A new report has ranked South Africa as the cheapest country in the world to live and retire. GoBankingRates ranked 112 nations by four key affordability metricsprovided by online pricing database Numbeo. The key points are compared to living costs in New York City and found the following.
When compared to New York, local purchasing power (which measures the relative purchasing power of a typical salary in that country) in South Africa was 26.9% higher in South Africa. Rent is 87.5% cheaper while groceries are 71% cheaper.Local goods and services are also 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,” GoBanking Rates said.
India was second on the list with local purchasing power of 20.9% lower than New York, while rent is 95.2% cheaper, groceries are 74.4% cheaper, and local goods and services are 74.9% cheaper.