The ranking is based on an expat survey in which respondents were asked about satisfaction with their financial situation, as well as whether a disposable household income is enough to lead a comfortable life or not.

According to InterNations, the country came top for the third consecutive time. The media outlet quoted an American expat as saying that Vietnamese people are very friendly, whilst the cost of living locally is very low.

“More than four in five expats (86%) living in Vietnam are happy with the country's cost of living while 68% say that their disposable household income is more than enough to lead a comfortable life,” it noted.

InterNations revealed that overall, 65% of expats are satisfied with their financial situation in the country and this isn't just due to the relative low cost of living.

Just under one in five expats in the nation say they earn US$150,000, equal to £118,000, a year.

Meanwhile, Colombia ranks second-best for affordability with nearly nine out of 10 expats, 85% of those surveyed, saying that they are satisfied with the South American country's low cost of living, while 91% say their disposable income is more than enough to lead a comfortable life.  Indonesia places third on the list.

“More than two thirds of expats (69%) living in Indonesia are happy with the country's cost of living while 86 per cent said their disposable income was enough to lead a comfortable life,” InterNations concluded.

Rounding off the list of the top cheapest countries to be an expat in 2024 is Panama, the Philippines, India, Mexico, Thailand, Brazil, China, Malaysia, and Oman.

Meanwhile, Canada was named as the priciest countries for expats, followed by Finland, the UK, Ireland, Norway, Singapore, and New Zealand.