Monaco
The first position holder in the list of most expensive places in the world is Monaco, where the cost of living per person is $3955 per month and the family of four members has an expense of $8853 monthly.
The country is considered as the costliest country on the planet. Every facility provided is top class and this country holds 17th rank in the list of most desirable places where a person wants to live.
- Estimated monthly living expenses: The estimated monthly living cost for an individual in Monaco is around $3,955 (as of October 2023).
- Factors contributing to high costs:
- Limited land and resources: Monaco is a microstate with very limited land, driving up housing costs and making it heavily reliant on imports for most goods and services.
- High import dependency: The extreme reliance on imports, coupled with transportation and import duties, significantly increases the cost of everyday goods.
- Affluent population and luxury demand: Monaco attracts wealthy individuals and businesses, leading to a high demand for luxury goods and services, which command premium prices.
People Also View:
Top 10 Most Expensive Countries in the World
Monaco has been considered the most expensive country in the world with a per-person living cost of $3,955 per year. The high standard of living in a nation or a country can be greatly impacted by the high cost of living. For the people who are working at low wages, this high cost of living makes it difficult for them to fulfill their basic needs like food, clothes, home, and basic utilities.
In this article, we are going to learn about the Top 10 Most Expensive Countries in the World.