The top 20 most expensive places to live in the globe in 2024 will be examined in this article. The COVID-19 epidemic has led to a notable increase in the cost of living in the United States. According to a Bank of America Corporation (NYSE:BAC) focus group survey, 67% of workers believe that inflation is growing faster than their pay. The bank conducted a similar study in 2021, at a time when 58% of workers believed that inflation was rising more quickly than their pay.
The percentage of workers who believe that living expenses are growing more quickly than their pay has increased, suggesting that the nation’s population is becoming more and more affected by inflation. After realizing this, Bank of America Corporation (NYSE:BAC) moved appropriately to provide its employees relief. Despite the high rate of inflation, it increased employee pay and raised the minimum wage from $22 to $23 per hour. Bank of America Corporation (NYSE:BAC) made a further announcement regarding plans to raise the minimum wage to $25 per hour by 2025.
Amazon.com, Inc. (NASDAQ:AMZN) also made upward moves just prior to the epidemic. The corporation raised the minimum wage for its employees to $15 in 2018, more than twice the government minimum wage at the time. The stock of Amazon.com, Inc. (NASDAQ:AMZN) is heavily invested in raising the minimum wage.
It’s evident now that post-pandemic inflation is far more obstinate than first thought. Inflation continued to remain greater than anticipated even though it decreased in January of this year as compared to December of the previous year.
In January 2024, the 12-month inflation rate was 3.1%, which was lower than the 3.4% recorded in December 2023. But a CPI analysis showed that while food costs increased by 0.4%, the cost of several needs climbed significantly. In January 2024, prices for shelter also increased month over month by 0.6%. In the same month, housing costs rose by an astounding 12% every year.
Even if businesses like Amazon.com, Inc. (NASDAQ:AMZN) support high minimum wage laws, some choose not to raise employee pay in 2023. The computer behemoth Microsoft Corporation (NASDAQ:MSFT) is one such business. The corporation justified this action by pointing to the state of the economy and investments made in fictitious ventures. It is noteworthy to mention that Microsoft Corporation (NASDAQ:MSFT) nearly quadrupled its funding for merit raises for specific employees in 2022. All workers at Microsoft Corporation (NASDAQ:MSFT), however, will be eligible for stock awards and incentives.
Though you’ll probably have to scroll through the list to see where it falls, it is noteworthy to mention that the United States is among the most expensive places in the world to live in 2024. Since the government of the United States wants to limit the amount of money in circulation, high levels of inflation also result in higher interest rates. On the other hand, rising interest rates in the US raise the cost of living in emerging nations.
Because oil is now priced in dollars, nations purchasing oil must rely on their dollar foreign currency reserves. The dollar appreciates globally in response to an increase in US interest rates. Because oil is priced in dollars, poor nations are forced to purchase increasingly expensive oil, which results in a capital flight of US dollars. When a nation’s reserves are depleted, its own currency begins to lose value in relation to the US dollar, pushing the nation into an area with higher prices. It is important to note, nevertheless, that these nations get more and more affordable for people making US dollars.
20 Most Expensive Places to Live in 2024
20. Germany
In 2024, Germany will rank among the most costly places in the world to live. In the nation, the average monthly cost of living for an individual is over €900. By reasonable estimates, the nation’s median housing costs account for over thirty percent of average consumer spending. Numerous factors contribute to Germany’s high cost of living, such as high taxes, high incomes, and high demand for housing in the country’s largest cities.
19. France
In 2024, France ranks as the 19th most costly country to live in. Compared to other countries in the same region, the cost of living in this one is higher. The cost of living in the southern regions of France is lower than in Paris, which is among the most costly cities in the nation. A family of four in France needs roughly $3,651 a month, before rent, according to Numbeo’s estimations, while the average monthly cost for a single individual is about $1,200.
18. United Arab Emirates
One of the priciest countries in the world to live is the United Arab Emirates. Some of the most expensive real estate in the world may be found in its metropolitan districts, particularly in Dubai and Abu Dhabi. In the heart of Dubai, a one-bedroom apartment might go up to $1,500 a month. Furthermore, the average household spends 13.7% of total household expenditures in the United Arab Emirates on food, according to the CIA World Factbook.
17. Qatar
According to estimates from Numbeo, the expected monthly expenses in Qatar for a household of four are $880 before rent. Many factors, including the developed economy and its reliance on oil, contribute to the high cost of living in the nation. It is noteworthy to mention, nonetheless, that the nation is well-known for its tax-free income. Furthermore, the government of the nation typically subsidizes utility bills.
