According to a report released by GoBankingRates, South Africa has been listed as the cheapest place to live and retire in.
According to their website, the countries were ranked based on the following 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.
Here is the top 10 cheapest countries to live and retire are:
- South Africa
- Saudi Arabia
- Czech Republic
Africa is really not lacking behind as a good place to be in though with two places on this list.