Mongolia is one of the most expensive countries to live

To find the cheapest countries to live in, GoBankingRates ranked nations by four key affordability metrics provided by online pricing database Numbeo:

• Local purchasing power index: Measures the relative purchasing power of a typical salary in that country, compared to New York City. A lower purchasing power buys fewer goods, while a higher purchasing power buys more.
• Rent index: Compares typical rental prices in the country to New York City.
• Groceries index: Compares typical grocery prices in the country to New York City.
• Consumer price index: Compares costs of local goods and services — including restaurants, groceries, transportation and utilities — to New York City.

However Mongolia ranks 103rd out of 112 countries and listed in the most expensive ten countries to live. 

Following is the most expensive countries to live:

• Mongolia (103),
• Singapore (104),
• Kuwait (105),
• Iceland (106),
• Norway (107),
• Ghana (108),
• Switzerland (109),
• Hong Kong (110),
• Bahamas (111),
• Bermuda (112)

Source: www.time.com