Switzerland is one of the most expensive countries in the world. Its cost-of-living index stands at 114.2. Although the monthly rent is just $1,634, the income tax can reach up to 40%. However, Swiss citizens still enjoy strong purchasing power of 118.7, which is 12% higher compared to the world's most expensive city, New York.
This city-state located in Southeast Asia is considered to be one of the leading business hubs in the world, with a booming business ecosystem and large flows of capital. Naturally, this makes the lives of Singapore citizens quite costly as they have to deal with soaring consumer prices and a sky-high rent of $3,016 per month. According to the latest estimates, the country’s cost-of-living index is 85.9, which is 14% higher than the US average. Local purchasing power stands at 95.6.
This Scandinavian country is also quite expensive to live in, with its cost-of-living index being 88.6. At the same time, housing is relatively cheap in Norway as you can rent a home for about $941 per month. The income tax, which is currently 38.7%, accounts for the biggest part of local expenditure. Besides, food is pricey here as well. In Norway, you will spend 10% more on groceries than in the US. Despite all this, local purchasing power remains relatively high at 95.
Iceland’s cost-of-living index is holding above 83. But just like in Norway, rent is not to blame here as its amount will be around $1,438 per month. Again, groceries take a large bite from local budgets as their cost is 20% higher than in the US. At the same time, the local purchasing power index stands at 90.1.
Denmark closes the list of the 5 most expensive countries to live in. Its high cost of living (78.6) is mainly due to high income taxes. In late 2022, the personal income tax rate in Denmark went up to 56%. Also, the average rent is $2,000 per month, and food prices are quite high as well. Yet, the purchasing power of its residents is estimated at 105, making it one of the strongest in the world.
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