Skip to main content

SA the cheapest country to live in

| Economic factors

Living in New York and looking for a retirement destination? South Africa may just be the place for you.

 

SA the cheapest country to live in

Living in New York and looking for a retirement destination? South Africa may just be the place for you.

The country has been ranked as the cheapest country in the world to live and retire in, according to a new report, citing dollar strength against local currencies.

GoBankingRates ranked 112 nations by four key affordability indices 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.

 South Africa versus New York

  • Local purchasing power is 26.9% higher
  • Rent is 87.5% cheaper
  • Groceries are 71% cheaper
  • Local goods and services are 65.8% cheaper

“South Africa is the cheapest country to live or retire in. It is also the world’s largest producer of platinum, gold and chromium, which goes far to enrich the country and its economy.

“This resulted in a local purchasing power that’s significantly higher than what New Yorkers face, which is the most favourable factor that puts South Africa at number one,” GoBanking Rates said.

It said that along with a higher local purchasing power, South Africa also offers lower prices on consumer goods, groceries and rent.

Top 10 cheapest countries to live and retire

1. South Africa

2. India

3. Kosovo

4. Saudi Arabia

5. Kazakhstan

6. Zambia

7. Oman

8. Paraguay

9. Czech Republic

10. Macedonia

Pin It

Related Articles

SA retail sales up 2.3% in March

Stats SA reports that retail trade sales increased by 2.3% year-on-year in February 2024. The largest contributor to this increase was general dealers (6.4% and contributing 2.8 percentage points).

Massive tax increases to fund NHI – destroying ...

By: Shaun Jacobs – Daily Investor Funding the government’s National Health Insurance (NHI) scheme would require a 31% increase in personal income tax, or a 6.5% increase in VAT, or a ten times increase in payroll tax, threatening South Afric...

SA consumers’ disposable income eroded by high ...

By: Given Majola - IOL Business South African consumers’ disposable income was being eroded by persistently high interest rates and inflation (especially food inflation) while a lack of any meaningful economic growth was constraining their salaries.

Nearly half of South Africans struggle to affor...

By: Xolile Mtembu - IOL South Africans spend over one-third of their income on food, and growing costs have a significant impact on their finances.

Petrol price earmarked for another hike in May

By: Siphelele Dludla – IOL Business Report THE Automobile Association (AA) has warned of another petrol price hike in May that will push the cost of living even higher for financially-constrained consumers, as inflation also remained sticky above...