expensive country to live in. Rental prices in this country are particularly high, with the average rent for a one-bedroom apartment in Oslo being around NOK 20,000 to NOK 30,000.
9 – Denmark
Insider Monkey Score – 12.5
Denmark is number 9 on the list. Top 20 most expensive countries to live in the world in 2024. Housing costs contribute significantly to the high cost of living in Denmark, especially in large cities like Copenhagen and Aarhus. Factors contributing to the high cost of living in this country include high taxes, wages, and the demand for housing in large cities.
8 – Ireland
Insider Monkey Score – 11
Ireland is number 8 on the list. Most expensive country in 2024. The cost of living varies by location, with Dublin being 33% more expensive than Cork and 47% more expensive than Belfast.
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Disclosure: None. The 20 most expensive countries in the world in 2024 Originally published on Insider Monkey
