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Australia is the fourth most expensive country in the world, says study Australia is the fourth most expensive country in the world, says study
(4 months later)
It won’t come as much of a surprise to its residents, but Australia is the fourth most expensive country in the world to live in, according to a World Bank-backed study of economies around the globe.It won’t come as much of a surprise to its residents, but Australia is the fourth most expensive country in the world to live in, according to a World Bank-backed study of economies around the globe.
Only Switzerland, Norway and Bermuda were ahead of Australia on the basis of how far your money goes on a range of comparable goods and services, according to the International Comparison Program (ICP), conducted with the World Bank.Only Switzerland, Norway and Bermuda were ahead of Australia on the basis of how far your money goes on a range of comparable goods and services, according to the International Comparison Program (ICP), conducted with the World Bank.
The ICP ranked the most expensive countries – and the cheapest – by calculating their price level index and then ranked the countries compared with how far money went compared to the world PLI of 100.The ICP ranked the most expensive countries – and the cheapest – by calculating their price level index and then ranked the countries compared with how far money went compared to the world PLI of 100.
The ICP collects a vast amount of data every six years from around the world to calculate the real cost of living rather than using exchange rates, which are more volatile. It uses consumer goods and services, including the price of food, rent and healthcare, government services, and capital goods, the report says. The ICP collects a vast amount of data every six years from around the world to calculate the real cost of living rather than using exchange rates, which are more volatile. It uses consumer goods and services, including the price of food, rent and healthcare, government services, and capital goods, the report says.
The report also says that China's economy is larger than previously thought and will overtake the US as the world's largest this year, and that America's dominance as the world's most powerful economy – dating since 1872 when it overtook the UK – is almost over.The report also says that China's economy is larger than previously thought and will overtake the US as the world's largest this year, and that America's dominance as the world's most powerful economy – dating since 1872 when it overtook the UK – is almost over.
It says that China's purchasing power parity is actually 20% higher than earlier thought. That means it was 87% the size of America's economy in 2011 – and given its strong growth since, China is on track to overtake the US this year. It says that China's purchasing power parity is actually 20% higher than earlier thought. That means it was 87% the size of America's economy in 2011 – and given its strong growth since, China is on track to overtake the US this year.
The report found that high-income countries accounted for 50% of the world’s wealth in 2011, although they only made up 17% of the global population.The report found that high-income countries accounted for 50% of the world’s wealth in 2011, although they only made up 17% of the global population.