Inflation is a global phenomenon that affects us all. The rise of inflation in the last few decades has been immense and it has no doubt affected every corner of the globe. The costs of living in any country are calculated with immense research and a few countries that have managed to top the lists of the world’s most expensive country consistently. Let us look at the top 5 in this list.
5. Denmark: Denmark like many Western European countries is an expensive place to live in. The most spending in Denmark is done on accommodation and food. That said the quality of food that you get in most western European nations is among the best. Eating out is expensive and so are groceries however quality of materials available here is really good too. Overall quality of life is high which makes the spending worth it.
4. Iceland: Iceland is one of the coldest countries in the world. Living in some parts of Iceland is a constant struggle and this is also one reason that living here is quite expensive. It is also a nation that is out at sea as compared to the rest of the European mainland. Being such a small country it has to invest a lot in transportation and power. Its size and locations are key factors in increasing the cost of living.
3. Venezuela: Surprisingly Venezuela makes this list as a recent entrant and is also a surprise as it is one of the richest South American nations in terms of the mineral wealth it has. Despite this a failure in the proper management of the country’s resources has led to such a spike in the cost of living here. Corruption and a general lack in spending ability among the general population is also the reason behind its meteoric rise in the rankings; making it one of the most expensive nations to live in the world.
2. Norway: Norway is one of the most expensive countries in the world to live in. It is a regular feature on any such list. Most food items are imported into the country; this means that there is a certain amount of VAT on all food items. Housing materials are also expensive but buying a house is beneficial in several ways as it can
help save tax. Taxation is high in this country and there is a little gap in income ranges of people because of this, quality of life is quite good in Norway as public services boast good quality throughout.
1. Switzerland: Switzerland is the most expensive country in the world to live in but it also boasts of the highest living standards and salaries too. Renting a house is very expensive here because there is a shortage of good real estate and people spend more than one-fourth of their salaries on living expenditure. Health insurance takes up a significant toll on the pockets too and it is calculated based on geographical factors and not income. Owning a car is also expensive here and so is public transportation.