To find the cheapest countries to live in, GOBankingRates ranked nations by four key affordability metrics provided by online pricing database Numbeo:
- Local purchasing power index: Measures the relative purchasing power of a typical salary in that country, compared to New York City. A lower purchasing power buys fewer goods, while a higher purchasing power buys more.
- Rent index: Compares typical rental prices in the country to New York City.
- Groceries index: Compares typical grocery prices in the country to New York City.
- Consumer price index: Compares costs of local goods and services — including restaurants, groceries, transportation and utilities — to New York City.
Cape Town – South Africa has been ranked as the cheapest country in the world to live and retire, according to a 2016 report which compares dollar strength to a number of global currencies.
Top 10 cheapest countries to live and retire are:
- South Africa
- Saudi Arabia
- Czech Republic
The complete list: HERE