In accordance with a recent publication of a report which has been named as the ‘Most Expensive Countries in the World to Live In 2020’ a report compiled by CEOWORLD magazine, it has been found that Switzerland is the most expensive country in the world to live in and on the other extreme it is suggested that our very own Pakistan is the most affordable country in the world, in 2020. The report further ranked Norway at 2nd place, followed by Iceland, Japan, Denmark, Bahamas, Luxembourg, Israel, Singapore, and South Korea amongst others.
In the top 20 list, there are 9 countries from the continent of Europe following which 5 are from Asia, two each from the Caribbean and Oceania, and 1 each from North America and Africa respectively. Moving on, CEOWORLD magazine has also placed Australia and New Zealand at 16th and 17th positions respectively whilst, Canada has been ranked at the 24th position, United Kingdom 27th, and Germany 29th most expensive country in the world to live in 2020.
To compile a list of the world’s most expensive and affordable countries, CEOWORLD magazine collects and analyze the following metrics from all the countries: Cost of living, Rent, Groceries, Eating out and finally Purchasing power in the country. Once information on these 5 accords is collected the publication, CEOWORLD magazine then assigns each country a average score based on the findings of these accords. The next step is to compare the score of each country with New York, which serves as a benchmark with a score of 100 for the entire list.
Countries who acquire a score which is higher than that of the state of New York are attributed as expensive countries while those with a score lower than New York are attributed as affordable. The Swiss for example got an average score of 122.4, meaning it is way expensive than New York. On the other hand, Pakistan has an average score of 21.98 which makes it the most affordable country in the world.