How to compare cost of living across countries?
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May 29, 2019
Country to Country Comparison
The cost of living is the amount of money needed to allow basic expenses such as housing, food, taxes and healthcare. Thanks to the Cost of living comparison we can analyze different geographic areas based on the cost to maintain a certain standard of living.
It measures differences in the price of goods and services, from one period to the next within the same country, and compared with other nations.
Which country has the highest cost of living?
Based on the Average Monthly Disposable Salary, Switzerland ranks 1, followed By Luxembourg and Norway.
Gambia and Cuba close the index with an average monthly disposable salary of $39.37 for Gambia and $25.05 for Cuba.
Cost of Living Calculator
The cost of living index assigns a value of 100 to a central reference country, and from this reference point, the price index value of every other country is calculated.
Thanks to this index, it’s easy to compare countries all over the world.
For example, multinational corporations use the cost of living to evaluate expatriate salary packages.
Cost of Living Stats
With the analysis of various key indicators, we can focus on different elements that enable us to evaluate the Cost of Living and observe that :
Based on the average monthly disposable salary, the country with the highest cost of living is Switzerland, and the one with the lowest cost of living is Cuba.
By looking at the local purchasing power, once again, Switzerland is on the top of the list, while we can find Burundi all above the list.
Thanks to the clothing & shoes price, we have a good overview of the consumer purchasing power, for example by companing the price of 1 pair of jeans.
We can also observe the usual distribution of expenses: % between transportation, clothing and shoes, sports, markets, utilities, rent per month and restaurant expenses.
