FX.co ★ Five countries with highest cost of living

Switzerland

Experts consider Switzerland to be the leader in this rating. This is one of the most expensive countries in the world. To work, live, and rest comfortably, one will need at least $2,500 per month. The average monthly salary in Switzerland is $6,240 (after tax). Notably, this European country traditionally takes the leading position in the ratings on the level of wages. Zurich and Geneva are the most expensive cities in Switzerland. Here, the cost of living is 35%–45% higher than in Paris. For example, the rent of a small, one-room apartment costs €2,000 per month. Despite rather high costs, many foreigners choose Switzerland as a place to live. At the moment, 25% of the country's population are visitors (this is almost 2.1 million foreigners with permanent residence). According to analysts, Switzerland is the most expensive country, not only for living but also for tourism. For example, one will have to pay at least $3,500 for a week of vacation at local resorts.

Singapore

The second place among the countries with the highest cost of living goes to Singapore. The average monthly salary here stays at $5,600. Currently, Singapore’s GDP per capita exceeds $100,000. Such achievements could be explained by the reforms carried out under the leadership of Lee Kuan Yew. Singapore has achieved such prosperity mainly thanks to its effective tax policy, which attracts investors from all over the world. Currently, prices in this Asian state are comparable to European prices. For example, one will pay $5.5 for a cup of coffee, $3.3 for a carton of eggs, and $3.3 for a pack of rice weighing 1 kg. Singapore is very attractive for tourists. Futuristic buildings and fantastic attractions will not leave anyone indifferent. However, a standard vacation here is not cheap. One week will cost $2,500–$3,000. According to experts, the cost of living in Singapore is higher than in 94% of countries in the world.

Norway

The third place goes to Norway. The average monthly salary here is $3,400. According to analysts, living in Norway is 0.9% more expensive than in New York, US. This country has the highest taxes in the world. At the same time, citizens faithfully pay them along with social contributions, which amount to 8.2% of income. Norway is an energy-rich country. That is why the state’s main income comes from oil and gas production. These funds are used for the development of shipbuilding and the processing of natural resources. The cost of living here is quite high. For a cup of coffee, one will pay $4.7, for 1 kg of apples - $3.2, and for a pack of rice - $3. At the same time, Norway remains among the happiest countries in the world, according to the UN World Happiness Report. The cost of living here exceeds that in 95% of countries in the world. The 25% VAT rate makes its contribution, making Norway the most expensive among the Scandinavian countries.

Denmark

The fourth place in this rating is occupied by Denmark. Although Denmark is one of the most expensive countries in the world, housing is quite affordable here. The high cost of living does not prevent the Danes from enjoying everyday life. At the moment, the country is in the top three of the World Happiness Report Ranking. This is a state with an excellent level of security, a stable political system, a developed economy, and high social standards. It is not difficult for highly qualified specialists to find a job with a monthly salary of $5,000 (after tax). As for the average monthly salary, it is $3,800 (after paying all taxes). Denmark is an expensive destination for tourists. A night in a regular hotel costs from $80, a set lunch - from $60, a visit to a museum - from $25, and a cup of coffee - from $12.

Luxembourg

Luxembourg closes the list of the top 5 countries with the highest cost of living. The average monthly salary here reaches €3,000 (after paying all taxes). In terms of GDP per capita, Luxembourg takes one of the leading positions among the rich countries in the world. This is not surprising, given that the population of the duchy is comparable to that of a medium-sized metropolis. It is home to 652,000 people. In addition, Luxembourg is one of the leaders in terms of the minimum wage, which is €2,387. The cost of living in this state exceeds that in 81% of Western European cities and 85% of the world's megacities.