Top 10 countries with the highest cost of living in 2024

A high cost of living presents significant challenges for both people and society, even while economic expansion can open up new opportunities.

• Business Insider Africa presents the top 10 countries with the highest cost of living in 2024.
• This list is courtesy of Numbeo.
• Switzerland ranks number 1 on this list.

This problem has wide-ranging effects on many facets of society, from social injustice to the affordability of housing.

The high costs of living in several countries in the world can exacerbate existing economic disparities.

Discretionary expenditures decline when housing, utilities, and groceries take up much of a household’s income.

People thus have less money for savings, leisure pursuits, and investments in personal development like travel or education.

Particularly for middle- and low-income groups, this financial strain can result in elevated stress, declining mental health, and decreased general life satisfaction.

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The problem of a high cost of living is a global issue influencing economic and social trends.

Countries experiencing this issue frequently struggle to strike a balance between growth and affordability, while also attempting to establish inclusive settings for people of all economic levels.

Ironically, a high cost of living is often associated with economic activity and opportunity.

Countries with higher living costs may attract businesses and investments, creating hubs for innovation and growth. For some, the benefits of access to these opportunities outweigh the financial drawbacks.

With that said, here are the countries with the highest cost of living as 2024 comes to an end, according to Numbeo, one of the world’s foremost data and research platforms.