Top 10 Countries With Most Expensive Living Cost in 2024; Singapore Included

TEMPO.CO, Jakarta - Some individuals hailing from developing countries aspire to pursue their studies, careers, or livelihoods in developed nations due to their superior public services and equality without the exception of gender, ethnicity, religion, or race.

However, many countries across the globe are known for their high living cost. Even nations with breathtaking natural landscapes, such as Switzerland, Norway, and Denmark, find themselves on the list of countries with the highest living costs. 

The leading internet database on quality of life, Numbeo, compiled a list of 146 countries in Asia, Africa, America, Europe, and Oceania with the highest cost of living index in 2024 based on the relative prices of consumer goods, such as foodstuff, transportation, restaurants, and utilities.

Here is the list of the top 10 countries with the most expensive cost of living in 2024, as follows:

1. Bermuda

Bermuda, an archipelago of seven primary islands and hundreds of islets in the western North Atlantic Ocean, tops the list of the most expensive countries to live in with a living cost index score of 133.6. A person incurs a monthly expenditure of US$1,982.99 or around Rp31 million (at an assumed exchange rate of Rp15,895), without rent factored in.

2. Switzerland

Switzerland ranks second with a living cost index score of 112.2. The country, often referred to as a paradise for nature lovers, has exorbitant costs due to high taxes and a robust economy. The estimated cost of living in Zurich ranges between 1,200-1,700 Euros or Rp20-29 million (at an assumed exchange rate of Rp17,258) per person per month.

3. Cayman Islands

The Cayman Islands have a cost of living index score of 111.7. Located in the Caribbean Sea, the country relies on the tourism industry to create economic strength. A person needs to allocate US$1,200 or Rp19 million per month to live on the island.

4. Virgin Islands

With a cost of living index score of 102.6, the Virgin Islands, an island nation in the Leeward Islands, Caribbean Sea, requires a monthly expense of US$2,200-3,000 or Rp34-57 million for one person, including rent, transportation, food, utilities, and other costs.

5. The Bahamas

The Bahamas ranks fifth with a cost of living index score of 88.5. A person living in the country has to spend up to US$1,426 or around Rp22 million per month, without accounting for rent.

6. Iceland

Iceland occupies sixth place with a cost of living index score of 85.7. To meet living needs, each individual in Iceland has to pay monthly expenses of US$1,287.9 or Rp20 million, excluding housing rent. However, the figure is commensurate with the good health and education facilities and the beautiful environment.

7. Singapore

Singapore is the only Asian country included in the list with a cost of living index score of 81.9. Everyone in the Lion Nation must prepare at least US$1,132.7 or around Rp18 million to survive, not to mention the cost of renting a place. Nevertheless, the government guarantees excellent public facilities and infrastructure.

8. Barbados

The Republic of Barbados is an island country located between the Caribbean Sea and the Atlantic Ocean. With a cost of living index score of 79.4, each person in Barbados has to spend approximately US$1,177.4 or Rp18 million per month to live their daily life, not including the cost of renting a house.

9. Norway

Norway, a country known for its exceptional natural beauty, has a high cost of living index score of 79.2. Every individual living in Norway spends at least around US$1,195.2 or Rp18 million per month to pay for their daily needs, excluding housing rent.

10. Denmark

Denmark ranks the lowest among the 10 countries with the most expensive cost of living worldwide in 2024. Its cost of living index score stands at 75.2. Each Danish resident needs to budget US$1,171.3 or around Rp18 million per month for their daily expenses, not to mention the cost of renting a house.

MELYNDA DWI PUSPITA | ANDIKA DWI

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