Countries by Price level ratio of PPP conversion factor (GDP) to market exchange rate

Bermuda ranks first with a price level ratio of 1.150, meaning goods and services there cost about 15% more than in the United States when measured against the US dollar. At the other end, Nigeria ranks 201st with a ratio of 0.119, roughly one-tenth of Bermuda's value. The gap between top and bottom spans 863.6%, reflecting the wide divergence in domestic price levels relative to the US benchmark.

Finance category

Ranking 2024

Countries by Price level ratio of PPP conversion factor (GDP) to market exchange rate
Rank	Country	Value
1	Bermuda	1.15
2	Cayman Islands	1.12
3	Switzerland	1.08
4	Barbados	1.07
5	Tuvalu	1.03
6	Iceland	1.03
7	United States	1
8	Turks and Caicos Islands	0.99
9	Nauru	0.96
10	Micronesia	0.96
11	Bahamas	0.96
12	Israel	0.95
13	Vanuatu	0.95
14	Marshall Islands	0.94
15	Faroe Islands	0.9
16	Australia	0.9
17	U.S. Virgin Islands	0.89
18	New Zealand	0.89
19	Luxembourg	0.88
20	Denmark	0.88
21	Palau	0.86
22	Norway	0.85
23	United Kingdom	0.85
24	Canada	0.84
25	Finland	0.82
26	Sweden	0.8
27	Ireland	0.8
28	Netherlands	0.79
29	Puerto Rico	0.78
30	Aruba	0.78
31	Sint Maarten (Dutch part)	0.77
32	Austria	0.77
33	Belgium	0.76
34	San Marino	0.76
35	Germany	0.76
36	Greenland	0.74
37	France	0.74
38	Tonga	0.72
39	Solomon Islands	0.72
40	Hong Kong	0.72
41	Antigua and Barbuda	0.71
42	Curaçao	0.7
43	Saint Kitts and Nevis	0.69
44	Haiti	0.67
45	South Sudan	0.67
46	Andorra	0.66
47	Uruguay	0.66
48	Italy	0.65
49	United Arab Emirates	0.63
50	Malta	0.63
51	Japan	0.62
52	Kuwait	0.62
53	Estonia	0.62
54	Kiribati	0.62
55	Samoa	0.62
56	Papua New Guinea	0.62
57	Cyprus	0.61
58	Qatar	0.61
59	Spain	0.61
60	Singapore	0.6
61	Jamaica	0.6
62	Costa Rica	0.6
63	Slovenia	0.6
64	South Korea	0.59
65	Palestine	0.59
66	Grenada	0.58
67	Macao	0.57
68	Sao Tome and Principe	0.56
69	Portugal	0.56
70	Greece	0.56
71	Czechia	0.55
72	Slovakia	0.54
73	Mexico	0.54
74	Saint Vincent and the Grenadines	0.54
75	Latvia	0.54
76	Seychelles	0.54
77	Belize	0.54
78	Lithuania	0.53
79	Trinidad and Tobago	0.52
80	Saint Lucia	0.51
81	Maldives	0.51
82	Saudi Arabia	0.49
83	China	0.49
84	Poland	0.49
85	Dominica	0.49
86	Oman	0.49
87	Croatia	0.49
88	Hungary	0.48
89	Peru	0.47
90	Sudan	0.47
91	Cabo Verde	0.46
92	Panama	0.46
93	Chile	0.46
94	Brazil	0.46
95	Libya	0.46
96	Argentina	0.46
97	Honduras	0.46
98	Liberia	0.46
99	Djibouti	0.45
100	Bahrain	0.44
101	Ecuador	0.43
102	Guatemala	0.43
103	Jordan	0.43
104	Albania	0.43
105	Zimbabwe	0.42
106	El Salvador	0.42
107	Comoros	0.42
108	Iraq	0.42
109	Bulgaria	0.42
110	Serbia	0.42
111	Fiji	0.42
112	Romania	0.41
113	Central African Republic	0.41
114	Moldova	0.41
115	South Africa	0.41
116	Morocco	0.4
117	Dominican Republic	0.39
118	Kosovo	0.39
119	Somalia	0.39
120	Montenegro	0.39
121	Mozambique	0.39
122	Equatorial Guinea	0.38
123	Gabon	0.38
124	Namibia	0.38
125	Mauritius	0.38
126	Armenia	0.37
127	Botswana	0.37
128	Bosnia and Herzegovina	0.37
129	Guinea	0.37
130	Guyana	0.37
131	Brunei	0.37
132	Niger	0.36
133	DR Congo	0.36
134	Côte d'Ivoire	0.36
135	Colombia	0.35
136	Republic of Congo	0.35
137	Mongolia	0.35
138	Chad	0.35
139	Senegal	0.35
140	Türkiye	0.35
141	Paraguay	0.35
142	Kazakhstan	0.35
143	Ethiopia	0.34
144	North Macedonia	0.34
145	Bolivia	0.34
146	Burkina Faso	0.34
147	Philippines	0.34
148	Benin	0.33
149	Togo	0.33
150	Eswatini	0.33
151	Mali	0.33
152	Cambodia	0.33
153	Uganda	0.33
154	Eritrea	0.33
155	Cameroon	0.33
156	Nicaragua	0.33
157	Georgia	0.33
158	Algeria	0.33
159	Lesotho	0.32
160	Turkmenistan	0.32
161	Guinea-Bissau	0.32
162	Kenya	0.32
163	Suriname	0.32
164	Russia	0.31
165	Malaysia	0.31
166	Kyrgyzstan	0.3
167	Timor-Leste	0.3
168	Indonesia	0.3
169	Ghana	0.3
170	Thailand	0.3
171	Ukraine	0.29
172	Azerbaijan	0.29
173	Madagascar	0.29
174	Sri Lanka	0.29
175	Tunisia	0.29
176	Vietnam	0.29
177	Mauritania	0.29
178	Zambia	0.28
179	Malawi	0.28
180	Tanzania	0.28
181	Lebanon	0.28
182	Rwanda	0.27
183	Bangladesh	0.27
184	Uzbekistan	0.27
185	Angola	0.26
186	Iran	0.26
187	Nepal	0.25
188	Belarus	0.25
189	Gambia	0.25
190	Tajikistan	0.25
191	India	0.24
192	Pakistan	0.24
193	Bhutan	0.24
194	Sierra Leone	0.23
195	Myanmar	0.23
196	Laos	0.22
197	Afghanistan	0.19
198	Burundi	0.18
199	Syria	0.18
200	Egypt	0.17
201	Nigeria	0.12

