Worldwide cost of living research reveals the most and least expensive places 

New analysis amid the cost-of-living crisis around the world puts Malta in the five least expensive countries and the UK as costlier, though with many other places even more so.   

The top 50 countries listing research, conducted by Clear Currency, found that there were over 20,000 internet searches in June related to moving abroad. It then analysed the cost of living (based on household services, food shopping and fuel) for the top 50 and ranked them in order of the cheapest.

In the UK, the Consumer Price Index rose by 8.2% in the 12 months to June with the largest upward contributions being household services (heating, water, cooling, electric), transport, and fuel. 

UK inflation is at a 40-year high of 9.4% as food and energy prices surge, with millions feeling the impact as the cost of living crisis deepens.

A recent analysis of household services, combined with average rent and food shopping, shows figures amounting to £1,493.32 per month in the UK, with the average net salary standing at £2,246.96 per month.

The UK ranks 20th out of the 50 countries for the highest cost of living based on household services, food shopping and fuel.

In the UK, household services and food shopping now average £401.27 per month, with rent averaging £1,092.05 a month.

In June, Clear Currency found that there were 21,220 searches related to moving to another country (Google Trends).

Australia, Canada and Spain were the top three most searched for countries.

In Spain, the figures show that the cost of household services averages £104.67 per month, and the purchase price of an apartment averages £2,162.97 per square metre. 

The average price of household services and food shopping puts Spain as one of the most popular and affordable countries, ranking in the top 20.

Further findings show that South Africa, Finland, Mexico, Turkey and Malta are also among the top 20 most searched for countries; and have the lowest cost of living, with average monthly costs of under £400pm.

A full league table of the top 50 countries, ranked by the cheapest average cost of food shopping, household services and fuel costs, is below:

• League table in ascending order from cheapest monthly cost of outgoings. Figures are taken from Numbeo.com - June 2022.

Gary O'Driscoll, head of private clients at Clear Currency said: "It's a well-known fact that the cost of living in the UK is at a worrying high, with basic necessities such as food and utilities taking up a huge proportion of monthly wages."

The average monthly salary in the UK is £2,246.96 a month after tax, which if you look at the data for June doesn't allow for much disposable income once bills are paid."

As a business, we're seeing an overall rise in demand for international money transfers, along with an increase in the number of clients relocating abroad post-pandemic".

"Using a currency specialist can help you minimise losses on, often hidden, transfer fees and help you achieve a favourable exchange rate. Having your own dedicated currency specialist can also help to protect against adverse fluctuations in the rate, allowing you to budget for your move overseas more effectively."

On the other end of the spectrum is Thailand: out of the 50 most searched for countries related to moving abroad, they rank 17th and are the most expensive country to live, with monthly outgoings for household services and food shopping costing on average £729.00.

Household services - heating, cooling, water, electricity - in the UK, average £168.75 per month as of June 2022, making the UK the sixth highest country for utility costs globally.

Of the 50 countries analysed, fuel and bills are the most expensive in Norway - £311.41 per month.

UAE and Greece complete the top three countries with the highest fuel prices. The UK ranks sixth for the highest fuel price, averaging £1.54 per litre.

Property purchase price per square metre and average monthly rent figures are below for the top 10 most searched for countries.

O'Driscoll added: "With inflation expected to increase further by the end of the year, and an ever-increasing cost of living - driven in part by the rising cost of energy - UK consumers are certainly set to feel the effects. This, coupled with the October energy price cap rise, could see a new wave of people leaving the country, as maintaining a decent standard of living in the UK becomes more and more unachievable."

The research into the current cost of living used June 2022 figures from Numbeo.com. and Google Trends research as of June 2022 to find the number of Google searches for moving abroad to every country in the world to produce a final list of the top 50.

A league table was created to show cost of living data for average household services, fuel, and food shopping costs.

The full range of data includes average food shopping costs based on popular products, cost of a meal out for two, basic clothing item costs, public transport ticket prices, leisure activity prices, fitness club monthly prices, fuel costs per litre, childcare costs and rent, as well as the cost of purchasing an apartment per square metre and inflation rates (Purchasing Power Parities 2010-2021).

Comparing to the United Kingdom, the cost of living for each country was analysed to show where you can live on £400 per month, or less, around the world based on household services, food shopping average costs and fuel.