*In 2016, these countries are the cheapest to live in.
*The first is from Africa.
Do you have any plans to go overseas, on holiday or you just want to
change your residence. If you have made the decision to create your
list of option based on the cost of living in the country you plan to
step into, then you are at the right place. This list is based on
information gotten from the ministries and agencies handling
information on human resources in these countries.
The list is also based on the purchasing power of citizens,the
cost of accommodation and the price of goods and services.
*The 'local purchasing power' is a measure of the typical salary in
that country compared to what we can get in New York city.
*Rent compares housing and accommodation rates to New York city.
*Grocery index compares grocery prices in that country to prices in New York.
*Local purchase of goods and service index: this compares the prices
of local and household goods including clothes,stationery and other
items sold in that country with the prices in a major city like New
York.
Now, this is going to be a long post of more than 2000 words so grab
some coffee, ready?
Okay...
1)SOUTH AFRICA: Surprisingly, this country located at the lowest part
of the African land map is the cheapest country to live in or retire.
The currency used in South Africa is the South African rand(ZAR). The
purchasing power in South Africa is also high. This means that
citizens are able to buy much more with lesser cash in hand. Food and
groceries are extremely cheap, and the rent rate is about the lowest
in the world. South Africa is also the worlds largest producer of
gold,chromium and platinum. Forget the fact that the standard of
living of South African citizens is low and almost 80% of the
population live in slums, but after Nigeria, South Africa remains the
strongest economy in the dark continent. The country boasts a GDP of
$327 billion dollars. Not bad for a country that is almost on its
knees from massive "brain drain" of human resources.
Summary:
*Local purchasing power 27% percent higher than New York city. Meaning
general items are 27%percent cheaper here than in new
york(comparatively).
*Rent 88%percent cheaper than rates in New York.
*Services are 65.9% cheaper
*Food and groceries are 72% cheaper.
2)INDIA: Most populous country, and until 2015 was the cheapest before
South Africa beat it to the top. The South Asian country boasts a
population of 1.2 billion humans and uses the "Indian Rupee" as its
currency. The cost of goods and services here are very cheap, mainly
due to the massive population, which also ranks it second in the world
after China. It's major industries are chemical(they make so much
fertilizers and cosmetics), textile(no popular brand here but they are
good) and food processing. Living in India can be very cheap and the
rent index is comparatively low(lower than South Africa even). In a
month, expenses on groceries and local purchase could be around $300.
Summary:
*Local purchasing power is 22% lower than New York.
*Rent is 95% cheaper
*Groceries, local goods and services are approximately 75%cheaper than
you could get in New York.
3)KOSOVO: The Republic of Kosovo is located in Southeast Europe and
has been the subject of some very intensive dispute between
nationalists and Serbia. Nevertheless, Kosovo despite all the
political turmoil still has a seat on the list of the cheapest
countries. Kosovo is a member of the EU and its currency is Euro.
Mineral mining and construction materials are the major industries in
the country that has a population of almost 2 million inhabitants.
Summary
*Local purchasing power is 33% percent lower than what you can get in New York.
*Rent is 92.1% lower
*Groceries, Local goods and services are about 73% cheaper than in New York
4)SAUDIA ARABIA: Wealthy middle eastern country, and the top of the
list of the largest oil producers in the world. Saudi's grocery items
are cheaper than most countries. Its industry is entered on crude oil
drilling and petroleum/petrochemical products. The 100% percent
Islamic country ranks number four(4) on the list of cheapest
countries. Saudi has a population of about 31 million residents, and
rocks a GDP of $1.7 trillion.
Summary:
*Local purchasing power is higher than New York by 34%
*Groceries are 54% cheaper
*Rent is 86.2% cheaper than in New York
5)KAZAKHSTAN: The Federal Republic of Kazakhtan borders Russia and
China in Northern Central Asia. It has a population of about 18
million residents. Its GDP is sourced mainly from mineral mining
industries such as coal,oil and iron ore. Its low cost of living is so
obvious from the cheap price of groceries.
Summary:
*Local purchasing power is 33 percent lower than New York's.
*Rent is 91 percent cheaper
*Local goods and groceries are 72.6% cheaper
6)ZAMBIA: Zambia is located in Southern Africa and has a GDP of about
$19 billion. Zambia ranks number 6 on the list. For people who are
seeking to relocate to a cheap African country Zambia will be
wonderful option.
Summary:
*Local purchasing power is 50% higher than New York
*Rent is 68.1% cheaper(the highest rent index on this list on the list)
*Groceries are 60% cheaper
*Local goods and services are 46% cheaper.
7)OMAN: This small country in the middle east just like its neighbours
is very rich in crude oil and is among the top exporters of oil in the
world. The purchasing power of its currency the 'Rial' is the highest
on the list of top 10 cheapest countries. Its GDP is about $83
billion.
Summary:
*Local purchasing power is 58% higher than New York
*Rent is 71.7% cheaper
*Food,local goods and services, groceries about 46% cheaper than New York.
8)PARAGUAY: Paraguay is a South American country with a population of
about 6.7 million and a GDP of $63 billion. Paraguay's population
depends mostly on the cement, sugar and textile industries. On the
average local goods, groceries and services relatively cheap in
Paraguay. Housing is also very cheap.
*Local purchasing power is 46 percent lower then New York city.
*Rent/Housing is 91.2%
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