£1,000 around the world

In the current climate making sure the money in your current account can go as far as possible is incredibly important. 

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. 

Top three nations where £1,000 will last the longest  

To calculate the developed nations where £1,000 will last the longest data was taken from the Cost of Living Index. The Cost of Living Index is formed by using a number of cost of living factors such as groceries, utilities and transport.

1: Colombia, £1,000 will last 109 days

Colombia is the nation where £1,000 will last you the longest, 109 days in total. The average cost of living per day in Colombia is £9.19 (just under £10 lower than the worldwide average of £19.13). Consequently, £1,000 will last you longer here than anywhere else. 

2: Turkey, £1,000 will last 103 days

Turkey is the only other country along with Colombia where daily living costs are under £10 (£9.72 in total). In Turkey, the four-figure budget will last 103 days on average, although this is six days fewer than Colombia, it is almost double the global average. 

3: Kazakhstan, £1,000 will last 100 days

The cost of living in Kazakhstan is £10.10 per day on average, meaning that £1,000 can last 100 days in the central Asian nation. This total is just under 10 days less than how far £1,000 will stretch in Colombia, but it is 42 more days than the average.

The countries where £1,000 will last the shortest amount of time

1: Switzerland, £1,000 will last 27 days

At the other end of the scale, £1,000 will last less than a month in Switzerland as high living costs are £37.96 per day on average. Comparatively, this is just under £20 higher than the global average and over £27 more than in Colombia.  

2: Liechtenstein, £1,000 will last 33 days 

The small alpine state of Liechtenstein has the second-highest cost of living and as a result, £1,000 will only last 32 days on average. Liechtenstein shares a currency and has a monetary union with Switzerland, although costs are slightly cheaper in Liechtenstein. 

2: Norway, £1,000 will last 33 days 

In Norway, £1,000 will also last as long as in Liechtenstein, 33 days. Norwegian living costs an average of £30.53 per day, around £11 more than the global average. 

The countries where you can earn £1,000 the fastest

1: Liechtenstein, 4 working days to earn £1,000

It may only be a tiny nation, but earnings in Liechtenstein are by far the highest of the countries that we looked at, at £85,589 a year, this also means that it’s the quickest nation to reach earnings of a thousand pounds, taking just four working days, on average, to do so.

2: Switzerland, 5 working days to earn £1,000

While Switzerland is the most expensive country to live in, it has one of the highest incomes too, at £64,204. On average you could earn £1,000 every five working days. 

2: Norway, 5 working days to earn £1,000

Norway's average annual income is just under the £60,000 mark, and consequently, daily earnings of £219.70 are around £25 less than in Switzerland. Therefore, it takes an average of five working days to earn £1,000.

2: Luxembourg, 5 working days to earn £1,000

Another nation where it takes five days to earn £1,000 is Luxembourg, this means that Luxembourgers can earn a grand 33 days faster than people in most nations around the world. 

2: Iceland, 5 working days to earn £1,000

Iceland is another country where you could earn £1,000 in five days and on average Icelandic workers earn just under £205 every day.

The countries where you have to work the longest to earn £1,000

1: Colombia, 62 working days to earn £1,000

Colombia is in complete opposition to Switzerland as it is the nation where £1,000 will last the longest, but it is also where it takes the longest to earn the same amount. The daily average income is £16.23 so in total it will take 62 days to earn £1,000.

2: Belarus, 57 working days to earn £1,000

Similarly, in Belarus, it takes a long time to earn £1,000 as it averages 57 working days. The daily income in Belarus is £17.77 on average, which is extremely low when compared to a global average of £87.11.

3: Serbia, 49 working days to earn £1,000

Serbia is the nation with the third-lowest average income and consequently, it takes 49 working days to earn £1,000. This is just under 30 days longer than the global average, and 44 days longer than in Switzerland.