cheapest countries

A compilation of economic states of the various countries of the world reveals that out of 112 nations, South Africa is the most affordable country in the world to live in.

It is a general financial knowledge that if you are coming from a country whose currency has a higher purchasing power, you would have a sense of a cheaper cost of living. In other words, when the purchasing power parity of a country is high, more goods are affordable but when low, fewer goods are obtainable.

Of the 50 cheapest countries of the world to live in, only 9 African countries featured – Kenya at 50th position; Uganda at 38, Morocco at 29th; Algeria at 25th; Zambia at the 18th; South Africa at 9t; Tunisia at 8th; Egypt at 6th position and at the top spot, Libya, the land of possibilities.

So if you are confused about where to spend your retirement time or where to relocate to, South Africa has got you covered. Perhaps this is an addition to the boom in the African nation’s tourism.

The list was derived after an analysis by GoBankingRates, basing their measures on 4 categories- Local purchasing power (LPP); rent; groceries and consumer price (rate of trade and services). These 4 determining factors are instrumental to the level of financial comfort/welfare of the citizens of a country.

From nation to nation these measures are compared to the standard in New York- the most economically successful city in the world with a 2014 GDP of $1.405 trillion; $48,821 per capita; and a revenue sum of $63.53 million. A side by side comparison gives us either the most expensive countries (with rates as high or close to New York’s rates) or the cheapest countries in the world (with rates lower/cheaper than New York) to live in.

10. Macedonia

LPP: 60.15% lower

Rent: 93.98% cheaper

Groceries: 74.59% cheaper

Consumer Price: 69.07% cheaper

Skopje-Macedonia

Macedonia is not just one of the cheapest countries one can visit, it is one of the countries in the world with a great historical background.  It is the home to the first world-size conqueror, Alexander the Great. Also in Macedonia, you would find the 66-metre-high Millennium cross, the biggest in the world so far, and the numerous mountains and mountain-peaks than you could ever find in any country in the world. The nation is located in the north of Greece and has a population of 2.1 million. Its main languages are Macedonian and Albanian.

9. South Africa

LPP: 1.04% lower

Rent: 83.67% cheaper

Groceries:  63.73% cheaper

Consumer Price: 56.88% cheaper

South Africa is one of the African countries with a multiethnic society encompassing a wide variety of cultures, languages, and religions. A larger percentage of the country’s economy is derived from tourism  as the country is endowed with numerous gifts of nature sure as the Tabel Mountain in Cape Town which is believed to be one of the oldest mountains in the world and one of the planet’s 12 main energy centres, radiating magnetic, electric or spiritual energy. Other places to visit in the country include the Boulders Beach, the meandering 850km road through Cape Winelands, known as the world’s longest wine route, the Bloukrans Bridge, Western Cape, and so many more. There are 11 official languages in South Africa. They include isiZulu (the most commonly spoken), Afrikaans, isiXhosa (2nd most common), siSwati, Sesotho, Xitsonga, Sepedi, isiNdebele, Setswana, Tshivenda­, and English, which is the language of business, politics and the media.

8. Tunisia

LPP:  59.81% lower

Rent: 93.9% cheaper

Groceries: 72.42% cheaper

Consumer Price: 71.26% cheaper

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From camel rides in the Sahara Desert to soaking your feet in the Mediterranean Sea, Tunisia is one of the small countries with varieties from the gift of nature. Officially known as the Tunisian Republic with Tunis as its capital, Tunisia is the smallest country in Northwestern Africa, bordered by Libya to the east and Algeria to the west. The country boasts of a total of 8 UNESCO World Heritage Sites, including a 6,000-year-old amphitheatre.

7. Pakistan

LPP: 60.05% higher

Rent: 94.97% cheaper

Groceries: 75.17% cheaper

Consumer Price: 72.82% cheaper

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Despite the rise of Islamic extremists, the Country of Pakistan still remains one of the cheapest places to live in the world. Located in  South Asia, the country shares a land border with Afghanistan, China, India and Iran. It is the land where sugarcane juice (also known as “roh”) is the national drink of the people. The national language of Pakistan is Urdu, although the official language is English. Other languages spoken include Saraiki, Punjabi, Pushto, Sindhi and Balochi. The name Pakistan means ‘land of the pure’ in Persian and Urdu.

