Singapore
The second highest expensive country in the world is Singapore where the cost of living per person is $3408 per month and a family consisting of four members has a cost of living around $7444 per month. The high salary, booming economy, and unmatched high standard of living have elevated this country to be in the second position.
This country continues to attract many people and foreigners due to its stable political environment, high standard of living, good facilities, amazing infrastructure and a very favorable tax imposition system by the government.
- Estimated monthly living expenses: The estimated monthly living cost for an individual in Singapore is around $3,178 (as of October 2023). This cost can vary depending on factors like lifestyle choices and specific location within Singapore.
- Factors contributing to high costs:
- Limited land and resources: Singapore is a small island nation with limited land and resources, impacting the availability and affordability of housing and certain vital goods.
- High import dependency: The country relies heavily on imports for a significant portion of its food and consumer goods, which contributes to higher costs due to transportation and import duties.
Top 10 Most Expensive Countries in the World
Monaco has been considered the most expensive country in the world with a per-person living cost of $3,955 per year. The high standard of living in a nation or a country can be greatly impacted by the high cost of living. For the people who are working at low wages, this high cost of living makes it difficult for them to fulfill their basic needs like food, clothes, home, and basic utilities.
In this article, we are going to learn about the Top 10 Most Expensive Countries in the World.