Cost of Living Comparisons: Relocating to Europe vs. Asia
According to the United Nations, the continents of Europe and Asia are home to more than 40 countries each. Both have extremely affordable and very expensive countries to live in, and for expats debating moving to one of these parts of the world, it’s a good idea to compare the costs of living to know where you’ll get the most bang for your buck.
In this article, we’ll explore some of the most popular European and Asian expat destinations with the highest and lowest costs of living. From Switzerland to Thailand, here’s what you can expect to pay to live comfortably abroad.
What is the Cost of Living Index?
The cost of living is an indication of how expensive it is to live in a particular country. All indices reported below have been sourced by Numbeo; the higher the number, the more expensive it is to live there.
All dollar figures have been sourced from Living Cost, an online database that indicates the monthly cost of living, including rent, for every country. Living Cost also has a feature that allows you to compare monthly expenses between countries and cities — a great tool that can show you the cost of living in Europe or Asia with the cost of living where you are now.
The Cost of Living in Europe
Of all the countries on earth, 10 of the top 20 most expensive places to live are in Europe.
Regionally, the Nordic countries (Denmark, Finland, Sweden, Iceland, and Norway) are the most expensive. Northern European countries, including the UK, and Western European countries are generally the second most expensive areas to live in. Southern Europe tends to be slightly less expensive, and Eastern Europe is by far the most affordable region to live in.
THE most expensive country to live in all of Europe is Switzerland. With a cost of living index of 101.1, it costs about $3,000 per month for one person to live in Switzerland, which is 2.72 times more expensive than the global average cost of living.
Located on the pricey Scandinavian Peninsula, Norway has a cost of living index of 76.0. Living comfortably in Norway costs about $2,035 per person, per month, about 1.86 times more expensive than the world average.
France has always been a popular expat destination, but it will cost you. With a cost of living index of 63.7, it may seem like a bargain in comparison to Switzerland, but it remains the 15th most expensive country in the world. The average cost per person per month to live in France is about $1,620.
If you want to live in Paris, especially in the safe Parisian neighborhoods highlighted in this article, expect to spend upwards of $2,350 per month.
Countries With Low Costs of Living in Europe
For a more affordable European experience, consider moving to gorgeous Spain or the incredible Mediterranean countries of Greece or Italy. Here’s how these countries compare to Switzerland, Norway, and France:
- Spain: Cost of Living Index 47.3 ($1,480 per person, per month)
- Greece: Cost of Living Index 52.0 ($1,185 per person, per month)
- Italy: Cost of Living Index 56.2 ($1,493 per person, per month)
The Cost of Living in Asia
Singapore isn’t just a stunning country — with a cost of living index of 76.7, it’s THE most expensive country in Asia and the 4th most expensive country in the world. You can expect to spend $3,160 per person per month to live here, which is approximately 265% higher than in nearby Malaysia with a cost of living index of just 30.
Hong Kong’s cost of living index is 70.8, and it costs about $2,750 per person per month. A region of China though not governed as such, it’s the 8th most expensive place to live in the world, with average monthly rents in the $1,850 range. You’ll spend about 75% less to live in other parts of China, where monthly rent and utilities for one person cost less than $300.
South Korea has a cost of living index of 60.1. With monthly expenses costing about $1,140 per person per month, it’s far less expensive than many countries in Europe yet considerably more expensive than most other Asian countries.
In comparison to nearby mainland China across the Yellow Sea, it costs about 40% more per month to live in South Korea and about 50% more per month if you choose to live in the capital city of Seoul.
Countries With Low Costs of Living in Asia
For a more affordable Asian adventure abroad, consider moving to the island of Indonesia, captivating Vietnam, or exotic Thailand. Here’s how these countries compare to Singapore, Hong Kong, and South Korea:
- Indonesia: Cost of Living Index 26.7 ($610 per person, per month)
- Vietnam: Cost of Living Index 28.7 ($625 per person, per month)
- Thailand: Cost of Living Index 34.1 ($880 per person, per month)
In Conclusion
In general, it costs more to live in Europe than to live in Asia. However, many popular expat destinations in the EU cost less than the expensive Asian locales of Singapore and Hong Kong.
No matter where you’re thinking about moving, research the cost of living, see how that compares with salary rates and tax rates, and assess your overall financial situation before applying for a visa and booking a flight. Living abroad should be an exciting adventure, not an experience that you realize you can’t afford once you’re already there.
