The Cost of Living Around the World in 2020, Mapped!
MoveHub has created a map to show the difference in living costs around the world in 2017 using figures from the Consumer Price Index (CPI) – the world’s largest database of user contributed data about cities and countries worldwide.
In just two years, Bermuda has climbed its way to the top spot becoming the most expensive country to live in, pushing Switzerland out of first place. This could be due in part to Bermuda’s tax haven reputation, which has attracted the richest and most powerful in recent years.
It may come as a surprise to many considering high food costs and rising inflation, but the UK has fallen out of the 20 most expensive countries for the first time since 2009, topped by the likes of Ireland and the USA.
On the other side of the spectrum, Egypt is now the country with the lowest cost of living, moving up six places in two years.
The CPI in the infographic is a relative indicator of a country’s living costs compared to New York. So, for instance, if a country has a CPI of 70, on average it enjoys 30% cheaper living costs compared to New York.
The cost of living around the world in 2017, mapped!
The CPI looks at the prices of groceries, transportation, restaurants, utilities and rent. The cost of groceries, for instance, is made up of the price for meat, bread, rice, eggs, fruits, vegetables and alcohol. The transportation cost includes one-way tickets, monthly passes, taxi fares, petrol prices as well as the prices of a Volkswagen Golf. The restaurant costs comprise of prices for meals in expensive, mid-range and inexpensive restaurants, as well as the prices for coffee products, alcohol and water in restaurants. The utilities costs are determined by the prices for electricity, heating, water and internet, amongst others.
The data was collected by Numbeo, the world’s largest database of user-contributed data on costs and prices around the world.
If you believe it’s time for you to move on to a better place, check out this Interactive quiz on Which Country You Actually Belong in.