Venezuela slips into second place with a $7.15 burger. Switzerland, which briefly stole the top spot last year on the back of a burgeoning Swiss franc, is now in third place with its $7.14 burger, followed by Sweden ($6.29) in fourth.
The burger in Norway is on average 68.8 percent more expensive than it would be in a McDonald's in the US.
The index was launched in 1986 as a lighthearted way of working out whether a country's currency is over- or undervalued.
After adjusting for GDP per head, the magazine estimates that Norway's currency is only 14 percent over-valued in terms of its burger-buying power.