St. Moritz, Switzerland

At a dizzying 5,910 feet above sea level, St. Moritz boasts 300 days of sunshine, but the thin air and frigid winters are not for the faint of heart. With a population of just 4,928, the town is a regional economic hub and tourist magnet, but nearly 40% of residents are foreigners. The bureaucracy can be a persistent headache, and the tax burden is heavy. Still, the lure of world-class winter sports, stunning alpine scenery, and a jet-set social scene draws the global elite to this exclusive Swiss enclave.