Nations with the highest Cost of Living in 2013
The current economic climate has made making ends meet difficult for people from across the globe, but residing in a nation with a particularly high cost of living can make a big difference to the quality of life you are able to afford.
Numbeo, a survey compiler, has collected 367,958 data entries and used them to create this year’s list of countries with the highest cost of living.
Results are based on an index of 48 goods and services, including the average cost of basic food stuffs, utilities, clothing, accommodation and travel.
To see how the nations with the highest cost of living compare (in a way most people can relate to!) we’ve included the price in Pounds Sterling of one the goods in the index, a MacDonald’s combo meal. Numbeo’s data estimates that in the UK a MacDonald’s combo meal costs an average of £5.00.
An important thing to note is that a nation’s cost of living is generally proportional to average income. A nation with a high cost of living is likely to offer higher wages in the majority of sectors, but this isn’t always the case.
10 – Numbeo’s findings show that Iceland is the tenth most expensive country in the world. Here a Big Mac and chips (or similar MacDonald’s combo meal) will set you back £6.37.
9 – Bahrain is the world’s ninth priciest nation. Although that same Maccy D’s will cost just £4.21 a shop bought bottle of basic wine will set you back over £19.00 whilst meats like chicken also cost a premium.
8 – Despite all the distressed hobbits running around New Zealand it has the eighth highest cost of living in the world. Getting your chompers round a MacDonald’s here costs £5.38.
7 – IKEA’s furniture might be reasonably priced but it seems not much else in Sweden is as the nation is the seventh most expensive to live in, according to Numbeo’s data. In Sweden one basic Big Mac meal could be priced at £6.54.
6 – Japan makes number six on the list, despite the average cost of a MacDonald’s being just £4.45.
5 – Denmark is at number five, with MacDonald’s meals costing in the region of £7.52.
4 – Another European nation sits at number four, Luxembourg. A MacDonald’s might not be too pricey here at £5.83, but high clothing and accommodation costs more than make up for it.
3 – Australia beats its South Pacific rival in the pricey stakes, coming in as the country with the third highest cost of living in the world. Although MacDonald’s meals are reasonably priced, costing an average of £5.30, mid-range restaurant meals and travel costs are pricier than in other locations.
2 – Switzerland pips Australia to the post and takes second position. Ronald MacDonald would be shocked to learn that one of his basic combo meals costs as much as £8.87 here.
1 – Holding back all competition and securing the top spot in Numbeo’s ranking of the nations with the highest cost of living in the world is Norway. There’s no risk of you becoming a fast-food junky here, not when one MacDonald’s will cost you £10.45!