The 10 places in the world where the cost of living is cheapest

A recent study by Inter Nations on ‘The Best Countries for Your Wallet in 2024’ has put a spotlight on several countries around the world regarding which places offer the best quality of life at the lowest price.

“For the Personal Finance Index, expats rated three different factors on a scale from one (very bad) to seven (very good): the overall cost of living; satisfaction with their financial situation; and whether a respondent’s disposable household income is sufficient to lead a comfortable life. To be included in the ranking, a country must have a minimum of 50 respondents. In 2024, 53 destinations will reach this threshold,” Inter Nations explained.

(Read: ‘The Mi Casa Ya program was focused on the richest of the poor’: Fonvivienda)

That is, the ranking It is based on responses from digital nomads, not from national residents of each country. Taking into account the characteristics of the study, these were the results:

1

Vietnam. This is the third year in a row that it has been in this category. “Four in five expats (86%) rate the cost of living favorably, while half (50%) rate it as very good (compared to a global average of 40% and 12%, respectively). In fact, more than two-thirds (68%) agree that their disposable household income is more than enough to live a comfortable life (versus 41% globally),” says the study. In addition, Americans living in Vietnam said that people are friendly and sociable to them.

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2

Colombia. “I enjoy the relaxed lifestyle and affordable cost of living,” one Maltese expat told Inter Nation. According to the study, only one in ten respondents (11%) are dissatisfied with their financial situation (compared to 26% globally). Meanwhile, 91% agree that disposable household income is sufficient (or more than sufficient!) to lead a comfortable life (compared to 70% globally).

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3

With Indonesia, a second Southeast Asian country joins the top three of the Personal Finance Index. “What do I like about Indonesia? The climate, the safety and tranquility, the friendliness, the clean air and nature, and the low cost of living!”, a Canadian expat told Inter Nation.

AFP

From the Top 4, the report becomes less detailed. However, this is the top 10 places with the lowest cost of living according to digital nomads and non-permanent residents:

4. Panama

5. Philippines

6. India

7. Mexico

8. Thailand

9. Brazil

10. China

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