The most expensive destinations around the world have officially been named. The following nations and territories aren’t just expensive for tourists—they’re also costly for locals. Keep reading to find out what the most expensive places in the world are to live in.

The Cayman Islands Is The Most Expensive Place To Live

According to World Population Review, the most expensive place to live on the planet is the Cayman Islands, which is home to just over 64,000 people. The autonomous British territory lies in the Caribbean Sea near Cuba and is comprised of three islands: Grand Cayman, Cayman Brac, and Little Cayman. Due to local tax laws, many international businesses and wealthy people conduct their financial dealings here.

Several basic items, such as eggs and toothpaste, cost nearly double the price that they do in other countries. Things like rent, utilities, internet service, clothing, and meals cost more in the Cayman Islands than they do anywhere in the world, despite the fact that the government has claimed to take measures to control the inflation.

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You Need To Be Wealthy To Live In Bermuda

Situated in the Atlantic Ocean, Bermuda is another British territory that ranks among the world’s most expensive places to live. There are high import duties on items imported into the country, and given the small size of the island, most goods are imported rather than sourced locally. But other than imports, the island is known not to impose taxes.

Bermuda can be a cheap destination for those looking for a short vacation on a budget (although many accommodation options are quite pricey). But as far as living there goes, it’s more expensive than a lot of other places around the world. Some sources even claim that the cost of living in Bermuda is up to three times higher than it is in the United States.

Tax increases over the past few years have also drastically increased the cost of living in Bermuda. In 2019 alone, there was an increase in the price of land tax, health insurance, prescription medication, bike licensing, and licensing of certain cars. The legal costs are also the highest in the world, averaging at $790 an hour.

Switzerland Is Europe’s Most Expensive Place To Live

The most expensive country to live in Europe is Switzerland. The Swiss city of Zurich has also been named as one of the most expensive cities in the world. Although geographically situated right next to countries like Austria, France, and Italy, Switzerland’s prices are far higher than you’d expect to find in other Central and Western European nations. Essential grocery items, such as vegetables, meat, and fish are among the most expensive products in Switzerland, as are clothing, cosmetics, and magazines. According to some sources, high tariffs are behind the sky-high prices of products in Switzerland, rather than high wages or high distribution costs. Other factors include a lack of competition and wholesale agreements. One theory also states that prices are set high to align with the spending power of the average local. RELATED: The 10 Most Expensive Bars In The World

It’s Not Cheap To Live In Norway

It’s not cheap to live in Norway, which happens to be Europe’s next most expensive country to reside in, after Switzerland. It’s also an expensive country to visit because of the exchange rate, but the cost of living, in general, is higher than it is in many other countries. That said, so is the standard of living for many people. Higher salaries tend to make up for the high prices of basic necessities and there is not a large disparity in income distribution in the country. Anything that involves a human cost, such as service-based industries like restaurants and bars, comes with a high price to account for the wages of staff. Alcohol and tobacco are more expensive in Norway than in any other country in Europe. It’s also expensive to do things like go to the movies, so many people on budgets explore the country’s natural and free sights in their spare time. RELATED: Will Smith And 24 Other Celebs With The Most Expensive Holiday Homes

Iceland Is The Safest Country In The World (And Also One Of The Most Expensive)

Iceland made headlines in 2020 for ranking as the safest country in the world on the Global Safety Index. In addition to the title of "world’s safest country", Iceland is also one of the most expensive to live in, with typical prices higher than they are elsewhere in Europe. One of the reasons why prices are so high in Iceland is because the island imports most of its produce from overseas rather than locally producing goods.

Things like rent, groceries, transportation, and eating out are also typically more expensive in Iceland than they are in other countries. Utilities, however, tend to be cheap in Iceland due to the natural geothermal heating that features in the city’s infrastructure.

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