The Most Expensive Countries In The World To Live In 2016

We know that some of the most expensive countries in the world are also some of the most beautiful. But is the cost of living really worth it? Would it make more sense to make these countries a vacation destination instead? That is all up to you.

*Related: The Most Peaceful Countries in the World

We used the NUMBEO Cost of Living Index for Country 2016 to determine the most expensive countries in the world. They measured the full cost of living index, including rent, groceries, restaurants and local purchasing power, with comparisons to New York City.

The cost of living index includes consumer goods prices, transportation, utilities, groceries, clothing, markets, sports and leisure, and restaurants.

Continue reading for the most expensive countries in the world to live in 2016

Visitors say it's nearly impossible to go to Bermuda on a budget. Accommodations are expensive, taxis cost a lot, and the food is delicious but pricy. Imagine living in Bermuda and finding a way to support yourself year-round. See NUMBEO's Cost of Living Index:

Cost of Living Index- 133.68

Rent Index- 120.12

Groceries Index- 131.95

Restaurant Price Index- 121.27

Local Purchasing Power Index- 118.54

Switzerland is one of the most expensive countries, and for good reason. Minimum wage is much higher and labor and services cost more. Therefore, it seems that although living in Switzerland is pricy, locals make enough money to support their lifestyles. See NUMBEO's Cost of Living Index:

Cost of Living Index- 123.10

Rent Index- 55.14

Groceries Index- 123.86

Restaurant Price Index- 119.14

Local Purchasing Power Index- 178.74

According to NUMBEO, the cost of living in the Bahamas is 47.86% higher than in the United States. However, rent is 5.22% lower than in the U.S. A three-course meal for two people at a mid-range restaurant costs approximately $82.50 and basic monthly utilities – including electricity, heat, water and garbage (915 sq. ft. apartment) – cost an average of $410.57. See NUMBEO's Cost of Living Index:

Cost of Living Index- 107.54

Rent Index- 38.21

Groceries Index- 107.12

Restaurant Price Index- 88.43

Local Purchasing Power Index- 58.96

With a reputation of being one of the most expensive countries in Europe, Norway is known for its rich resources of oil, hydroelectric power, natural gas, minerals, and forests. This is making it one of the priciest countries to live in. Housing, groceries, hotels and alcohol are extremely costly. See NUMBEO's Cost of Living Index:

Cost of Living Index- 99.80

Rent Index- 37.04

Groceries Index- 93.27

Restaurant Price Index- 110.77

Local Purchasing Power Index- 125.75

Iceland is known as one of our most peaceful countries in the world; however, it's also pretty pricy. According to NUMBEO, restaurants are extremely expensive. Can you imagine spending $8.21 for a domestic beer or $98.51 for a three-course meal for two at a mid-range restaurant? Transportation and utilities are also expensive. See NUMBEO's Cost of Living Index:

Cost of Living Index- 96.45

Rent Index- 35.45

Groceries Index- 91.40

Restaurant Price Index- 98.82

Local Purchasing Power Index- 93.98

With a population of more than 5.5 million, and a high cost of living, we can only wonder how the people of Denmark get by. Locals say everything in Denmark is costly. According to The Richest, a meal for two is $94.43 and they have high tax rates. But, fortunately for residents, salaries are a bit higher than other places. See NUMBEO's Cost of Living Index:

Cost of Living Index- 84.88

Rent Index- 30.83

Groceries Index-69.20

Restaurant Price Index- 97.88

Local Purchasing Power Index- 142.14

Singapore is well-known for having beautiful gardens and gorgeous temples. Tourists flock there and locals enjoy living there. However, according to Must Share News, Singapore has extremely expensive subsidized housing, overpriced food, exorbitant cab fares and really expensive cocktails. See NUMBEO's Cost of Living Index:

Cost of Living Index- 83.67

Rent Index-73.88

Groceries Index-75.83

Restaurant Price Index-53.75

Local Purchasing Power Index- 110.50

Bordered by France, Germany and Belgium, is the small nation of Luxembourg. It is full of exciting sites and attractions. There are tons of castles, a variety of cultures to experience, and they have delicious food. According to NUMBEO, the cost of living in Luxembourg is 10.76% higher than in the U.S. and their rent is 21.04% higher. See NUMBEO's Cost of Living Index:

Cost of Living Index- 82.01

Rent Index- 48.87

Groceries Index- 69.16

Restaurant Price Index- 90.33

Local Purchasing Power Index- 154.40

Fortunately for residents, restaurant prices are fairly low compared to other countries. However, according to NUMBEO, sports and leisure can be pricy – a monthly free to a fitness club for one person costs on average $111.47, and a bottle of non-alcoholic wine (mid-range) averages around $231.86. See NUMBEO's Cost of Living Index:

Cost of Living Index- 81.62

Rent Index- 38.26

Groceries Index- 96.13

Restaurant Price Index- 46.01

Local Purchasing Power Index-113.60

According to CNN Money, "Hong Kong's stratospherically expensive housing market is so unaffordable its set a new global record." They explain that the median price of a house in Hong Kong is 19 times the city's median annual household income. It's a wonder how residents make enough money to support their lifestyles. See NUMBEO's Cost of Living Index:

Cost of Living Index- 81.48

Rent Index- 82.57

Groceries Index- 88.80

Restaurant Price Index- 50.73

Local Purchasing Power Index- 102.32