Bermuda becomes world’s most expensive place to live

Bermuda has topped the list of most expensive places to live in a recently held global survey of the cost of living, surpassing even places like Switzerland and the Cayman Islands, which are considered to be some of the most expensive places in the world.

Bermuda, a beautiful island in the North Atlantic Ocean, known for its breathtaking beaches and temperate climate has been named the most expensive place for its residents based on the prices of housing, transportation, and everyday essentials. The survey shows that the price one has to pay to live in a picturesque place. The reasons cited for the cost of living on Bermuda are the availability of limited land to build and high demand for housing has driven the prices to an all time high.

Following Bermuda closely are Switzerland and Cayman islands. Switzerland, the second on the list, is known worldwide for the quality of life it provides to its citizens with a strong economy and the best health and education systems in the world. Though, this quality of life comes with a high price tag with high taxes.

Luxury goods and services have driven the prices high in the Cayman islands, which has been ranked third most expensive place to live. The island boosts a strong financial industry, which has created a high demand for luxury goods for its residents.

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Other places on the list include Bahamas, Iceland, Singapore, and Barbados all making to the top ten of the list. The commonality among all these places is the limited living spaces and being popular tourist attractions. All these places are known for their beautiful landscapes. The survey also confirms the trend that popular tourist destinations are becoming more and more expensive for its residents.

Other countries on the list include Scandinavian countries like Norway and Denmark, on eighth and ninth places on the list. The prices in these countries are driven by high tax rates and one of the best welfare systems in the world.