Most Expensive Places to Live in the World
Where are the most expensive places to live in the world? There are a lot of expensive places to call home throughout the world. If you live in the United States perhaps you feel that your home state or city is one of the worst places to reside when it comes to expenses. For example, places like San Francisco and New York City are known for being notoriously expensive, which can be a huge burden for many people who live there. For example, there was recently a story regarding the cost of living in San Francisco that made headlines. According to reports, several engineers working for Facebook had asked CEO Mark Zuckerberg if the company could subsidize their rent in order to make their living situation more affordable. These were apparently well-paid employees that were having trouble paying their rent.
Does Anywhere in the U.S. Crack the List?
Rent prices in San Francisco are now, by some counts, the most expensive in the world. In fact, according to SmartAsset.com, the cost of living in San Francisco was more than 62 percent higher than the average in the rest of the country in 2015. So you might think that San Francisco would for sure end up on a top ten most expensive places to live list. However, you’d be wrong. The fact is, not a single city or state, or even the entire country made the top ten list, which was put together by Numbeo, which collects data from users regarding countries all over the world. So if you’re looking for a really expensive place to uproot to, just because, then head to any location on this list and be prepared to open up your wallet.
Cost of Common Products and Services
According to Numbeo, they tracked information on 120 different countries from around the world, in order to truly determine what it costs to live there. They based their results on the pricing of 50 different products and services. A few of the many items that were included in the price study included food from grocery stores, Internet access, and rent. Then, with the help of MoveHub, a company that assists people that are moving abroad, they used all the collected data points and created an infographic that depicts the most expensive locations throughout the world.
Vacation Paradise
As you might expect, some of these locations are also some of the top vacation destinations in the world as well. So if you can’t afford to move to one of these places or you really aren’t looking to relocate in the first place, you could still go and enjoy these locations and all they have to offer for a nice vacation. In any case, without further adieu, here are the top ten most expensive places to live in the world, according to Numbeo and MoveHub. For the full cost of living index from Numbeo, just click here to see the numbers in detail. By the way, the United States finished 18th on the list.
•Bermuda
• Switzerland
• Hong Kong
• Iceland
• Singapore
• Norway
• Bahamas
• United Arab Emirates
• Qatar
• Luxembourg
We hope you found this updated article about the most expensive places to live in the world helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
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