Top 20 Most Expensive Countries & Territories In The World to Live in 2022
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| Let's discover the world's most expensive countries in 2022 |
Numbeo has just published a ranking of the cost of living of 139 countries or places around the world with many unexpected changes due to the impact of the Covid-19 pandemic.
Here is the ranking of the 20 most expensive countries and territories in the world in 2022:
1.Bermuda
2.Switzerland
3.Norway
4.Iceland
5.Barbados
6.Jersey
7.Israel
8.Denmark
9.Bahamas
10.Singapore
11.Guernsey
12.Hong Kong
13.Luxembourg
14.Australia
15.Japan
16.Ireland
17.Netherlands
18.New Zealand
19.France
20.South Korea
According to Numbeo index, which included 139 countries and territories, the only six countries with a higher cost of living are Bermuda, the most expensive country according to this database, followed by Switzerland, Norway, Iceland, Barbados, and Jersey, a self-governing United Kingdom dependency.
The rankings are based on the average price of goods and services, including groceries, restaurants, transport and utilities, across 139 countries. They do not include the cost of housing, rents or mortgages.
*Check out the full list of the Cost of Living Index by Country 2022 Here!
Israel Is Seventh Most Expensive Country in the World
Israel ranked 21st in housing rental prices. When these are added to the calculation, Israel ranks 10th in the world in terms of cost of living.
Israel ranked 13th in the world in the price of food and other basic home products. For restaurant prices, Israel was the sixth most expensive country in the world, topped only by Bermuda, Switzerland, Norway, Iceland and Denmark.
Another measure of the cost of living in Israel was the index of local purchasing power, which assesses the relative purchasing power of goods and services, where Israel came in 30th, one spot before Puerto Rico, and trailing behind countries such as South Africa and Oman.
Ireland ‘16th most expensive’ place to live
The list for 2022 has Ireland dropping three places to 16th, suggesting it is more expensive than the UK, US, France and New Zealand, but cheaper than Switzerland, Norway and Australia.
Ireland’s cost-of-living index was 76.05, which means it is 24 per cent less expensive than New York. The findings come amid a major pick-up in inflation and a cost-of-living squeeze worldwide.
Headline inflation in the Republic is now running at 5.5 per cent, its highest level since April, 2001.
When housing costs such as rent is included in the Numbeo rankings, Ireland moves up to 13th globally. If rent is taken in isolation, Ireland ranks 11th in the world and fourth in Europe, behind Jersey, Luxembourg, Guernsey and Switzerland but ahead of most peer countries.
Annual house price inflation surged to another pandemic high of 14 per cent this week. The figures for November represented the strongest level of growth seen in the market in over 6½ years.
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These indices are relative to New York City (NYC). Which means that for New York City, each index should be 100(%). If another city has, for example, rent index of 120, it means that on an average in that city rents are 20% more expensive than in New York City. If a city has rent index of 70, that means on average rent in that city is 30% less expensive than in New York City.
Cost of Living Index (Excl. Rent) is a relative indicator of consumer goods prices, including groceries, restaurants, transportation and utilities. Cost of Living Index does not include accommodation expenses such as rent or mortgage. If a city has a Cost of Living Index of 120, it means Numbeo has estimated it is 20% more expensive than New York (excluding rent).
Rent Index is an estimation of prices of renting apartments in the city compared to New York City. If Rent index is 80, Numbeo has estimated that price of rents in that city is on average 20% less than the price in New York.
Groceries Index is an estimation of grocery prices in the city compared to New York City. To calculate this section, Numbeo uses weights of items in the "Markets" section for each city.
Restaurants Index is a comparison of prices of meals and drinks in restaurants and bars compared to NYC.
Cost of Living Plus Rent Index is an estimation of consumer goods prices including rent comparing to New York City.
Local Purchasing Power shows relative purchasing power in buying goods and services in a given city for the average net salary in that city. If domestic purchasing power is 40, this means that the inhabitants of that city with an average salary can afford to buy on an average 60% less goods and services than New York City residents with an average salary.
| Numbeo was established in 2009 by former Google software engineer Mladen Adamovic. The database uses crowdsourcing and is not connected to any government organization. Numbeo’s data is based on reports from over 600,000 people from over 10,000 cities around the world, and considers the prices of over 7.5 million goods and services. |
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