6. Egypt

LPP: 70.61% higher

Rent: 94.97% cheaper

Groceries: 80.99% cheaper

Consumer Price:  77.64% cheaper

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Egypt is the home of pyramids with over 130 pyramids being discovered in the country. Most Ancient Egyptian pyramids were built as tombs for pharaohs (rulers of Ancient Egypt) and their families and the Pyramid of Khufu at Giza is known as the largest Egyptian pyramid. Also known as one of the ancient homes of civilization, Egypt invented lots of things we still use today, such as paper, pens, locks and keys and toothpaste. The country is also home to more than 1,000 gods which the citizens worship.

See Also: 10 Amazing Facts About South Africa

5. Mexico

LPP: 39.92% lower

Rent: 91.63% cheaper

Groceries: 71.94% cheaper

Consumer Price: 70.19% cheaper

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Also known as the United Mexican States, Mexico is well known as an amazing, thrilling, weird, and fun country despite being one of the largest countries in the world. Most fascinating about the country is its culture and rich history. Mexico is surrounded by beaches like the coastal resort town in Mexico called the Playa del Carmen, and the Cozumel island. Other places you can have your fun include the well-known “Ciudad Amarilla” (Yellow City) of Izamal, Acapulco and many more. Be sure to have some good quantity of alcoholic drinks and cuisines such as tequila, enchiladas, and tacos.

4. Libya

LPP: 32.65% higher

Rent: 81.2% cheaper

Groceries: 52.99 % cheaper

Consumer Price: 54.15 % cheaper

The country of Libya stretches along the northeast coast of Africa between Tunisia and Algeria on the west and Egypt on the east; with Sudan, Chad, and Niger to the south. You could pay a visit to the ‘Great Manmade River Project that is designed to carry vast quantities of sub-Saharan water to the coastal regions for irrigation, industry and drinking. You could also visit the Sahara desert that is about the size of the USA. To start a business in the country is equally easy as loans are given at a zero percent interest, no electricity bills and businesses, like farming, are heavily supported by the state government.

3. Belize

LPP: 34.33% lower

Rent: 88.65% lower

Groceries: 50.65% cheaper

Consumer Price: 44.2% cheaper

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Belize is a small Central American nation with a rich history and culture. Former British Honduras is one of the ultimate destinations for adventure and it has a low cost of living that makes it one of the cheapest countries to live in. Hiking, snorkelling, scuba diving, bird watching, and canoeing are among the numerous activities that lure visitors to the country. The country’s Barrier Reef which is situated almost half a mile away from the coast is a place to see. The reef is the longest of its kind in the Western Hemisphere and the second longest in the whole world.

2. Saudi Arabia

LPP: 38.05% lower

Rent: 85.64% cheaper

Groceries: 59.46% cheaper

Consumer Price: 51.63% cheaper

The country of Saudi Arabia is not just known for its rich oil wells but also for its economic, demographic, and cultural riches. Saudi’s Ghawar field is the largest in the world with an estimated 75 billion barrels of oil left. There are also places in the country that draws tourists interests. Places like the Mecca and Medina (the holy place) are one of such places that drive huge income for the country following the influx of Muslims from all walks of life.  Saudi Arabia’s primary ethnic group is Arab, and the main religion is Sunni Islam.

See Also: 10 Irresistible Reasons To Crash In Love With South Africa

1.India

Situated in Southern Asia, India is the second largest country in the world in terms of population. The country is also known for its rich economic and cultural value with agriculture being the dominant occupation and the most important economic sector for the country. You could tour the world largest movie industry, based in the city of Mumbai (known as the “City of Dreams”)or the frozen River Trek located in North India. Other areas that may interest you include the Manali-Leh Road Trip, Markha Valley Trek, Rishikesh etc.