Bermuda has surpassed Switzerland to become the world's most expensive country to live in – a title it's now held since 2020.
According to 2018 ECA International study, four of the world's five most expensive cities were Swiss, hence living in Switzerland is pricey.
Numbeo ranks the Cayman Islands, a British Overseas Territory in the Caribbean Sea and known tax haven, third on our list with 111.7 points.
The US Virgin Islands storm into fourth place in the most recent rankings, with an index score of 102.6.
Like the other island nations on this list, residing in the Bahamas comes with numerous logistical challenges that contribute to a higher cost of living.
Iceland rose from eighth to fifth in last year's mid-year statistics when inflation raised its index score from 83.3 to 87.7.
From mid-2022 to mid-2023, Singapore's cost of living index rose from 79.09 to 85.9, however its current rating is 81.9.
The majority of commodities are imported into Barbados, contributing to its steep cost of living, while local purchasing power ranks low.
The second priciest of the Scandinavian nations, Norway takes 9th place on our list, moving down from 6th at the start of last year.