Read news from:
Austria
SHARE
COPY LINK

MONEY

Does ‘world’s fifth-most expensive country’ Denmark deserve its costly reputation?

Denmark has been ranked fifth on a list of the most expensive countries in the world for living costs in 2020.

Published: 4 February 2020 13:37 CET
Does 'world’s fifth-most expensive country' Denmark deserve its costly reputation?
File photo: Oscar Scott Carl/Ritzau Scanpix

It is often touted as one of the world’s most expensive nations, and Denmark’s placing on a 2020 index for the cost of living in countries around the world appears to reflect that.

Scandinavian neighbour Norway and fellow Nordic nation Iceland both place ahead of Denmark on the list of most expensive countries for living, as do Japan and Switzerland. The latter was ranked 1st overall.

The list, compiled by business magazine CEO World, ranks 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.

Three countries did in fact achieve this for their overall Cost of Living Index score: Switzerland (122.4), Norway (101.43) and Iceland (100.48).

With an index of 83, Denmark was not too far behind in 5th place.

READ ALSO: Why Denmark is STILL the most expensive EU country for consumer goods

Sweden was the cheapest of the three Scandinavian countries in 23rd (69.85).

The United Kingdom was placed 27th (67.28), Ireland 13th (75.91), the United States 20th (71.05), Canada 24th (67.62) and Australia 16th (73.54).


Photo: CEO World

Looking at the metrics individually, Denmark’s performance was variable.

The Nordic nation was the 17th-most expensive country on the cost of rent index.

For groceries, it was some way down the list at 21st – a surprising conclusion, given that Statistics Denmark last year found Denmark to be the most expensive country in the EU for food and drink products (excluding alcoholic drinks).

Nevertheless, cooking at home may be a good way to save money in Denmark, since it ranked as the fourth-most expensive country to eat at a restaurant – behind Switzerland, Iceland and Norway.

For local purchasing power, Denmark is 8th on the list.

READ ALSO: These are the best ways to save money in Denmark

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.
For members

MONEY

REVEALED: Your money-saving tips for life in Denmark

Denmark is famously one of Europe's most expensive countries, so we asked our readers in the Nordic nation for their top Danish savings tips.

Published: 26 January 2024 17:03 CET
REVEALED: Your money-saving tips for life in Denmark

Denmark was named as the most expensive European Union country for basic goods and services in 2022, along with Ireland. Data from the EU’s statistics agency Eurostat showed that price levels in Denmark were 40 per cent higher than the EU average.

For consumer goods and services, Denmark had the highest prices of all EU member countries, coming in at 49 percent above the EU average.
 

As many as 90 percent of our readers surveyed said that Denmark is an expensive country to live in but had many money-saving tips to share.

 
“Use Earlybird for booking restaurants…the Tilbudsavis app to find discounts on groceries, buy coffee capsules online, never pay for electricity Aconto – settle only for actual consumption, get a prepaid phone plan from Lycamobile or Lebara as it’s best value for money,” 31-year old Ivan in Copenhagen suggested.
 

Cooking at home and avoiding eating out was a popular suggestion from many readers. They also recommended researching online before buying expensive products and to check discounts in supermarkets.

 
37-year old Magda based in Copenhagen said, “Use the minetilbud app so you can buy øko [organic, ed.] products for lower prices, buy discounted products in a larger amount and store them, buy good quality bread or øko meat/fish with a short expiration date and freeze it…grow your own vegetables, use the Too Good To Go app.”
 
Reader Kevin added, “I buy bulk goods when they are on sale and then freeze them for later.”
 
Money-saving tips also included using the commuter discount card Pendlerkort for public transport and car-sharing or renting a car instead of buying.
 
One reader said, “For public transportation, check company card options with your employer. For insurances, check your employer schemes and do your research online with comparison tools. For car insurance, consider joining a motorist association as they offer much cheaper car insurance plus other benefits. There is little sense in buying new or large cars as they are excessively expensive.”
 
 
For those with children, it was recommended to buy annual membership cards to zoos, museums and amusement parks if you will visit at least twice a year.
 
“Buy second hand stuff especially for babies and small children and check out libraries or cultural centres for events, especially for kids as they are often free,” one reader said.
 

Petra, from the Czech Republic and living in Aarhus said, “use second hand apps and shops, circular economy apps like Reshopper, or apps selling close to sell-by-date foods like Too Good To Go.”

 
There were several suggestions from our readers to travel out of Denmark to buy certain goods and services. 
 
“Travel to Malmö and do a huge shop there and buy goods in Germany or Sweden, while on trips,” Scott, aged 67 and living in Copenhagen advised.
 
32-year old Hanna, based in Copenhagen said she got all her beauty procedures done abroad.
 
“Find psychologists, teachers, and even personal trainers abroad. Buy vitamins and basic medications in German online pharmacies,” she added.
 
 
Some 92 percent (34 out of 37) of our readers in the survey said the expense of Denmark had changed the way they live, compared to other countries. Many noted how they don’t go out to eat and drink as much, or to the cinema or theatre. Others said a lot of their money went on bills and rent, leaving less to spend on leisure activities.
 
A much lower proportion, 38 percent said they would consider moving away from Denmark because of how expensive it is. 
 
Items people found particularly expensive in Denmark included rent, property, food, especially healthy food and sweets, alcohol, coffee shops, clothing, the price of spectacles, eating out, cinema and theatre, family trips out for example the zoo, museums, public transport and taxis, petrol, cars, dry cleaning, hairdressers, spa treatments, handyman services, and electricians.
 
The items our readers found cheaper in Denmark compared to other countries were education, healthcare, internet and mobiles, car insurance, long-distance bus journeys, bikes, some food (such as rye bread), clothing, houses outside of city centres and even real estate in Copenhagen relative to other European capitals.
 
SHOW COMMENTS