Malta is a more expensive place to reside than Britain, Italy, Germany or Spain, according to an index compiled by specialist magazine CEOWorld. 

The magazine said Switzerland is the most expensive place on Earth and nine of the 20 most expensive countries are located in Europe.

Switzerland is followed by Norway, Iceland, Japan, Denmark, Bahamas, Luxembourg, Israel, Singapore, and South Korea.

Malta places 26th in the list of 50 countries, just ahead of the UK, Italy and Germany. Malta’s index was hardest hit by high rents and the cost of eating out.

CEOWorld said it collected and reviewed data based on the cost of living, rent, groceries, eating out and purchasing power.