The 25 most expensive countries to live in, ranked

Cost-of-living index: 72.48

Local purchasing power: 118.92

The National Bank of Canada reported that household expenses in the country can equal nearly half of one's net salary. In the province of Ontario, for instance, the average household expense was $88,953 CAD in 2016.

For 2016, the bank reported that, on average, about $20,000 goes towards housing, $16,000 goes to taxes, $12,000 goes to transportation, $9,000 to food, and $2,200 to education — not including clothes, health insurance, and personal care.

Cost-of-living index: 72.95

Local purchasing power: 127.62

San Francisco is one of the wealthiest and most expensive cities in the US, Hillary Hoffower previously reported for Business Insider. The average rent in the city is more than $4,500 — which is 2.5 times the national average. In addition, the average home price is $1.3 million, which is 4.4 times the national home price average.

Cost-of-living index: 74.35

Local purchasing power: 125.01

According to Study in Germany, students who live in Germany spend, on average, €850 ($994) a month on cost of living. The site reports that, especially compared to other European cities, Germany is generally considered one of the least expensive, with the largest cost attributed to rent.

Cost-of-living index: 75.85

Local purchasing power: 108.54

As pointed out by finance broker ABC Finance Limited, the cost of living in the UK varies greatly. For example, the website points out, Liverpool is one of the least expensive places to buy groceries, while the town of Milton Keynes is the most expensive. Those living in London have the highest average cost of living: £30,898 in 2017. The same year, the average across the UK as a whole was £25,766.

Cost-of-living index: 79.06

Local purchasing power: 81.07

According to the Borgen Project, it is cheaper to buy local items in Italy rather than imported goods. A Big Mac is the equivalent of nearly $10 dollars in Italy, which is almost $4 dollars more than it is in the United States. Italy does, however, offer free health care, with the option of paying more for private insurance.

Cost-of-living index: 81.47

Local purchasing power: 98.69

Expatistan reports that the cost of living is cheaper in Austria than it is in 74% of Western Europe, though it is still more expensive than 67% of countries in the world.

Cost-of-living index: 81.70

Local purchasing power: 119.42

Finland has consistently ranked as one of the happiest countries in the world, despite its high cost of living. In 2017, The Borgen Project reported that food in the country is 120% of the European average, while the price of living in Helsinki, the nation's capital, is twice as high as it is in the rest of Finland.

Cost-of-living index: 82.69

Local purchasing power: 109.48

Study in Holland reports that the cost of living in the Netherlands is "unlikely to be higher than" the cost of living in the United Kingdom. Amsterdam is the most expensive city in the Netherlands.

Cost-of-living index: 82.94

Local purchasing power: 109.36

According to Numbeo, a database of user-given data about cities and countries around the world, the cost of living in South Korea (excluding rent costs) is about 8.10% higher than in the US. However, rent in South Korea is 44.59% lower than in the US.

Cost-of-living index: 83.35

Local purchasing power: 98.91

Expatica reports that the cost of living in Brussels, the capital of Belgium, is 39% cheaper than the cost of living in New York and 23% cheaper than the cost of living in Paris.

Cost-of-living index: 83.41

Local purchasing power: 98.61

Move to New Zealand reports that the median cost of a home in New Zealand is NZ$550,000 ($362,433.50 USD), with Auckland being the most expensive place to live.

Cost-of-living index: 83.70

Local purchasing power: 113.01

Numbeo reports that the cost of living in Sweden is nearly 2.16% lower than that of the United States (with rent excluded). In addition, rent in Sweden is 36.17% lower than that of in the United States. However, Sweden's high personal tax rate bumps the country up on the list.

Cost-of-living index: 83.86

Local purchasing power: 101.21

Expatica reports that the cost of living in Paris is 22% cheaper than that of New York, 10% cheaper than that of Los Angeles, and 17% cheaper than that of London.

Cost-of-living index: 84.30

Local purchasing power: 122.98

Australian Home Loan Experts reports that the average cost of living in Australia for one person is about $2,835 AUD a month ($1,938.13 USD), while, for four people, the living expenses total $5,378 AUD per month ($3,676.64 USD).

Cost-of-living index: 85.45

Local purchasing power: 96.10

International Citizens reports that housing expenses are higher in Ireland than in the United States, with some neighborhoods having prices comparable with London and New York City. Ireland does, however, have free and subsidized public heath care.

Cost-of-living index: 86.53

Local purchasing power: 102.30

Numbeo reports that Israel's cost of living is 14.58% higher than that of the United States (rent not included). However, rent in Israel is 21.52% lower than that in the United States.

Cost-of-living index: 86.58

Local purchasing power: 107.35

Expatistan reports that Japan in the third most expensive country in Asia, with the cost of living in the country topping 80% of countries around the world.

Cost-of-living index: 91.40

Local purchasing power: 95.89

Expatistan reports that Singapore is the second most expensive county in Asia, with the cost of living being more expensive than 94% of the countries around the world.

Cost-of-living index: 93.30

Local purchasing power: 117.53

Numbeo reports that the cost of living in Copenhagen is 14.44% lower than that of New York City, while the cost of living in Aarhus, Denmark's second biggest city, is 19.38% lower than that of New York City. However, restaurant menu prices make Denmark one of the priciest countries to dine out in.

Cost-of-living index: 96.56

Local purchasing power: 116.73

Expatistan reports that the cost of living in Luxembourg is more expensive than in 81% of the cities in Western Europe, in addition to being more expensive than 85% of cities around the word.

Cost-of-living index: 100.68

Local purchasing power: 71.40

Numbeo reports that rent in the Bahamas is 9.41% lower than that in the United States; however, restaurant prices in the country are 18.24% higher than those in the US.

Cost-of-living index: 113.70

Local purchasing power: 107.95

Expatistan reports that Norway is the third most expensive country in all of Western Europe, with a cost of living higher than 95% of the countries around the world.

Cost-of-living index: 131.39

Local purchasing power: 126.15

Expatica states that the cost of living in Zurich, Switzerland's largest city, is about the same as the cost of living in New York City, though it is 26% more expensive than Paris and 63% more expensive than Brussels.

Cost-of-living index: 123.96

Local purchasing power: 87.84

Numbeo reports that the cost of living in Iceland is about 40.21% higher than that of the United States (rent not included). In addition, rent in Iceland is 15.57% higher than that in the United States.