Six Asian countries make it to the top 10, with the Philippines sitting comfortably on the fifth spot.
Being a digital nomad has become an increasingly popular concept among millennials and Gen Zs. This comes as no surprise, with the allure of traveling to different locations and staying for an extended period of time while working and earning a steady stream of income.
Digital nomads often work in coffee shops, co-working spaces, or public libraries, relying on devices with wireless internet capabilities like smartphones and mobile hotspots to do their work wherever and whenever they want. It’s good to know then before traveling to a target destination if these remote work necessities are not only reliable but affordable and accessible as well.
If you’re thinking of being a digital nomad yourself, Internations Personal Finance Index just released its Best (& Worst) Countries for Your Wallet in 2024 list. Six of the top 10 countries are in Asia: Vietnam (1st), Indonesia (3rd), the Philippines (5th), India (6th), Thailand (8th), and China (10th).
These countries performed “exceptionally well” across the index’s three components, according to expats surveyed.
The remaining four are in Latin America: Colombia (2nd), Panama (4th), Mexico (7th), and Brazil (9th).
The survey had expats rating three different factors on a scale of one (very bad) to seven (very good): general cost of living; satisfaction with their financial situation; and whether a respondent’s disposable household income is enough to lead a comfortable life.
To be featured in the ranking, a country must have a minimum of 50 respondents. In 2024, the Personal Finance Index polled over 12,000 expats in 174 destinations (53 countries) around the world.
Vietnam topped the rankings for the third year in a row, with 86% of expats rating the cost of living favourably, compared with a global average of just 40%. Over two-thirds (68%) also said their disposable household income was more than enough to live a comfortable life (versus 41% globally).
Colombia climbed from seventh to second place this year with 85% of foreign residents highlighting the low living costs. Indonesia, meanwhile, ranks third this year, with 69% of those surveyed saying their incomes are more than adequate to live a comfortable life there.
With the Philippines ranking fifth, you may want to pack your bags, book your ticket to an island (or even mountain!) destination, and set up your remote office. No need to look very far!
There was little change in the top 10 of the Personal Finance Index from 2023.
Over at the opposite end of the spectrum, Canada takes the bottom spot with more than half of respondents (53%) saying their disposable household income is insufficient to live comfortably compared to 30% globally.
Expats in Canada continue to face rising prices, particularly when it comes to food, rent, and mortgages.
Singapore ranked lowest in Asia (48th out of 53 countries), with three-quarters (75%) of respondents rating the cost of living negatively, against 39% globally.
If you’re planning to become a digital nomad yourself, you may want to avoid these bottom 10 countries:
44. Kuwait
45. Turkey
46. Bahrain
47. New Zealand
48. Singapore
49. Norway
50. Ireland
51. United Kingdom
52. Finland
53. Canada
Here’s the full rankings of the 53 countries surveyed:
