The Expat Insider 2024 survey has unveiled the most affordable countries for expatriates based on a comprehensive Personal Finance Index.
This index assesses three crucial factors: the overall cost of living, satisfaction with personal finances, and the sufficiency of disposable household income for a comfortable lifestyle.
A total of 53 destinations met the survey’s criteria, which required at least 50 respondents per country.
According to Expat Insider 2024 by InterNations, the following ten countries have been ranked as the most affordable places to live based on housing costs, daily expenses, and overall quality of life.
Top 10 most affordable countries to live in 2024
| Rank | Country |
|---|---|
|
1 |
Vietnam |
|
2 |
Colombia |
|
3 |
Indonesia |
|
4 |
Panama |
|
5 |
Philippines |
|
6 |
India |
|
7 |
Mexico |
|
8 |
Thailand |
|
9 |
Brazil |
|
10 |
China |
Why these countries are affordable
The nations listed above attract expatriates and investors due to their lower costs of housing, food, healthcare, and transportation. Many of these countries also offer business-friendly environments, making them attractive for entrepreneurs looking to stretch their financial resources.
What Africa can learn from these economies
Notably, no other African cities, apart from Nairobi, Kenya were featured in the top or bottom rankings of the survey, indicating that either they did not meet the minimum respondent threshold or did not rank prominently in expatriates’ assessments of affordability and financial satisfaction.
Nairobi stands out as the highest-ranked African city in the survey. Kenya’s capital is known for its dynamic expatriate community, relatively affordable living costs compared to Western cities, and growing economic opportunities.
While African countries face economic challenges such as inflation and high living costs in some regions, there are opportunities to make life more affordable for citizens.
By focusing on key areas such as affordable housing, efficient public transport, and investment in local industries, African nations can lower the cost of living and attract foreign direct investment.
Africa’s position in the cost of living debate
Several African countries, such as Ghana, Kenya, and South Africa, have been attracting digital nomads and expatriates due to their relatively lower costs compared to Western nations. However, issues like currency fluctuations, import dependency, and inflation continue to impact affordability.
By learning from nations like Vietnam and India, where government policies have supported affordable housing, local manufacturing, and cost-effective transportation, Africa can implement strategies that benefit both locals and expatriates.
The affordability of a country not only affects its citizens but also determines how attractive it is to foreign investors, retirees, and digital nomads. Africa has the potential to position itself as a competitive and affordable destination by implementing policies that reduce living costs while ensuring economic growth.