16. Israel
With prices 38% higher than those of other OECD members, Israel has the highest cost of living among all members. In comparison to other markets in the region, basic consumer products are expensive in the country. For instance, the cost of milk, bread, and cheese is 50% to 70% more in the nation than it is in other OECD nations.
15. New Zealand
New Zealand has a high cost of living when compared to many other developed countries. Without paying rent, a single person should budget more than $5,120 each month. Furthermore, the cost of a one-bedroom flat in Auckland’s downtown area may be close to $1,400.
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14. Netherlands
One of the top 15 most expensive places to live in the world is the Netherlands. Without taking into account rent, the estimated monthly cost of living for an individual is between €2,500 and €5,000. With its sky-high housing costs, Amsterdam is among the most expensive cities in the world to live in.
13. Luxembourg
Among the most costly cities in Europe is Luxembourg. The cost of housing is 87% more than the EU average in the nation; in Luxembourg City, one-bedroom apartments typically rent for roughly €1,610, while three-bedroom apartments can cost up to €4,000.
12. Canada
Canada is among the most costly places in the world to live due to its extremely high level of living. In Toronto, a family without rent would likely spend about CAD $4,848 each month.
11. United Kingdom
On our ranking of the top 20 most expensive countries in the world, the UK comes in at number 11. The Office for National Statistics (ONS) estimates that the average household in the UK pays £2,721 in household bills per month. Furthermore, 13% of British household budgets are allocated to transportation, and a significant amount is spent on food.
10. Norway
Living in Norway is among the priciest in all of Europe. The country has exceptionally high rental costs; in Oslo, the average monthly rent for a one-bedroom apartment is between NOK 20,000 and NOK 30,000.
9. Denmark
Among the 20 most expensive countries in the world to live in by 2024, Denmark comes in at number nine. The high cost of housing in Denmark is largely due to housing costs, with major cities like Aarhus and Copenhagen having especially expensive rental prices. The demand for housing in large cities, high taxes, and high incomes are some of the factors driving up the cost of living in the nation.
8. Ireland
On our ranking of the most costly places to live in 2024, Ireland comes in at number eight. Location affects how much it costs to live; in Dublin, it’s 33% more than in Cork and 47% more than in Belfast.
7. Australia
Among the 20 most expensive countries in the world to live in, Australia comes in at number seven. The median household expenditure in the nation is high; in 2022, the average household will spend $130,353, or $2,507 a week. Australia will be a costly place to live in 2024 due to a number of variables, including high housing costs, high costs for products and services, transportation, and healthcare.
6. The United States
In 2024, the US will rank among the most costly places in the world to live. The U.S. Bureau of Labor Statistics estimates that households in the country spent, on average, $72,967 annually in 2022. Furthermore, the average annual expenditure of American households is above $60,000 for housing, transportation, taxes, and food.
5. Hong Kong
One of the top five most expensive places to live in the world is Hong Kong. A family of four typically spends between HKD 40,000 and HKD 60,000 a month without rent, according to a number of sources. The demand for housing in big cities, high taxes, and high incomes are some of the elements that drive up the cost of living in the nation.
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4. The Bahamas
One of the most costly places in the world to live is the Bahamas. In Nissau, a one-bedroom apartment often costs between $1,000 and $1,500 a month, while a three-bedroom apartment may cost between $2,000 and $3,000. The nation’s high level of life adds to the high cost of living overall.
3. Singapore
One of the top three most expensive places to live in the world is Singapore. According to data from the Singapore Department of Statistics, resident households’ average monthly expenditure in 2017–18 was S$4,724. In the nation, the average monthly rent for a three-bedroom apartment can reach S$5,000.
2. The Cayman Islands
On our list of the 20 most expensive countries in the world to live in by 2024, the Cayman Islands comes in at number two. Due to the nation’s extremely limited space supply, housing costs are incredibly high. Furthermore, it serves affluent people and expat populations, which raises the price of several goods and services.
1. Switzerland
In 2024, Switzerland will rank as the most expensive place to live in the world. According to Expatistan, the country’s estimated monthly cost of living for a family of four is CHF 7,135; the projected monthly cost for an individual is CHF 4,235. The nation is the most costly place to live in 2024 due to its high living standards and well-paying workforce.
