South Africa was announced by a 2016 report as being the cheapest country in the world to live or retire in.
Using Numbeo, the largest database of cities and countries globally, data were gathered to compare the cost of living and purchasing power of different countries. Using these statistics, GoBankingRates analysed the cost indicators of the top cities across 112 nations. The study concluded that South Africa had the lowest living costs to average salary ratio, IOL reported.
Using median cost indicators of the cities, the database generated a typical cost index for the country.
The study compared the cost index with New York City. It revealed that local fiscal strength in South Africa is 26.9% higher; Groceries are 71% cheaper ; Rent is 87.5% cheaper; Goods and services are 65.8% cheaper.
Monthly expenses in Cape Town are only under R6 200 which is $400 at R15.31/$1. Furthermore, the average rent of a one-bedroom in Durban is around R4 200 which is $280 a month, Traveller24 reported.
East Cost Radio analyst Mike Schussler reports that you have to work less in South Africa for a loaf of bread in minutes than one would need in London. He claimed South Africans need to appreciate the fact that they've done pretty well. He recognized that the problem with South Africans was the tendency to to tell people how poor they were because of their belief in their own negativity. Schussler urged his fellow citizens to realize that they were on the better side of most things and that they were on the cheaper side of most things.
India held the title of second-cheapest country in the world. Other top 10 cheapest countries were: Saudi Arabia, Kosovo, Zambia, Kazakhstan, Oman, Czech Republic, Paraguay and Macedonia.
South Africa was also the world's largest producer of chromium, gold and platinum, which supports further enrichment of the country and its economy.
