Cayman Islands, Switzerland and Singapore have the highest cost of living

The Cost of Living Index, compiled by online platform Numbeo, shows that the Cayman Islands (a territory of the United Kingdom), Switzerland and Singapore are the most expensive countries in the world, a situation reflected in their developed economies, high wages and premium real estate markets. In the case of the Cayman Islands, the economy is powered by offshore finance, tourism and real estate - all industries that attract wealthy residents and investors, according to visualcapitalist.com.

The index compiled by Numbeo measures the price of goods, services and rent in relation to New York City (reference value 100). The above-mentioned countries have scores as follows: Cayman Islands 94.3, Switzerland 82.3, Singapore 80.9. If a country has a value of 80, this indicates that prices are 20% lower than those in New York City.

In places 4-10 on Numbeo's rankings are Iceland (75.2), Bahamas (68.7), Hong Kong (65.6), Guernsey (62.5), Luxembourg (62.4), Ireland (57) and Norway (56.8). The figures combine daily expenses with housing costs, providing a holistic measure of affordability.

European nations are common in the top 20, and as the figures above show, Iceland, Ireland and Norway are among the most expensive. These countries tend to offer high standards of living, but also face the trade-off of high consumer prices.

Places 11 - 20 in this ranking look like this: Netherlands (54.7), USA (54.6), Denmark (54.3), Isle of Man (52.5), Israel (51.8), Papua New Guinea (51.6), UK (50.6), Australia (49.5), Austria (49.1), United Arab Emirates (48.7). The next ten positions are held by Canada (48.1), Germany (47.6), France (46), Belgium (45.9), Finland (45.6), Sweden (44.9), New Zealand (44.9), Macau (44), South Korea (42.9), Cyprus (42.8).

Places 31-40 are held as follows: Puerto Rico (42.7), Qatar (42.7), Malta (41.7), Italy (41.1), Estonia (38.5), Democratic Republic of Congo (37.9), Spain (37.7), Slovenia (37.6), Portugal (36.8), Costa Rica (36.6). Up to 50th place we find in the ranking: Maldives (36.1), Czech Republic (35.9), Jamaica (35.6), Bahrain (35.2), Uruguay (35.2), Guyana (35.1), Croatia (35), Panama (34.6), Greece (34.4), Japan (34.3).

• The most affordable countries in the world

At the other end of the spectrum, Pakistan (11.3), Libya (11.3) and Afghanistan (11.6) have the lowest cost of living scores in the world. Much of South Asia, including India (12.8) and Bangladesh (13), also have prices that are about one-eighth of those in New York City. Both countries have massive young populations and relatively low wages, which keeps the cost of labor and services low.

Traditional wealth centers like Switzerland and Singapore are the most expensive countries in the world, while South Asian nations like India, Pakistan, and Bangladesh are the cheapest.

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