Using data from popular cost of living resource Numbeo, US-based financial services website GOBankingRates has generated a list of the cheapest countries in the world to live or retire from 112 nations with “recent and accurate data.”
The study used indicators based on four key points, including a country’s purchasing power and the cost index for consumer goods and services, rents, and groceries.
South Africa topped the index as the cheapest destination in the world to reside, and the study turned up some other interesting results.
Perhaps surprisingly, the Czech Republic came in at ninth in the list, rating as the least expensive place in Europe to live and one of the cheapest in the world.
The top 10:
- 1. South Africa
- 2. India
- 3. Kosovo
- 4. Saudi Arabia
- 5. Kazakhstan
- 6. Zambia
- 7. Oman
- 8. Paraguay
- 9. Czech Republic
- 10. Macedonia
Compared to the averages across all the nations surveyed, while the Czech Republic has a slightly weaker purchasing power (8.4% lower), the cost indices in the country were all significantly less: rents are 87.8% cheaper, groceries are 63% cheaper, and consumer goods are services at 57.7% cheaper in the Czech Republic.
Czech neighbor Poland followed closely behind at number 12, while Germany (35), Slovakia (54), and Austria (64) rated lower in the list.
The US ranked 83 out of the 112 countries, while the UK came in at 89.
Most expensive places in the world to live? Bermuda, Bahamas, Hong Kong, Switzerland, and (oddly) Ghana rounded out the list.
You can view the full report and details on the methodology at GOBankingRates.com.