The two most expensive places on the planet to live are two islands – the Cayman Islands and Bermuda according to “new cost-of-living indices”.
“The site includes the cost of groceries, restaurants, transportation, utilities and rent (including mortgage payments) in its index of cost of living plus rent. Indices are broken out separately for cost of living without rent and for groceries and restaurants. The indices are computed relative to costs in New York City, which are counted at 100%. An index of 120% indicates costs that are 20% higher than those in the city, while one of 80% means costs are 20% lower.
“Bermuda has the highest cost of living index, including rent, at 114.03%, followed by the Cayman Islands at 109.49%. Their positions flip if rent is factored out, with the Caymans at 141.64% and Bermuda at 138.22%. (Switzerland is in third place by both measures.)
“Island countries are often among the places where the most garbage is accumulated. This is mostly because their economies are dependent on tourism.
“Bermuda is also the place where restaurant meals cost the most (150.40%), while groceries are more expensive in the Caymans (157.93%).”
The article concluded: “The most expensive American territory is the US Virgin Islands, in fifth place for cost of living both with rent (73.81%) and without (97.23%). The U.S. as a whole ranks 15th for the combined figure (56.39%) and 25th if rent if factored out (70.95%).”