Have you ever wondered where in the world is the most expensive place to visit?
Using the latest data from Numbeo's Cost of Living Index, we've identified the countries with the highest cost of living. The index scores are relative percentages of the cost of living compared to New York City, which has an index score of 100. This means that countries scoring below 100 are cheaper to live in than The Big Apple, while countries scoring above 100 are more expensive.
Read on to discover which countries have the highest cost of living rates in 2024. All dollar amounts in US dollars unless otherwise stated.
Overtaking the Isle of Man, Sweden has returned to the top 30 this year. Although the Scandinavian nation is notably cheaper than its Nordic neighbours, it's considered an expensive place to visit due to high sales taxes, which means food and drink costs will soon eat into your holiday budget.
Milk, for example, costs almost $6 (£4.75) a gallon (around 4 litres), while a McDonald's meal comes in at $9.59 (£7.80). Despite steep costs, residents are clearly "lovin' it" in the country; Sweden ranks 14th on Numbeo's Quality of Life index, higher than the US, UK, or Canada.
According to Numbeo's research, Germany is the 29th most expensive country in the world. Although groceries and restaurant prices are comparatively low, basic utilities are much higher than elsewhere, working out at around $290 (£230) a month for an 85-square-metre (915-square-foot) apartment.
This could explain why hotels are more expensive in Germany than in many other European countries. A report published by Travel and Tour World suggests Berlin has the second most expensive hotels of all the European capitals they analysed, with an average cost of $236.10 (£186).
The epicentre of European politics, Brussels is unsurprisingly the most expensive city in Belgium, with a score of 67.05. Belgium as a whole has a cost of living score of 63.
Restaurant prices are particularly high in the nation. According to Numbeo, Belgium has a restaurant price index of 73.6, higher than many other countries – including Germany, Canada, and the Netherlands – that have a higher cost of living score overall. That said, you can enjoy a bottle of world-famous domestic beer for the equivalent of just $1.86 (£1.50).
The UK was a newcomer to the top 30 last year and now has an index score of 63.7. The country's inflation rate has been higher than those of comparable economies, meaning steeper prices at supermarkets and restaurants.
Inflation will hit visitors particularly hard in parts of the UK that were more expensive to begin with, such as London and the seaside town of St Ives, situated on the so-called Cornish Riviera. Cities including Oxford, Edinburgh, Cambridge, and Brighton are also pricer places to visit. Some of the UK's top attractions will also put a dent in the average tourist's budget: an adult ticket to Warner Bros. Studio Tour London – The Making of Harry Potter will set you back $68 (£53), while a family day out at Legoland for two adults and two children weighs in at $172 (£136).
Life in the Netherlands is far from cheap, with petrol just one example of how costly commodities can be – a gallon (around 4 litres) costs an eye-watering $8.05 (£6.30) at the time of writing, so holidaymakers planning to rent a car may end up paying more than they bargained for. Amsterdam is unsurprisingly the most expensive city for tourists, while visitors to Groningen and Rotterdam can expect to see their money go further.
On the plus side, the nation is one of the least polluted countries on our list. Indeed, the Netherlands comes second in Numbeo's Quality of Life Index despite being the world's 26th most expensive nation to live in.
South Korea is the joint 24th most expensive country, according to Numbeo, while data from Expatistan ranks the nation as the fourth most costly Asian nation.
While restaurant prices are relatively economical, a gallon of milk in South Korea will set you back $8 (£6.30). And if you're planning a night out in Seoul, be aware that drinking alcohol in the country has just become more expensive. Taxes on various beverages including beer and rice wine were raised last year.
The Commonwealth of Puerto Rico is an unincorporated US territory and comes in at joint 24th in the rankings. Although prices for certain goods are remarkably low – a pint of domestic beer is around $2.50 (£2) for example – the cost of living in the island nation is overall more expensive when compared to the likes of other popular tourist destinations such as Italy, Sweden, and Japan.
However, it's still significantly cheaper than the US, from where Puerto Rico imports most of its goods.
Luxembourg has a small population compared to many other countries on this list, with close to 656,000 inhabitants.
The nation has an impressive minimum wage of €2,387 ($3k/£2k) for non-qualified workers over the age of 18, one of the best in the world and the highest in the EU by far. While people earning these wages are better equipped to absorb the costs of life in Luxembourg than tourists with less generous salaries, the good news is that locals and visitors alike benefit from free public transport in the nation.
Finland is another of the priciest nations on the planet, with commodities such as water, petrol, and even cinema tickets all ranking within the top 10 most expensive compared to the rest of the world.
However, Finland has topped the annual World Happiness Report for the last six years, most recently receiving the accolade last March. Before landing first place in 2018, it featured in the top five every year since the report's inception in 2013.
Prices in Paris have fallen in recent years, and while it was once named the most expensive city in the world by ECA International, Numbeo currently places it as the 46th. However, France was the 21st most costly country to live in last year overall.
