Denmark is fifth most expensive country in the world

Budget travellers should aim for Egypt instead

If Denmark is breaking your budget, think twice before you book a trip for Switzerland, Norway or Bermuda or Australia.

Denmark is the fifth most expensive country in the world to live in, according to the World Bank-backed International Comparison Program (IPC).

Switzerland is number one, followed by Norway, Bermuda and Australia. Only in these four countries are prices for goods and services higher than in Denmark, where average price levels are 85 percent higher than the global average.

The price is right in Egypt
IPC put together the list by comparing each nation's GDP per capita from 2011.

The report found Egypt to be the cheapest place in the world, followed by Pakistan, Myanmar and Ethiopia.

Although high-income countries only made up 17 percent of the global population three years ago, they accounted for 50 percent of the world’s wealth.