2026 Global Country-State Cost of Living

The latest Xpatulator Cost of Living Index places Monaco, Hong Kong, Singapore, and Switzerland among the most expensive locations in the world for internationally mobile professionals. Using New York City as a benchmark at 100, Monaco records an index of 140.3, reflecting extremely high accommodation costs, premium-priced services, and limited housing availability. The principality’s appeal as a tax haven and financial centre drives sustained demand for luxury apartments, which, combined with constrained land supply, underpins the world’s highest expatriate living costs.

Hong Kong follows with an index of 122.4, maintaining its position as Asia’s costliest destination. The territory’s high rents, combined with strong demand for international schooling and imported goods, remain key factors. Although the Hong Kong dollar is pegged to the United States dollar, inflation in housing and utilities has kept living costs elevated. Despite a modest economic slowdown, expatriates continue to face limited space and competition for quality accommodation.

Singapore, at 117.7, remains a global business hub with a robust economy and high consumer confidence. The Singapore dollar strengthened against the United States dollar during 2025, amplifying the local currency cost for expatriates paid in dollars. Strong infrastructure, political stability, and a premium property market contribute to high living costs, particularly in rental housing and international education.

Switzerland, at 106.1, continues to rank among the world’s most expensive destinations. A strong Swiss franc, supported by the country’s reputation for stability and low inflation, has kept prices high in dollar terms. High wages and strong purchasing power among residents further elevate the cost of local goods and services, from healthcare to transport.

Among developed economies, Norway (99.7) and Denmark (96.4) maintain their high-cost status due to high wages, strong currencies, and heavy taxation. These Scandinavian economies provide excellent public services but remain expensive for expatriates, particularly in food, leisure, and accommodation.

Island economies dominate the next tier of rankings. The Cayman Islands (99.0), Turks and Caicos Islands (94.8), and the Bahamas (94.1) rely heavily on imports for most goods, with high freight and insurance costs translating directly into elevated consumer prices. Similarly, Bermuda (88.9), Jersey (93.1), and the United States Virgin Islands (87.9) combine small market size with high logistics costs, maintaining their position among the costliest destinations for expatriates.

Israel (94.2) has faced economic and political uncertainty following recent regional conflicts, which have disrupted supply chains and increased security-related costs. Yet its dynamic technology sector and strong shekel maintain high local purchasing power and inflationary pressure in key sectors such as housing and food.

New Zealand (90.3) and California (88.8) represent examples where property costs and service inflation outweigh otherwise moderate prices. In both locations, strong domestic demand and limited supply in urban centres such as Auckland and San Francisco keep housing prices high, directly affecting overall living costs. Hawaii (95.3) faces the added burden of shipping expenses and limited competition.

At the lower end of the list, Montserrat (87.6) and Liberia (87.1) illustrate how underdeveloped infrastructure and reliance on imports can still result in high costs for expatriates, despite lower local wages. In Liberia, secure accommodation, healthcare, and utilities often carry premium pricing due to limited availability and higher operational risks.

Currency movements have had a visible impact on this year’s rankings. The United States dollar weakened slightly against the euro, the Swiss franc, and the Singapore dollar during 2025, raising the relative cost of these locations in dollar terms. The euro area, meanwhile, saw inflation stabilise around the European Central Bank’s target, while several emerging markets experienced more volatile consumer prices. According to Xpatulator’s international inflation data, the global disinflation trend observed in 2024 persisted through 2025, though geopolitical uncertainty continues to influence energy and commodity prices.

For expatriates, these cost of living variations have a direct effect on salary purchasing power. Moving from a lower-cost to a higher-cost location without adjusting for price differences can erode disposable income, particularly in rent, schooling, and healthcare. Comparing cost of living indices allows professionals and employers to make informed decisions about international assignments, ensuring compensation packages maintain parity in real terms.

Failure to account for these differences can have serious financial consequences. An expatriate moving from Lisbon or Cape Town to Monaco or Singapore on the same nominal salary could experience a significant decline in purchasing power, limiting their ability to maintain their previous standard of living. Tools such as Xpatulator’s Salary Purchasing Power Parity Calculator allow users to model these differences accurately, helping both employers and employees structure fair and sustainable remuneration packages.

Xpatulator.com, founded in 2007, continues to provide independent, quality-assured cost of living, exchange rate, and hardship data. Its mission is to make global mobility decisions faster, more accurate, and transparent. Users can instantly calculate personalised cost-of-living comparisons and receive online reports 24 hours a day, seven days a week.

Use Xpatulator’s Cost of Living Calculators and Tools for informed decision-making about the cost of living and the salary, allowance, or assignment package required to maintain the current standard of living.