Expect to spend an average of $8.13 (£6.40) for a pound of that famous French cheese, for example, which works out at around $18 (£14.20) per kilogram. What's more, hotels in Paris are more expensive than in other European capitals, including Berlin, Lisbon, Athens, Istanbul, and Brussels, according to Travel and Tour World's report. Zut alors...
Due to high VAT rates of 23%, the cost of living in Ireland is sky-high compared to the neighbouring UK, where restaurants, rent, and grocery prices are much cheaper. Ireland's geography doesn't help and, like the UK, its island status means it imports many of its most essential goods.
Unlike the UK, Ireland also has to contend with a lack of natural resources. The country imports over 70% of its power, well above the EU average of 58%, and its electricity prices are some of the highest in Europe. This could explain why accommodation is so expensive in the nation; according to data from The Sabbatical Guide, Ireland was the 14th most expensive country to rent an Airbnb last year.
Landlocked in the heart of Europe, Austria ranks 19th on our list, a sharp drop from 25th place in 2022. Data reveals the country's inflation rate fell in 2023 thanks to changes in energy prices.
Vienna, its capital, scored first place in Mercer's Quality of Living City Ranking for 10 consecutive years between 2009 and 2019. So while entertainment and restaurant costs are high, the locals don't seem to be complaining.
Tel Aviv is one of the most expensive cities in the world, not least because it's home to an eye-wateringly expensive McDonald's menu, with prices starting at around $15 (£12) for a classic meal at one of the fast-food giant's restaurants.
Big Macs aside, Israel is by no means a budget tourist destination, with expenses such as food and accommodation coming with a much higher price tag than other countries. That said, it's one of the few countries on our list where the cost of living index score has fallen. It dropped from 88.1 in 2022 to 76.4 at the start of last year, and now stands at 67.2.
Jumping up six positions in the rankings since the start of 2022, Guernsey – the second largest of the Channel Islands – is 17th on our list. While not a country, consumer prices in this British Crown Dependency are 11% higher than in the UK, while rent costs are a staggering 36.6% more.
And visitors are apparently feeling the pinch before they even land in Guernsey. President of the Guernsey Hospitality Association (GHA), Alan Sillett, has argued that expensive air fares are the main factor putting tourists off visiting the island. According to a bulletin published last summer, visitor numbers in Q1 of 2023 were 20% lower than in the same period of 2019.
New Zealand currently ranks 17th overall on Numbeo's Quality of Life Index, which isn't bad considering it's the 16th most expensive country in the world. The country has to import many of its goods, which are saddled with import taxes, one of the main drivers of its high cost of living score.
Thrillseekers looking to make the most of New Zealand's incredible natural beauty may find some activities a little on the steep side. The AJ Hackett Bungy jump and swing combo in Queenstown, for example, will set you back $309 (£244).
It might be a cheaper place to visit than its North American neighbour, but Canada's prices are still consistently high across the board. When it comes to groceries, milk is particularly costly, coming in at $8.12 per gallon (£6.40). Meanwhile, the price of a gallon of petrol in Canada is nearer $4.50 (£3.55).
A three-course meal for two at a mid-range restaurant will set you back around $75 (£59), while a trip to the cinema costs over $11 (£8) per person.
Despite being a special administrative region in China, the cost of living in Hong Kong – which ranks 52nd in the latest Quality of Life index – is far higher than in the mainland, meaning visitors need increasingly deep pockets to get by.
On average, Hong Kong's consumer prices are over 60% more expensive than in China. According to Expatistan, the city is the second most expensive in Asia, with goods such as chicken and cheese both costing substantially more than they do elsewhere. Tourists may also want to stock up at the Duty Free before visiting; a mid-range bottle of wine costs close to $20 (£16).
Like neighbouring New Zealand, Australia relies heavily on imports, which pushes up the prices of many everyday items. In grocery stores, goods such as bottled water and milk have become notably more expensive.
The skyrocketing costs of ingredients mean dining out is costly too. Numbeo claims the average price of a mid-range meal for two currently sits at over $90 (£71), while a small bottle of imported beer could set you back almost $8 (£6.30).
With New York as the base city for Numbeo's index, the USA ranks 12th overall in our top 30. The Big Apple certainly isn't known for being cheap, and it's not alone – according to research by Credit Karma last year, the most expensive cities to travel to in the US are New York, San Diego, Seattle, San Francisco, and West Palm Beach.
Restaurant prices are on the rise while hotel costs in major US destinations can be prohibitively expensive. Visiting some of America's most famous theme parks and resorts can also be pricey; single-day tickets to Disneyland in California cost $104 (£82), with the same pass for Disney World in Florida clocking in at $109 (£86).
Like Guernsey, Jersey is a British Crown Dependency and one of the Channel Islands, so not strictly a country. Its cost of living is substantially higher than that of the UK, with rent, a lack of industry, and the cost of imports driving much of the discrepancy.
