Economy

This Is the Country Where $1,000 Lasts the Shortest Amount of Time

Douglas A. McIntyre

Published: October 19, 2021 10:30 am

Cost of living is a measure often used to determine how much money people have to make to cover the expenses of housing, transportation, food and clothing. Some yardsticks also include education and energy. These factors become particularly important during periods of inflation. For example, the price of gasoline in the United States had doubled in the past year. Car prices are up by double-digit percentages. So is the price of some food. While wages also have risen for many jobs in the United States, there is no guarantee they will keep up, particularly if the costs of basic goods and services continue to rise quickly.
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Money.co.uk looked at how much a dollar is worth across a number of countries in a report titled “£1,000 around the world.” For our purposes, we changed these into dollars at a rate of $1,367.95. The figure was then measured against how long the money would last in a number of countries. The authors described their method:

Our personal finance experts have analysed the global living prices in developed nations around the globe, to discover where you can live on £1,000 the longest. Furthermore, the average income of the same set of countries has been studied to discover where you can earn £1,000 the fastest.

The United States ranked in the middle, at 22nd place. The cost of living in America, the research shows, is $30.89 per day. That means $1,000 would last for 33 days.

The U.S. figure is far below the nation in first place. The cost of living in Switzerland is $52.01 a day, which means $1,000 would last only 20 days. Several Scandinavian countries are in the top 10. These include Norway (24 days), Iceland (25 days) and Denmark (28 days).

These are the 10 counties where $1,000 last for the shortest amount of time:

Click here to read about the average cost of a house in each state.