This post was originally published on 21 February 2017.
The world’s most expensive countries to live in were calculated by MoveHub, a company dedicated to helping people move abroad, in a new survey.
While UAE is placed as the 8th most expensive country, Qatar came one spot behind as the 9th most expensive.
How the ranks are calculated
MoveHub based its assessment on a range of costs, such as the price of groceries, transport, bills, restaurants and how much renting somewhere to live is.
These figures are then compiled into an index, using the notoriously expensive city of New York as a benchmark.
New York was given an index score of 100, and countries were then ranked based on this. So a country with a score higher than 100 is more expensive than New York, while below signals that it is cheaper.
20 most expensive countries to live
Here are the 20 most expensive countries to live in and their index scores:
- 20. Italy – 53.89
- 19. Israel – 54.11
- 18. Kuwait – 57.31
- 17. Japan – 57.62
- 16. New Zealand – 58.26
- 15. USA – 58.59
- 14. Ireland – 59.56
- 13. Denmark – 60.01
- 12. Australia – 62.39
- 11. US Virgin Islands – 62.56
- 10. Luxembourg – 64.18
- 9. Qatar – 68.06
- 8. United Arab Emirates – 68.39
- 7 Bahamas – 73.63
- 6. Norway – 74.47
- 5. Singapore – 76.57
- 4. Iceland – 80.47
- 3. Hong Kong – 81.93
- 2. Switzerland — 90.68
- 1. Bermuda – 126.34
According to Business Insider, UAE is famed as a home for the rich and famous, and cities like Dubai and Abu Dhabi are notoriously expensive.
Qatar brings in highly-skilled workers from overseas at extremely competitive salaries, but much of that salary is often cancelled out by the cost of living, the website noted.
Bermuda most expensive country
In just two years, Bermuda has climbed its way to the top spot becoming the most expensive country to live in, pushing Switzerland out of first place.
According to MoveHub, this could be due in part to Bermuda’s tax haven reputation, which has attracted the richest and most powerful in recent years.
On the other side of the spectrum, Egypt is now the country with the lowest cost of living, moving up six places in two years.