If you live in the United States, perhaps you feel 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. A story regarding the cost of living in San Francisco recently made headlines. According to reports, several engineers working for Facebook asked CEO Mark Zuckerberg to subsidize their rent in order to make their living situation more affordable. These were apparently well-paid employees, and yet they were still having trouble coming up with enough money for 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 2019. You may think San Francisco would assuredly end up on a top ten most expensive places in the world 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 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 to accurately determine the cost of living expenses of each one. The results were based on the pricing of 50 different products and services. A few of the many items the price study included; food from grocery stores, Internet access, and rent. Then, with the help of MoveHub, a company that assists people who are moving abroad, they used all the collected data points and created an infographic depicting the most expensive locations throughout the world.
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 luxurious, but costly, vacation. In any case, without further adieu, here are the countries with the top ten most expensive cities to live in the world, according to Numbeo and MoveHub. By the way, the United States finished 15th on the list with New York City, and San Francisco came in at 19th as of 2021.
- Number 1, Bermuda
- Numbers 2-7, Switzerland
- Numbers 8-9, Norway
- and Number 10, Iceland
Indeed, there are often differences of opinions about this subject and how key data points are collected and analyzed. A quick Google search for the “world’s most expensive places to live” results in a very different list assembled by Thrillist.com. But in the end, most of our staff simply leaned towards the Numbeo and MoveHub results.
We hope you found this 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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