Photo from UNIAN

The ranking includes 112 countries and is compiled taking into account four main indicators – purchasing power based on the average salary in a country, the rent index, the food index and the consumer price index.

Among the 50 cheapest countries rent is at least 70% lower than in New York, groceries are at least 40% cheaper, and consumer goods and services cost less by 30% or more. Local purchasing power does vary greatly among these cheap countries, however.

South Africa is called the cheapest country to live in, followed by India (ranked 2nd) and Kosovo (ranked 3rd). The top ten cheapest countries include Saudi Arabia, Kazakhstan, Zambia, Oman, Paraguay, the Czech Republic and Macedonia. Poland is ranked 12th, Moldova – 15th, Hungary – 38th. Russia is placed 39th in the ranking. The top ten most expensive countries to live in include Bermuda, the Bahamas, Hong Kong, Switzerland, Ghana, Norway, Iceland, Kuwait, Japan, Singapore and Mongolia.

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The Ukrainian capital Kyiv was called the least expensive city in the ranking of world's most costly cities, according to a study by UBS Group AG in 2015. Zurich topped the list of the most expensive cities in the world.