There are many countries in the list of “The Most Expensive Countries in the World” where people dream about. But unfortunately, life in these countries is not easy. According to the report of the international company MoveHub, the list of the world’s most expensive countries is based on food, transportation, clothing, living and invoice prices. New York, which is one of the cities with the highest price rating, was awarded 100 points and ranked on this score.
In this publication, we have given you the Big Mac Index so you can compare it as an extra. So what is the Big Mac Index? The Big Mac Index is an index based on the Purchasing Power Parity (SAGP) theory by The Economist magazine. This theory states that in the long term, exchange rates should be determined by proportioning how much a product costs in different countries.
So what could be more useful than McDonald’s famous hamburger Big Mac or something like that to be a common criterion for different countries? According to Purchasing Power Parity theory, the price of Big Mac in a country gives information about the price of the materials used in the Big Mac, from the price of materials to local production and advertising prices.
Bermuda, one of the archipelago in the Atlantic Ocean, is one of Britain’s oldest overseas territories. Bermuda has 106.4 points in this row. The most expensive country in the world, Bermuda is a tax haven. The banking and financial sector is concentrated on Bermuda Island, where living standards are quite high.
Big Mac Index: 12 $
Switzerland has 90,68 points in the list. Although Switzerland is one of the best places in the world in terms of living conditions, this country is becoming a more expensive place.
Big Mac Index: 14.22 $
3. Hong Kong
Hong Kong has 81.83 points in the Most Expensive Countries in the World list. Hong Kong is a very expensive country because it is very crowded and small.
Big Mac Index: 4.46 $
Iceland has 80.47 points in the Most Expensive Countries in the World list. Iceland, one of the backward regions of Europe, has to import most of the food because it has very little fertile soil.
Big Mac Index: 12.83 $
Singapore ranks fifth in the rankings and has 76.57 points. The average price of a glass of beer in Singapore is around £ 8.50.
Big Mac Index: 5.10 $
Norway ranks sixth in the rankings and has 74.47 points. A one-room house in Norway costs £ 925 per month. According to the latest data released by the International Transport Association (IRU), the most expensive fuel in the world uses oil-rich Norway.
Big Mac Index: 12.57 $
Bahamas is seventh in the Most Expensive Countries in the World list and has 73.63 points. The price of the products in the country is increasing because Bahamas imports is more than export.
Big Mac Index: 8 $
8. United Arab Emirates
United Arab Emirates is ranked eighth in the rankings and has 68.39 points. Life is quite expensive in the whole country, as is the case in Dubai and Abu Dhabi.
Big Mac Index: 5.85 $
Qatar is ranked ninth and has 68.06 points. In Qatar, where highly skilled workers are heavily recruited from other countries, the costs of living are not sufficient despite the high salaries.
Big Mac Index: 6.88 $
Luxembourg is one of the top ten countries in the rankings. Although Luxembourg is one of the richest countries in the world, it cannot avoid being one of the most expensive countries.
Big Mac Index: 9.99 $
11. Virgin Islands
Virgin Island is one of the most expensive countries in the world and has 62.56 countries. Living in Thomas Island is far more expensive than neighboring Saint Croix, and costs are changing on different islands of the country.
Big Mac Index: 7 $
Australia ranked in the 12th place with 62.39 points. Most of those consumed in Australia, such as the nearest neighbor, New Zealand, are imported. This significantly increases the cost of living.
Big Mac Index: 8.17 $
Another European country known for its costliness, Denmark has 60.01 points. Denmark is one of the most indebted countries in Europe. Household debt is equal to 265% of income. This is not surprising given the cost of living in the country.
Big Mac Index: 11.47 $
Ireland is another expensive European country with 59.56 points. Since the Irish Brexit vote, the country has been extensively having passport applications by the British. But in any case, the British will have a much more expensive cost of living in Ireland than their own.
Big Mac Index: 9.13 $
15. United States of America
The country where the cost of living change from region to region has 58.59 points. Although MoveHub’s criterion is New York, it is much cheaper living in the countryside in general, except in major cities such as New York, and Los Angeles.
Big Mac Index: 9 $
16. New Zealand
New Zealand, Australia’s sea neighbor, has found its place in the Most Expensive Countries in the World list with 58.26 points. New Zealand has a significant share of import, but it is also a pretty cute but expensive place to live.
Big Mac Index: 8.08 $
The cost of Japan is at the top of the world-renowned countries. The seventeeth in the list is Japan with a score of 57.62. Although the Japanese economy has not progressed in recent years, it is still one of the most effective economic forces in the world.
Big Mac Index: 6.18 $
Kuwait, another Arab peninsula country known for its wealth, found its place in the Most Expensive Countries list with 57.31 points. The Kuwaiti currency is one of the most valuable currencies in the world.
Big Mac Index: 5.93 $
Israel is among the most expensive countries in the world, although it is a bit cheaper than the countries in the region. Israel, who entered the list from the nineteenth rank, has a score of 54.11.
Big Mac Index: 13.27 $
Italy is one of the most expensive European countries. Touristic areas such as Rome and Venice are well known. Life in Italy is more expensive than France and Germany, which have two big economies in the Eurozone. Italy has 53.89 points.
Big Mac Index: 8.96 $
Ghana is an unknown African country on the list. Ghana, the last country in the ranking, has 53.89 points. Ghana, which is among the African countries with high welfare levels, has become an expensive country with high living costs due to its high level of welfare.
Big Mac Index: 5.40 $