According to a report by InterNations, Vietnam is the most affordable place to live for expats.
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Moving abroad may seem like a pipe dream, but it doesn’t have to break the bank.
One of the biggest factors to consider when deciding whether to move abroad to live or work is your personal finances.
For the fourth consecutive year, Vietnam Singapore is the most affordable country in the world for expats, ranking first out of 53 destinations in terms of personal finances, according to a survey. International Studies 2024.
To be clear, out of 53 rankings, it ranks 40th for quality of life, 29th for expat necessities such as digital living, housing and language, and 14th for working abroad – taking into account career prospects , salary and job security and other factors.
More than 12,000 expatriates from 174 locations around the world participated in wider activities Expat Insider 2024 The survey provided insights including The best and worst places to livequality of life, working abroad and personal finance.
for Personal Finance IndexInterNations asked survey respondents to rank their personal satisfaction in three areas: general cost of living, satisfaction with finances and whether disposable household income is enough to live comfortably.
The data were used to compile the report, which remains largely unchanged from last year, except for new entrant Brazil (9th), which replaced Malaysia, which fell from 5th in 2023 to 11th this year.
Here are the top 10 destinations that expats consider best for personal finances:
- Vietnam
- Colombia
- Indonesia
- Panama
- the Philippines
- India
- Mexico
- Thailand
- Brazil
- China
Asian countries dominate this year’s list, taking six of the top 10 spots. Southeast Asia stands out in particular, with Vietnam, Indonesia, the Philippines and Thailand all making the top ten.
Kathrin Chudoba, chief marketing officer of InterNations, said: “Housing is a big advantage in all four countries: Thailand ranks first, Vietnam ranks second, the Philippines ranks fifth, and Indonesia ranks eighth. ” CNBC Success. “Most foreigners find it easy to find housing and they are satisfied with how affordable it is.”
86% of expats living in Vietnam surveyed were satisfied with the cost of living in Vietnam, which is more than double the global average of 40%, and 65% of Vietnamese respondents said they were satisfied with their financial situation feel satisfied, compared with 54% globally.
Furthermore, the survey showed that 68% of respondents said their disposable household income was enough to live comfortably, compared with 41% globally.
Life here is stress-free for me, which is a wonderful change from my work life, which is very consuming and hectic.
British expats living in Vietnam
Not only is the cost of living low in Vietnam, but expat salaries tend to be higher.
According to InterNations, “nearly twice the global average (19% globally versus 10% globally) makes a total of $150,000 or more per year.”
Additionally, overall job satisfaction among expats in the country is very high. Vietnam jumps from 24th placeth Ranked 3rd last yearRD Chudoba said this factor is part of the “work culture and satisfaction” subcategory and will be implemented by 2024.
Overall, “work-life balance trumps career advancement” in Vietnam, the report said. Notably, less than half (46%) of the country’s expat population is employed full-time, compared with the global average of 57%. About one in five expats (21%) works part-time and about 18% are retired.
One British expat reported: “Life here is stress-free for me, which is a wonderful change from my working life, which is very consuming and hectic.”
In addition to measuring expats’ satisfaction with their personal financial situation, the InterNations Expat Insider study also gathered data on the best destinations for expats around the world.
The broader list explores how expats feel about other aspects of life abroad based on five indexes: overall happiness, quality of life, ease of settling in, working abroad and their “expat essentials” index, which is based on administrative , housing, digitalization and other aspects.
Of the 53 destinations worldwide, 4 Asian countries made it into this year’s overall top 10: Indonesia (3rd overall), Thailand (6th overall), Vietnam (8th overall) and the Philippines (overall No. 9).
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