Lowest cost of living: In today’s economy, most of us will try to come up with ways that will help us spend less and maybe save up some money. But sometimes, the best way to make the most of your money is by moving to another country, with a less expensive cost of living.
We would like to present you with a list we have compiled of the top 20 countries in the world with the lowest cost of living. The 20 countries were ranked according to the consumer price index for 2013. This indicator represents the relative price of consumer goods, excluding mortgage and rent.
The figures in this countdown are correlated with New York City, US, meaning that all indicators for New York should be 100%. If a country has an index of 80%, it means that the people from that particular nation spend approximately 20% less on consumer goods than New York residents. The rent index estimates the cost for renting a real estate property. The grocery index is an estimate of how much residents from a certain country pay for grocery products. Finally, the restaurant index estimates the cost for meals or drinks at dinning places, restaurants, bars, or pubs.
Once again, these indicators are also correlated to those of New York City. For example, Nepal, which has emerged as this year’s least expensive country, has a rent index of 3.66, meaning that it residents pay almost 96% for rent than people living in New York.
Looking for a place to retire? Or just curious about how people in other countries handle their finances? Let’s take a look at the countdown, in a style similar to our coverage of the biggest mines in the world.
Check out the countries with the lowest cost of living on the following pages: