Countries with the highest cost of living in 2015 are Switzerland, Norway, Venezuela, Iceland and Denmark. Numbeo collected the data between June 2013 and December 2014 by collecting data on the price of consumer goods in each country, including groceries and transportation costs, but did not include mortgage and rent payments.Continue Reading
Numbeo compared each country's cost of living against the cost of living in New York City. New York City represents a base of 100, so countries with a cost of living above 100 are more expensive than New York City, while those with a cost of living below 100 are less expensive. Switzerland has a cost of living of 126.03, making it 26.03-percent more expensive to live in Switzerland than New York City. Norway has a cost of living of 118.59, Venezuela has 111.01, Iceland has 102.14, and Denmark has 100.60.
Australia, New Zealand, Singapore, Kuwait and the United Kingdom are also among the top 10 countries with the highest cost of living in 2015; however, all of these countries had a cost of living index below 100. Australia's cost of living is 99.32, New Zealand is 93.71, Singapore is 93.61, Kuwait is 92.97, and the United Kingdom is 92.19. The United States ranked number 25, and Canada ranked number 24 of 125 countries evaluated.Learn more about Economics