Canada sits bottom in global cost-of-living rankings, Cyprus third bottom

A Swiss-based expatriate network has revealed the most and least affordable countries to live in, with Vietnam maintaining its position as the most cost-effective nation for the third consecutive year, whilst Canada ranks as the most expensive among 53 countries surveyed.

The study, conducted by InterNations, assessed expatriates’ satisfaction with their financial situation and whether their household income was sufficient for a comfortable lifestyle.

In Vietnam, 86 per cent of respondents expressed satisfaction with the country’s cost of living, with 68 per cent reporting their household income as more than adequate for a comfortable life. An American migrant told InterNations: “People are very friendly and the cost of living is very low.”

The study found that 65 per cent of migrants were satisfied with their financial situation in Vietnam, with nearly one-fifth of respondents earning annual incomes exceeding $150,000.

Colombia and Indonesia secured the second and third positions respectively in the affordability rankings, whilst Greece placed 24th.

At the opposite end of the spectrum, Canada emerged as the least affordable country, followed by Finland and the United Kingdom. A Spanish migrant in Canada told InterNations: “The cost of living is insanely expensive. Going out for food or drinks feels like a luxury.”

The research revealed that 53 per cent of respondents in Canada reported their disposable income as insufficient for a comfortable lifestyle. Two-thirds of expatriates described the country as expensive, whilst 26 per cent characterised their financial situation as “very poor”.

Cyprus ranked 38th in affordability among the surveyed nations, which included countries across Asia, Europe, the Americas, and the Middle East.

The rankings were based on expatriates’ responses regarding their financial satisfaction and ability to maintain a comfortable standard of living with their household income.