Let’s face it, at one point in time we all have considered moving to another country and living the life of our dreams. Whether for beautiful and jaw-dropping beaches or impeccable mountains, the place you living in can elevate your quality of life. However, it’s important to know that with such a lavish lifestyle comes a huge price! Local rent, education, healthcare and transportation play a major role while deciding a country’s economy. If you’re planning to take a holiday, planning according to your budget is highly recommended. Below are the 10 Most Expensive Countries in the World to visit in 2023!
Situated in the North Atlantic Ocean, Bermuda has been named the most expensive place to live. The main reason behind this is Bermuda is isolated from most countries, so the items of daily use are essentially imported from the US. You would be surprised to know that living in Bermuda for a month can single-handedly cost you up to 2,000 dollars without rent! Long story short, it is a luxury island.
Ask someone about the top 5 countries they wish to visit, and Switzerland would be on the list. Known as the “heaven on Earth”, Switzerland’s beauty is unmatched, which makes it one of the most expensive countries in the world as well. The accommodations, food and other expenses are also higher than anywhere else. The services are also pretty expensive since the wages are higher. If we talk about education, real estate, transportation, medical cost & tourism, you would find them to be too costly as well, however, in terms of electronics, Switzerland is cheaper than its neighbouring countries. Nevertheless, Switzerland’s beauty makes it worthy of everything!
Norway is one of the most beautiful countries in the world as it has vibrant greenery, snowcapped mountains and misty waterfalls. And well, by this statement you must’ve concluded that it is pretty expensive too. That’s true, the cost of living is quite expensive because of its high wages, large welfare states and taxation rates. FrTransportation and restaurants are pretty costly, however, the rates of house rents and electricity are pretty reasonable. The tax rates are high and Norway has democratic socialism, which makes it more expensive than other countries.
In simple words, Iceland’s beauty is jaw-dropping! With towering waterfalls and landscapes of jagged lava, it is a sight for sore eyes. Iceland is reliant on imported goods and the locals are paid much higher salaries to compensate for this. Compared to Europe, consumer prices are up to 66% higher in Iceland. Not only this, but tourism in Iceland is also very costly, so if you’re planning to visit Iceland, it is mandatory to plan the holiday efficiently.
Barbados is one of the most expensive islands in the Caribbean, the reason being the majority of its good is imported from the US as well as the UK. The cost of living is very high since public transportation is not frequent and the taxes are very expensive. Barbados is driven by tourism and foreign direct investment, with great performance in various HDI indicators like health, income and education. The cost of living is 35% higher than that of the UK, and the expenses of tourism are also extreme.
With a unique blend of French and English influences, Jersey has been described as one of the most gorgeous places on Earth. It has pristine beaches along with incredible history and culture, and the heavenly food is to die for! It is one of the most desirable places in the world to live, but it is important to note that the cost of accommodation is high due to the rising house prices. Apart from real estate, the cost of education, medical, transportation and food are also pretty high. As compared to the US, the cost of living in Jersey is 14.56% higher. Most of the commodities are exported, which makes Jersey a part of this list.
From the ancient alleyways of Jerusalem to the landscapes of the Negev Desert, Israel can be considered one of the world’s most photographed places. Needless to say, this city comes with a high cost of living as well. Sky-high hotel expenses, with rip-off cabs and super costly restaurants, make tourism in Israel pretty expensive. Tel Aviv was ranked as the world’s most expensive city in 2021 by the “Worldwide Cost of Living” report.
Known as the happiest country in the world, Denmark is famous for its breathtaking travel destination with rolling hills and peaceful lakes, making it one of the most expensive countries in the world. The country operates well as a whole which makes the cost of goods and services in the country very high. The uniformly high wages make it pretty expensive to do business and the levels of taxation on income are also very high. Some of the cities in Denmark like Copenhagen and Aarhus are among the world’s most expensive cities, however, you’ll find some remotely affordable cities too. Although Denmark provides free healthcare and education, half of the salary also gets deducted after taxes.
The Bahamas is among the best vacation destinations in the world as this island nation offers stunning beaches and beautiful weather. The cost of living & tourism in the Bahamas is also very high as most of the items are imported and taxed. Since it is an island nation and does not have many factories of its own, the majority of the goods are imported. The currency is equivalent to that of the US, however, the cost of living is still considerably more because of the consumer prices. If you’re planning to visit the Bahamas for a vacation, it is necessary to plan the holiday as per your budget.
Singapore can be considered one of the most preferred tourist destinations because of its incredible cultural diversity and thriving sites of fauna and flora. It is the most beautiful city in Asia, and the 11th most beautiful in the world as per many sources. However, the scarcity of land, few natural resources and high property and rental prices make living in Singapore extremely expensive.
Astonishing, isn’t it? The expenses can surely surprise you but let’s be real, they are worth it! Which country do you wish to visit the most?