Bermuda has surpassed Switzerland to become the world's most expensive country to live in – a title it's now held since 2020.
In spring 2023, Jason Hayward, the country's minister of economy and labour, tweeted: "The main contributor to Bermuda's high cost of living is housing... [L]andlords must assist by providing reasonable and affordable rent rates".
It's not just rent that's pushing up the cost of living, though. Like many other island nations, Bermuda produces almost no food or consumer goods of its own and is entirely dependent on commodities being shipped in, usually from the US. As a result, it's the world's most expensive country for groceries.
Import taxes in Bermuda remain exorbitant, resulting in higher retail costs on everything from food to fuel. In fact, import taxes are the government's second-largest source of revenue after payroll taxes.
Now discover the economies tipped to rule the world in 2038