TOP Most Expensive Countries to Live in 2023

Monaco, Switzerland and the Cayman Islands top the list of the most expensive countries to live in. You will need to spend an average of $3,000 per month on food, housing, transportation, medical services, and education.

Such data was published in a study by the World Population Review 

According to the average monthly living cost, the most expensive countries in the world are:

Many of the top countries fall into one of two categories. They are either exotic vacation destinations such as Monaco, the Cayman Islands, and Bermuda, or they are located in Northern Europe, as are Switzerland, Iceland, and Norway. Incidentally, Iceland is ranked high due to its geographical location. The difficulty of delivering food to the country results in the highest food prices in the European Union. Meanwhile, the country consistently ranks as the world's safest country.

The U.K.-controlled island territory Bermuda ranks as the most expensive place to live in two of the three global cost of living surveys. Bermuda's capital city of Hamilton is deemed to be one of the most expensive cities in the world, where a 900-square-foot apartment can cost US$4,058 per month.

According to a study by the Economist Intelligence Unit, the cost of living has been rising rapidly around the world for several years in a row. Global factors such as COVID 19, the full-fledged war unleashed by Russia and its blockade of Ukrainian ports have significantly affected supply chains, energy and food prices.

The most expensive cities in the world are New York (USA), Singapore, Israeli Tel Aviv, Hong Kong, Los Angeles (USA), and Swiss Zurich and Geneva.

Living in the countries and cities topping the "most expensive" list has its pros and cons. For people with low-paid jobs, the overall high cost of living in a country hinders them from meeting even basic human needs. At the same time, people with middle and higher incomes have difficulty finding funds for savings, vacations, or education.