Consumer prices in general are around 27% higher, although the cost of renting property in Jersey is an astonishing 75% more expensive than in the UK. But the situation has improved; back in 2021, Jersey actually topped Numbeo's Cost of Living Index, with data showing it was over 114% more expensive than the US and 117% more expensive than the UK.
The first nation in Numbeo's ranking of the 10 most expensive countries to live in is Denmark. The nation is particularly costly for travellers who like to indulge in retail therapy. A pair of jeans will set you back over $100 (£79), while shoes don't come cheap either. A pair of Nikes costs around $103 (£81).
While local purchasing power in the Scandinavian nation is high, meaning residents are equipped to cope with the steep cost of living, tourists may find the high prices harder to swallow.
The second priciest of the Scandinavian nations, Norway takes 9th place on our list, moving down from 6th at the start of last year. Its index score has shifted from 88.6 to 79.2, likely due to a slight drop in prices for food and non-alcoholic drinks.
Norway has a steep VAT rate of 25%, one of the world's highest, which pushes up the cost of most everyday items. Food has a lower tax rate of 15% but is still considered expensive, with beer proving particularly costly. On average, a 12-ounce bottle of imported beer costs over $8.50 (£6.70), while one pint of a domestic draught could set you back almost $9 (£7).
Paradise comes with a hefty price tag. The majority of commodities are imported into Barbados, contributing to its steep cost of living.
Like Norway, Barbados' index score dropped from 88.8 to 84.2 over the course of last year, and it now sits at 79.4. But costs are still high, with an average mid-range meal for two coming in at $100 (£79). Even basic necessities are far more expensive than elsewhere; a gallon of milk, for example, costs a staggering $13.53 (£10.70)!
The cost of living in Singapore spiked from mid-2022 to mid-2023, with its index score rising from 79.09 to 85.9. It's now 81.9.
Alcohol is considered a luxury item and is extortionately expensive, with a mid-range bottle of wine costing $23.80 (£19) on average. In fact, data from Expatistan claims Singapore has the most expensive good quality "red table wine" of any city in the world!
Add to this the high cost of holiday necessities such as shampoo (you'll find the third most expensive 2-in-1 shampoo in the world in this city-state, according to Expatistan), and it's not hard to see why Singapore ranks so highly on Numbeo's index.
Iceland climbed the ranks from eighth to fifth in last year's mid-year data after its index score went from 83.3 at the start of 2023 to 87.7 following growing inflation. It's now in sixth place with a score of 85.7.
The island country has tight regulations when it comes to importing foreign goods, which ultimately drives up prices. The country's groceries are among the most expensive in the world, with milk, eggs, chicken, and beef all comparatively costly. (According to Numbeo, 1kg of beef is approximately 85% more expensive in Iceland than in America.)
Daydreaming about escaping to the paradise that's the Bahamas? Well, island life comes at a cost. Like the other island nations on this list, spending time in the Bahamas comes with numerous logistical challenges that contribute to a higher cost of living.
Importing goods makes everything more expensive, and taxes are so high that approximately 25% of government revenue in the 2021-2022 financial year –the most recent period for which complete data is available – came from import and export duties.
The US Virgin Islands storms into 4th place in the most recent rankings, with an index score of 102.6. The group of Caribbean islands, which welcomed more than two million tourists in 2019 (the last year unaffected by the COVID-19 pandemic), has to import the majority of its goods. As in the Bahamas, this means a trip to the grocery store won't come cheap.
Restaurant prices are similarly sky-high, with a mid-range meal for two coming in at almost $130 (£103). Meanwhile, a cappuccino costs almost as much as a bottle of beer, at $5.85 (£4.60) and $6 (£4.75) respectively.
The Cayman Islands, a British Overseas Territory in the Caribbean Sea and an infamous tax haven, scores a top-three position on our list, with Numbeo giving it an index score of 111.7.
Due to its island status, many items are imported, and goods brought in from overseas typically have an import tax of between 22% and 27%, making food and groceries particularly expensive. The average cost of a mid-price three-course meal for two is over $140 (£110), while a regular cappuccino will set you back over $6 (£4.70).
Four of the world's five most expensive cities were Swiss, according to research conducted by ECA International in 2018, so it's little surprise that a stay in Switzerland comes with a hefty price tag.
Dining out and cinema tickets are just a few examples of the everyday things you'll pay more for in Switzerland than elsewhere – though on the bright side, it seems prices are dropping; the nation's index score has fallen from 117.3 to 112.2, according to the most recent ranking.
Last year Bermuda surpassed Switzerland to become the world's most expensive country. Like many other island nations, Bermuda produces almost no food or consumer goods and is almost entirely dependent on commodities being shipped in, usually from the US. As a result, it's the world's most expensive country for groceries.
Dining out is also something tourists may want to plan for; a meal for two in a mid-price restaurant will cost at least $150. Meanwhile, import taxes on fuel make transportation costs high, so you may want to think twice before jumping in that taxi!
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