5 Cheapest Countries in the World in 2024

4. Madagascar

Living Costs Per Capita: $401

Madagascar is a coastal country that is one of the largest island nations in the world. It has a $15.7 billion economy and a GDP per capita of $529. As well as being one of the cheapest countries in the world, Madagascar is also one of the poorest countries, and most of its population lives below the poverty line. Agriculture and tourism are key sectors of its economy, and on the latter front, Madagascar benefits from its unique biodiversity and island status.