£1,000 around the world

Some countries are often perceived as more expensive, or more affordable than others. But where in the world is truly the most affordable, and where can a set amount of money last the longest?

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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. 

Ensure that you’re looking after your own earnings and compare our best current accounts 

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.

Updated 8 October 2021
RankCountryCost Of Living Per Day (Local Currency)Cost Of Living Per Day (£)How Many Days Would £1,000 (Or Local Equivalent) Last You
1Colombia$48,344£9.19109
2Turkey₺116.87£9.72103
3Kazakhstan₸5,892.16£10.10100
4Belarus36 р.£10.4496
5Argentina$1,437.99£10.6494
6MalaysiaRM63.11£11.0191
7Mexico$317.58£11.5587
8RomaniaRON68.05£11.7586
9Serbiadin1,643£11.9384
10Bulgarialev27.98£12.2782
11Russia1,252.84 ₽£12.5480
11Montenegro€14.62£12.6080
13MauritiusMURs793£13.5874
13HungaryFt5,670.32£13.6174
15Poland75.06 zł£13.9272
16Lithuania€17.15£14.7968
17Portugal€17.47£15.0667
18Slovakia€17.73£15.2966
18Costa Rica₡13,145£15.3366

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. 

Updated 8 October 2021
RankCountryCost Of Living Per Day (Local Currency)Cost Of Living Per Day (£)How Many Days Would £1,000 (Or Local Equivalent) Last You
1SwitzerlandCHF47.84£37.9627
2Norway359.59 kr£30.5333
2LiechtensteinCHF38.91£30.8833
4Iceland€33.62£28.9935
5Barbados$74.36£27.1437
6Japan¥3,994£26.4538
6Bahamas$36.50£26.6538
8Luxembourg€30.29£26.1139
8Denmark227.51 kr.£26.1839
8Hong Kong279.3727562£26.1839
8Israel₪115.17£26.2939
12Austria€27.65£23.8342
12Netherlands€27.93£24.0842
14Ireland€27.13£23.3943
14South Korea₩38,039£23.6143
14Singapore$43.83£23.6943
17Finland€26.39£22.7544
17France€26.55£22.8944
17Sweden273.90 kr£23.0744
17Australia$43.55£23.1644

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.

Updated 8 October 2021
RankCountryAverage Annual Income (Local Currency)Average Annual Income (£)Average Working Daily Income (Local Currency)Average Working Daily Income (£)How Long Will It Take To Earn £1,000
1LiechtensteinCHF107,828£85,589CHF415£3294
2SwitzerlandCHF81,081£64,204CHF312£2475
2Norway664,817 NOkr£57,1232,557 NOkr£2205
2Luxembourg€63,333£53,947€244£2075
2Iceland€62,502£53,239€240£2055
6United States$65,507£48,114$252£1856
6Ireland€54,394£46,333€209£1786
6Denmarkkr.399,802£45,786kr.1,538£1766
9QatarRial203,372£41,033Rial782£1587
9Sweden467,121 SEK kr£39,2741,797 SEK kr£1517
9AustraliaAU$73,342£39,223AU$282£1517
9Netherlands€45,430£38,697€175£1497
9Austria€44,042£37,515€169£1447
9SingaporeS$74,543£40,379S$287£1557
15Finland€42,525£36,223€164£1398
15Belgium€41,102£35,011€158£1358
15Germany€40,262£34,295€155£1328
15Hong KongHK$378,434£35,748HK$1,456£1378

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 India 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.

Updated 8 October 2021
RankCountryAverage Annual Income (Local Currency)Average Annual Income (£)Average Working Daily Income (Local Currency)Average Working Daily Income (£)How Long Will It Take To Earn £1,000
1ColombiaCOL$21,796,480£4,219COL$83,833£1662
2Belarus15,705 р.£4,62160 р.£1857
3Serbiadin746,082£5,402din2,870£2149
4Montenegro€6,770£5,767€26£2246
5MexicoMex$173,480£6,190Mex$667£2443
6Kazakhstan₸3,668,734£6,336₸14,111£2442
7Turkey₺79,772£6,607₺307£2540
7ArgentinaAR$877,059£6,519AR$3,373£2540
9Bulgarialev15,987£6,964lev61£2738
10MauritiusMURs435,531£7,468MURs1,675£2935
11Russia770,366 ₽£7,8042,963 ₽£3034
11MalaysiaRM43,962£7,723RM169£3034
13Costa Rica₡7,121,229£8,366₡27,389£3232
14Panama$11,807£8,672$45£3330
15RomaniaRON53,304£9,176RON205£3529
16ChileCL$10,850,799£9,833CL$41,734£3827
17Croatiakn91,305£10,359kn351£4026
17OmanRial5,410£10,330Rial21£4026
19BarbadosBds$28,716£10,556Bds$110£4125
20Poland60,341 zł£11,147232 zł£4324

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