To find the cheapest countries to live in, GOBankingRates ranked nations by four key affordability metrics 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.

Cape Town – South Africa has been ranked as the cheapest country in the world to live and retire, according to a 2016 report which compares dollar strength to a number of global currencies.

Top 10 cheapest countries to live and retire are:

  1. South Africa
  2. India
  3. Kosovo
  4. Saudi Arabia
  5. Kazakhstan
  6. Zambia
  7. Oman
  8. Paraguay
  9. Czech Republic
  10. Macedonia

The complete list: HERE