Switzerland topped the list well ahead of Norway in second place, with Iceland, Japan and Denmark rounding out the top five.
The rankings, put together by CEO World magazine, took into account rent, groceries, purchasing power, restaurants and the cost of living in 132 countries across the globe.
European countries featured prominently in the top 20, while countries in Asia and the Caribbean were also prominent.
Switzerland top of the list
Not only did Switzerland top the overall list, but it also ranked highly in several individual metrics, making the cost of living there officially the highest in the world.
Groceries in Switzerland are also more expensive than anywhere in the world, ranking a full 30 points higher than second-placed South Korea.
But if you’re looking to avoid the grocery shop, eating out in Switzerland is also more expensive than anywhere else in the world.
The only bright light in the rankings is Switzerland’s national purchasing power – which is also top of the list – perhaps explaining why the Swiss love to travel or even just shop abroad.
This is of course more beneficial elsewhere, with the benefits of the country’s excellent purchasing power somewhat eroded by high prices at home.
Photo: CEO World
In fact, the only metric Switzerland doesn’t top is rental costs. That’s not to say renting in Switzerland is cheap, but it trails Hong Kong, Singapore and Luxembourg on the international rent index.
Least expensive countries
Among the least expensive countries, central Asian nations rank highly. Pakistan is officially the least expensive, followed by Afghanistan, India and Syria.
The least expensive European country on the list is Kosovo (124th) followed closely by Georgia (123rd). Romania is the least expensive European country on the list, in 99th place.
Top ten most expensive countries as per CEO World magazine
10. South Korea