Monaco is the most expensive country to live in, with a cost of living of $3,585 per month. Other expensive countries to live in include the Cayman Islands, Switzerland, and Singapore, all of which have a cost of living of over $2,000 per month.
1. Singapore. Rent in Singapore is $3,016.21 per month, but its cost-of-living is only slightly more than 14% higher than the U.S. average.
Australia. Although Australia is one of the most expensive countries to live in, residents enjoy some of the highest purchasing power in the world. The country ranks No. 3 in this regard, granting its citizens almost 5% more purchasing power than the U.S.
Switzerland. Unsurprisingly, Switzerland is one of the most expensive countries to live in. The country's cost of living index was ranked the highest in the world in 2020 at 122.4. For comparison, notoriously costly New York City has a cost-of-living index of 100.
According to Expatistan, this means Australia is one of the most expensive places to live (ranked 13 out of 74). Generally, a higher cost of living means that basic expenses have become – well, expensive.
Australia currently has the 12th highest cost of living in the world, with the USA and UK well behind at 21 and 23rd place respectively. The overall cost of living in Australia is 9% higher than the USA, but 10% cheaper than London.
Algeria, one of the world's cheapest countries, has a mild climate that runs from the Sahara Desert to the Mediterranean coast.
Singapore and New York City tied for the first rank amongst the world's most expensive cities in 2022, pushing Israel's Tel Aviv from the first place in 2021 to the third place in 2022. Both these cities had high inflation and a strong currency. Surprisingly, this is the Big Apple's first time atop the ranking.
Sydney is still the most expensive city in Australia — you'll pay around a quarter more for living expenses in Sydney than if you lived in Darwin or Melbourne, and even more if you stayed in Adelaide or Hobart. The overall costs of living in Adelaide and Hobart are very similar.
So why is the cost-of-living in Australia so high? One of the major reasons is inflation. A measure for household inflation, the Consumer Price Index, or CPI, increased by 2.1% in the first quarter of this year and 5.1% annually, according to data compiled by the Australian Bureau of Statistics (ABS).
The average annual salary in Australia is $68,900 and $35.30 per hour. It is just the average salary for basic workers but skilled and experienced workers also earn around $108,980 annually. The average salary also varies depending on the field of work and the job role of workers.
Increases ranged from 7.1 to 9.6 per cent, all higher than the 7.0 per cent annual increase in the Consumer Price Index (CPI).
Generally, you can expect to spend around AU$1,400 (USD $945) for a 7-day trip to Australia, including the cost of accommodation, transportation, food, sightseeing, and car rental.
The average cost of living for a family in Australia will range between AUD 2500 and AUD 3000 every month. Sydney is by far the most expensive city to live in Australia, followed by Melbourne, Brisbane, Adelaide, and Canberra.
The cheapest countries in the world are generally located in Asia, Africa, and South America, with a few exceptions in Europe. Pakistan tops the list of the cheapest countries in the world, with a cost of living index of $294.
The Netherlands has the most affordable groceries. Average monthly earnings are high – almost $5,000 – and the estimated monthly spending on groceries is less than $100 (ranking about middle of the 35 countries considered in terms of the price of groceries).
Based on the information available, some of the cheapest English-speaking countries to live in include the Philippines, Thailand, Malaysia, Belize, and Mexico. These countries offer a high quality of life at a relatively low cost, making them attractive options for those looking to relocate or retire abroad.
So when the average house price in Australia is compared with the United States, the numbers demonstrate a huge divide. It turns out that the cost of the average house price in the US is less than 1500 euros ($AU 2541) per square metre, but down under it's more than 5000 euros ($AU 8470) per square metre.
Housing Costs In Australia
Housing in Australia is much more expensive than the UK. Gathering sufficient funds for a deposit before securing an Australian salary can challenging.
Source: Australian Energy Update 2022. Department of Climate Change, Energy, the Environment and Water. Australia ranks 7th on the OECD Better Life Index, based on living conditions and quality of life. In 2021, renewable energy accounted for 29% of Australia's total electricity generation.
On the other side of the scale, the CIA estimates Monaco has the lowest birth rate in the world at 6.63 average annual births per 1,000 people per year.