1. South Africa
- 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. It’s 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 favorable factor that puts South Africa at No. 1.
Along with a higher local purchasing power, South Africa also offers lower prices on consumer goods and groceries, and rent costs that are typical of the 50 cheapest countries. In the major city of Cape Town, for instance, monthly expenses total just under $400 while the average rent costs are reflected by the typical price to rent a one-bedroom in Durban of around $280 a month.