Know the most expensive countries to live in the world?
Switzerland and Norway are the most expensive countries to live in the world. Bermuda, Australia and Denmark round out the top 5 most expensive countries as per the Price Level Index (PLI) ranking released by the World Bank.
- The Price Level Index (PLI) is the ratio of a PPP (purchasing power parity) to a corresponding exchange rate.
- An index over 100 means prices are higher on average than in the world, and one less than 100 means prices are relatively lower.
- The findings are based on the review of economic data which seeks to compensate for exchange rate effects and measure spending power across countries.
Noteworthy Points to come out of the report
- The richest countries with the highest gross domestic product (GDP) per capita on a purchasing power parity basis, are Qatar, Macao, Luxembourg, Kuwait, and Brunei.
- The economies with the lowest prices are Egypt, Pakistan, Myanmar, Ethiopia and Laos.
- The United States, the world's largest economy, was in relatively affordable 25th place.
- Eight countries, including Malawi, Mozambique and Liberia, had GDP per capita of less than $1,000.
Rise of Emerging Economies
- The six largest middle income economies – China, India, Russia, Brazil, Indonesia and Mexico – account for 32.3 percent of world GDP.
- Whereas the six largest high income economies – United States, Japan, Germany, France, United Kingdom, and Italy – account for 32.9 percent.
- Almost half the world's $90.6 trillion in total economic output in 2011 came from low- and middle-income countries.