The Expat Insider 2024 survey has unveiled the top 10 most affordable countries for expatriates, with Vietnam, Colombia, and Indonesia taking the top three spots. The survey, which considered factors such as housing costs, daily expenses, and overall quality of life, provides valuable insights for expats, retirees, and digital nomads looking to relocate.

The Personal Finance Index, which assesses the overall cost of living, satisfaction with personal finances, and the sufficiency of disposable household income for a comfortable lifestyle, ranked 53 destinations that met the survey's criteria of having at least 50 respondents per country. The top 10 most affordable countries for expatriates are Vietnam, Colombia, Indonesia, Panama, Philippines, India, Mexico, Thailand, Brazil, and China.

These countries attract expatriates and investors due to their lower costs of housing, food, healthcare, and transportation. Many of them also offer business-friendly environments, making them attractive for entrepreneurs looking to stretch their financial resources. The survey's findings highlight the importance of considering affordability when choosing a place to reside, especially for expatriates and digital nomads.

Notably, no other African cities, apart from Nairobi, Kenya, were featured in the top or bottom rankings of the survey, indicating that either they did not meet the minimum respondent threshold or did not rank prominently in expatriates' assessments of affordability and financial satisfaction. Nairobi stands out as the highest-ranked African city in the survey, known for its dynamic expatriate community, relatively affordable living costs compared to Western cities, and growing economic opportunities.

Africa can learn from these economies by focusing on key areas such as affordable housing, efficient public transport, and investment in local industries. By implementing policies that reduce living costs while ensuring economic growth, African nations can attract foreign direct investment and position themselves as competitive and affordable destinations.

The affordability of a country not only affects its citizens but also determines how attractive it is to foreign investors, retirees, and digital nomads. By learning from nations like Vietnam and India, where government policies have supported affordable housing, local manufacturing, and cost-effective transportation, Africa can implement strategies that benefit both locals and expatriates.

The Expat Insider 2024 survey provides valuable insights for expatriates, entrepreneurs, and policymakers looking to understand the complexities of affordability and its impact on the economy. As the global economy continues to evolve, understanding the factors that contribute to affordability will be crucial in attracting talent, investment, and driving economic growth.