Ever wondered why money seems to slip through your hands every month? Well, a recent study by money.co.uk has analysed how long £1000 lasts in various countries around the world. In their findings, they found that in Singapore, that amount will last approximately 43 days as cost of living in the country is equivalent to £23.69 (S$43.83) a day. It is the 14th shortest amount of time in the world.

Earning Versus Spending

The study by money.co.uk analysed the daily cost of living and average income in developed nations around the world to reveal where in the world £1000 lasts the longest. They also reveal which country earns that figure the fastest.

how long £1000 lasts According to the study, Colombia is the nation where £1000 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, £1000 will last you longer here than anywhere else.

Colombia 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 £1000. Turkey is the only other country 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.  The country where £1000 will last you the shortest amount of time is  Switzerland. Here, the average cost of living is £37.96 a day which means £1000 will last approximately 27 days.

In terms of where you can earn £1000 the fastest, Liechtenstein takes the lead. It only takes four working days to earn £1000. Although just a tiny nation, earnings in Liechtenstein are by far the highest of the countries on the list 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.

With an average annual income of £40,379 (S$74,543), it takes approximately seven days on average to earn a thousand pounds in Singapore. Check out the full report here.

Top 10 countries where £1000 would last you the longest

Rank

Country

Average cost of living per day (Local currency)

Average cost of living per day (GBP)

How many days would £1,000 (or local equivalent) last you

1

Colombia

$48,344

£9.19

109

2

Turkey

₺116.87

£9.72

103

3

Kazakhstan

₸5,892.16

£10.10

100

4

Belarus

36 р.

£10.44

96

5

Argentina

$1,437.99

£10.64

94

6

Malaysia

RM63.11

£11.01

91

7

Mexico

$317.58

£11.55

87

8

Romania

RON68.05

£11.75

86

9

Serbia

din1,643

£11.93

84

10

Bulgaria

lev27.98

£12.27

82

(Main and featured image: Jason Leung/Unsplash)

written by.
Richard Augustin
Former chef turned writer; Richard has tip-toed around the publishing industry for two decades. When not busy chasing deadlines, you can still find him experimenting with recipes in the kitchen.

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