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Four of the costliest places to live in the world are in Europe, research has revealed.

Using figures from the world's largest database of user contributed data about cities and countries worldwide, Switzerland was found to be the the most expensive to live.

Norway was a close second, with Venezuela third, Iceland fourth and Denmark in fifth.

Switzerland has been named as the costliest place to live in the world using the Consumer Price Index

The positioning of Venezuela in the top five owes much to do with the fluctuating economy that means wages are low while prices of goods continue to rise. 

Venezuela's tightening financial situation has fanned market anxiety about a default, especially as oil slumps to near six-year lows. 

President Nicholas Maduro has vowed to pay bondholders and most economists doubt a default is coming in the near-term, but investors are getting skittish as the economic crisis worsens.

India comes out as having the lowest cost of living, with poor wages matched by poor living conditions 

Venezuela depends on oil for 96 percent of its export revenue. 

The UK was the 10th costliest place to live, slightly higher than near-neighbour Ireland.

There weren't many surprises where it comes to the countries with the lowest cost of living.

India topped the pile in this regard, followed in by Nepal, Pakistan, Tunisia and Algeria.

South America's sole entry in the top 15 cheapest places to live was Colombia, typically another country dependent on the strengths of the oil industry. 

The Consumer Price Index, used to determine the difference in the living costs between countries, takes into account the prices of groceries, transportation, restaurants and utilities.