Switzerland has come in 16 spots ahead of New Zealand to be named 2020's "most expensive" country to live in.

A report from CEOWORLD magazine identifies which countries around the world are the most and least expensive to live in. Their rankings are based on "five major metrics" - cost of living, rent, groceries, eating out and purchasing power.

New Zealand's 'cost of living index' has slightly decreased in 2020 to '72.53' compared to '73.01' in 2019, The Telegraph reports. This unit is measured by using New York as a benchmark, with an index score of 100.

European countries are prominent in the top twenty most-expensive list.

But if living in Europe isn't the ideal option, a little further down the rankings is Hong Kong (11th), Australia (16th), New Zealand (17th) and the United States (20th).

"On the other side of the spectrum, the Islamic Republic of Pakistan is the world's most affordable country to live in, followed by Afghanistan, India, Syria, Uzbekistan, Kyrgyzstan, and Tunisia," the CEOWORLD report reads.

Here are the top 20 most expensive countries in the world to live in:

1. Switzerland
2. Norway
3. Iceland
4. Japan
5. Denmark
6. Bahamas
7. Luxembourg
8. Israel
9. Singapore
10. South Korea
11. Hong Kong
12. Barbados
13. Ireland
14. France
15. Netherlands
16. Australia
17. New Zealand
18. Belgium
19. Seychelles
20. United States

See the full list here.