The below infographic shows the cheapest and most expensive places to live in out of 119 countries in comparison with prices found in New York.
The top five cheapest countries, based on data from the Consumer Price Index, include Asian and north African nations India, Nepal, Pakistan, Tunisia and Algeria.
The five countries most likely to drain your bank account when paying for essential items and services are listed as Switzerland, Norway, Venezuela, Iceland and Denmark.
The UK ranked tenth in the analysis which took into account the cost of food at supermarkets, transport, restaurants, utilities.
Other essentials such as housing, clothing and education were not included in the graphic originally posted on expat website MoveHub.
The costs of groceries were made up of prices for meat, bread, eggs, rice, fruit, vegetables and alcohol. Transport costs include one-way tickets, monthly passes, taxi fares, the price of petrol and also the cost of a car, namely a Volkswagen Golf.
Utility costs were determined by rates for electricity, heating, water and internet among data collected by global price database Numbeo.
If a country has a CPI of 70, it is 30% cheaper to live in on average compared to New York. On the other hand, if it has a CPI of 120 then it is ranked 20% more expensive.
Those on a budget who are considering moving to mainland Europe should look towards the eastern countries such as Moldova, Macedonia, Georgia, Poland, Czech Republic and Bulgaria.
Egypt, Morocco, Colombia and the Philippines are also ranked as some of the cheapest nations.
Large swathes of central and western Africa were left out of the graph due to the lack of data. Ranking including rent can be found on the Numbeo data site.
Join our new commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies