February 06, 2020

Cyprus ranked 36th most expensive nation to live in

New YorkCyprus ranked in as the 36th most expensive nation to live in, according to a recent survey by New York-based CEOWORLD Magazine.

Switzerland has emerged as the most expensive nation to live in, followed by Norway and Iceland according to the CEOWORLD 2020 report, which was based on a range of living costs.

Making up the top 10 were Japan, Denmark, the Bahamas, Luxembourg, Israel, Singapore, and South Korea.

Cyprus is cheaper to live in than Malta and Italy and is marginally more expensive than Greece which was ranked 38th and Spain in 44th. Turkey was 102nd.

Pakistan is the world’s most affordable country, followed by Afghanistan, India, Syria, Uzbekistan, Kyrgyzstan and Tunisia, the same survey showed.

Of the top 20 nations, nine were in Europe, five in Asia, one in North America, one in Africa, two in the Caribbean, and two in Oceania. The US was ranked 20th, the UK 27th and Russia 82nd.

CEOWORLD magazine used New York as a benchmark which was given an index score of 100.  It based its assessment on a range of living costs, such as accommodation, clothing, taxi fares, utility, internet, the price of groceries, transport, and eating out.

Switzerland, Norway and Iceland all scored higher than 100 while Cyprus came in at 57.93, meaning the cost of living in Cyprus is a little over half of that of New York City.

In comparison, Pakistan, the cheapest country in the world to live in, scored 21.98.

The rankings are based on five major metrics: cost of living, rent, groceries, eating out and purchasing power. CEOWORLD magazine, which is based on 5th Avenue, New York, collected and reviewed data from dozens of studies, consumer price indexes, the Numbeo Cost of Living Index and numerous national and international media reports.