Business magazine CEO World has compiled a list, ranking 132 countries in order of living costs based on data from a range of studies and media.
Parameters encompassed by the analysis include accommodation, clothing, taxi fares, utility, internet, the price of groceries, transport, and eating out. The data was used to compile a score for each country within five metrics: cost of living, rent, groceries, eating out and purchasing power.
The metrics were then given a value using New York City as a control: if a country has a score of over 100, it is more expensive than New York, TheLocal reports.
Three countries did in fact achieve this with their overall score: Switzerland (122.4), Norway (101.43) and Iceland (100.48).
As such, Norway is ranked by the magazine as the second-most expensive country to live in the world this year.
Nordic neighbour Denmark was not far behind in 5th place with an index of 83, with Sweden the cheapest of the three Scandinavian countries in 23rd (69.85).
Japan was the final country in the top 5, in 4th place.