Analysis

The price level ratio measures how expensive a country is relative to the United States. As defined by the World Bank World Development Indicators (indicator PA.NUS.PPPC.RF), the price level ratio is the ratio of a purchasing power parity (PPP) conversion factor to the corresponding market exchange rate between two countries; for this series the base country is the United States. It provides a measure of the differences in price level between the country and the United States by indicating the number of units of the common currency (US dollars). A value above 1.0 means the country is more expensive than the US; below 1.0 means it is cheaper. This ranking covers 201 countries using 2024 World Bank data, with 93.5% of entries drawn from the latest year and 100% classified as official data. Eight extreme outliers were identified using a 3-standard-deviation threshold.

The top of the ranking is dominated by island territories and high-income European nations. Bermuda leads at 1.150, followed by the Cayman Islands at 1.121 and Switzerland at 1.078. Barbados (rank 4, 1.069) and Tuvalu (rank 5, 1.032) are the only other countries above 1.0 besides the United States itself (rank 7, 1.000). Among larger economies, Iceland (rank 6, 1.028) and the United Kingdom (rank 23, 0.849) rank high, while Scandinavia clusters tightly: Norway at rank 22 (0.851), Sweden at rank 26 (0.803), and Denmark at rank 20 (0.878). These positions reflect consistently high values relative to the US baseline.

The middle of the ranking includes a wide range of emerging and developing economies. China sits at rank 83 (0.491), close to Poland (rank 84, 0.490) and Saudi Arabia (rank 82, 0.492). Japan ranks 51st at 0.624, lower than countries such as Malta (rank 50, 0.628) and Estonia (rank 53, 0.624). A notable anomaly appears at rank 44: Haiti scores 0.671, placing it above Portugal (rank 69, 0.559), Greece (rank 70, 0.558), and even Japan. South Sudan (rank 45, 0.666) similarly ranks above many wealthier nations. At the lower end, India ranks 191st at 0.241, Pakistan 192nd at 0.237, and Nigeria last at 0.119.

This metric has important limitations. The ratio compares a country's PPP conversion factor to its market exchange rate, both of which can be volatile or subject to distortion in countries with fixed exchange rate regimes, currency controls, or high inflation. Countries like Sudan (rank 90, 0.465), Zimbabwe (rank 105, 0.421), and Argentina (rank 96, 0.459) may show values that do not fully capture domestic purchasing conditions due to dual exchange rates or rapid currency depreciation. The metric does not distinguish between tradable and non-tradable goods, nor does it capture income levels or within-country price variation. Coverage is strong at 201 countries, but 6.5% of data points come from years prior to 2024, which may affect comparability for those specific entries.

Methodology

This ranking uses World Bank World Development Indicators, indicator code PA.NUS.PPPC.RF, with a reference data year of 2024. The metric is defined as follows: the price level ratio is the ratio of a purchasing power parity (PPP) conversion factor to the corresponding market exchange rate between two countries; for this series the base country is the United States. It provides a measure of the differences in price level between the country and the United States by indicating the number of units of the common currency (US dollars). The ranking covers 201 countries, exceeding the 80-country coverage threshold. Of these, 93.5% (188 of 201) have data from the latest available year (2024), and 100% of data points are classified as official. Eight extreme outliers were flagged using a 3-standard-deviation threshold. The average year-over-year change is 5.6%, well within the 50% volatility threshold. Values range from 0.119 (Nigeria) to 1.150 (Bermuda), a spread of 863.6%. A higher value indicates a higher domestic price level relative to the United States. Caution is warranted for countries where market exchange rates may not reflect actual transaction prices due to currency controls or dual exchange rate systems.

Sources

World Bank