• Other side of the coin

    Other side of the coin

    The cost of living in 2016 has become more expensive for South Africans. However, the country is the cheapest in the world for foreigners who are looking to retire or relocate.

    Data from Numbeo and GoBankingRates, which compiles information from four different indicators – local purchasing power, rent, groceries and consumer prices, determines the countries that have the most affordable cost of living for expats (in relation to the dollar and the cost of living in New York City).

    According to a Business Tech report, statistics show that the South African rand has roughly double the purchasing power than that of the dollar for expats, rent is nearly 88% cheaper, groceries more than 70%, and local goods and services are on the cusp of being 66% more cost effective. But while South Africa is seen as a desirable destination due to the favourable exchange rate, Ghana and Tanzania are at the other end of the scale being in the top 20 most expensive countries.

    20 September 2016
    Image: Gallo/Getty Images