The 10 Most Affordable Countries
Being affordable is a quality that factors into the overall U.S. News Best Countries rankings and Quality of Life sub ranking. According to U.S. News, these are the top 10 countries viewed as most affordable by global survey respondents.
Let's take a look at what these countries have to offer.
Cambodia
#10 in "Affordable"
#64 in "Best Countries Overall"
GDP: $30 billion
Population: 16.8 million
Officially named the Kingdom of Cambodia, and affectionately called the Kingdom of Wonder, the country has a rich cultural history. The majority of the population live outside the country’s major cities and the economy is largely based around agriculture and forestry.
The cost of living in Cambodia is said to be very affordable with everything from rent and groceries to restaurants and transportation proving to be of excellent value for the money spent.
Mexico
#9 in "Affordable"
#33 in "Best Countries Overall"
GDP: $1.41 trillion
Population: 128 million
Mexico is the third-largest country in Latin America and has the second-largest economy. Each year, Mexican workers living in the US send billions of dollars back home. Most of the Mexican economy relies on services with trade, transportation, finance, and government, accounting for about two-thirds of gross domestic product.
The cost of living in Mexico is 45.7% lower than in the US. Everything from rent and food to utilities and transportation is more affordable in Mexico than in the US.
8. China
#8 in "Affordable"
#20 in "Best Countries Overall"
GDP: $18 trillion
Population: 1.41 billion
China is home to one of the oldest civilizations and is the world’s most populous country. It has also been one of the fastest growing economies in the world, becoming the second largest after the United States.
The cost of living in China is lower than in many Western countries and is said to have a reasonable balance between affordability and quality of life.
Türkiye
#7 in "Affordable"
#32 in "Best Countries Overall"
GDP: $906 billion
Population: 85.3 million
Türkiye is expected to be one of the fastest growing members of the Organization for Economic Cooperation and Development. Increased privatization in the finance sector has helped create a dynamic and resilient economy, appealing to foreign investments.
The cost of living in Türkiye is about 1.57 times less expensive than the world average and significantly lower compared to the United States.
Mostafameraji, CC BY-SA 4.0, Wikimedia Commons
Malaysia
#6 in "Affordable"
#38 in "Best Countries Overall"
GDP: $406 billion
Population: 33.9 million
Malaysia is a small country with a fast-growing economy. The country has an open, diversified, upper-middle income economy with less than one percent of households living below the poverty line.
The cost of living in Malaysia is on average 43.47% lower than in the United Kingdom, and 51.74% lower than in the United States.
India
#5 in "Affordable"
#30 in "Best Countries Overall"
GDP: $3.39 trillion
Population: 1.42 billion
India is the world’s second most-populous nation after China. It has a fast-growing, diverse economy with a large, skilled workforce. However, due to its large population, it is also one of the poorest countries in the world based on income and GDP per capita.
While India has an upper class that enjoys a lifestyle similar to those of Western and East Asian elites, many of its citizens live in poverty. However, the country is said to offer a range of living costs, with some areas being very affordable.
Indonesia
#4 in "Affordable"
#41 in "Best Countries Overall"
GDP: $1.32 trillion
Population: 276 million
Indonesia is the world's largest archipelagic state and the world’s biggest Muslim-majority nation. It is also the region’s biggest economy and part of the G20 group of the world’s richest nations. Manufacturing is the largest single component of the country’s economy.
While poverty can remain a concern, Indonesia ranked second after Panama in terms of financial satisfaction.
Philippines
#3 in "Affordable"
#43 in "Best Countries Overall"
GDP: $404 billion
Population: 116 million
The tropical nation of the Philippines is home to over 100 million people, making it the 13th-most populous nation in the world. It also takes third place on the list for affordability.
Every year, the economy is flooded with billions of dollars sent home by a large number of Filipinos living abroad. Along with a flourishing tourism industry, this has helped maintain a budget surplus.
The Philippines is said to have an extremely low cost-of-living, making it easy to live a comfortable, or even extravagant life, even on a small budget.
Vietnam
#2 in "Affordable"
#44 in "Best Countries Overall"
GDP: $409 billion
Population: 98.2 million
Coming in second for affordability, Vietnam has become a more modern, competitive nation working to achieve sustainable development through more open trade and industry—including food processing, garment manufacturing, machine-building, and mining.
Poverty rates have declined significantly over the years, securing its place in the top two most affordable countries for many years now. In fact, 86% of expats rate Vietnam’s cost of living favorably, with 65% of citizens reporting they are satisfied with their financial situation.
Vyacheslav Argenberg, CC BY 4.0, Wikimedia Commons
Thailand
#1 in "Affordable"
#29 in "Best Countries Overall"
GDP: $495 billion
Population: 71.7 million
Thailand, which translates to “land of the free,” is one of the world’s most visited countries, and tops the list as the most affordable country in the world.
A substantial agriculture sector and competitive manufacturing industry have maintained low poverty and unemployment rates. It is the world’s largest exporter of rice and a leader in textiles, tin, and electronics.
It tops the charts for affordability thanks to its inexpensive housing and utilities.
