A newly released study by Nebeus ranks South Africa as the fourth most popular global digital nomad destination, with remote workers able to maximise their savings while benefiting from a high quality of life.

Nebeus is a financial services provider specialising in global payments.

The study shows that South Africa is among the most affordable places to live for many remote workers, with an average cost of living of about $1 000 a month.

Other highly affordable locations include Argentina ($709) and Malaysia ($769).

Digital nomads often relocate from high-cost countries for a few months in the year in search of more affordable lifestyles and better living conditions.

The Nebeus study shows that the US has the highest total cost of living, at $2 935 a month, followed by the UK ($2 387), Canada ($2 497) and Australia ($2 656).

“[South Africa] provides an appealing combination of low expenses, modern amenities and scenic landscapes, making it an increasingly attractive choice for location-independent professionals,” notes the report.

Other insights from the study show that the technology, creative and marketing fields are the dominant industries among digital nomads.

Also, the majority of digital nomads come from Western countries, with the US leading as the most common country of origin (43%).

Other top sources include the UK, Russia, Canada and Germany.

The study reveals that relocating to a more affordable destination can lead to substantial financial benefits.

For example, an Australian accountant earning $4 661 a month could increase their disposable income by 91% by relocating to South Africa, reducing their monthly expenses from $2 748 to $1 000, shows the study.

For mathematical calculations, the study considered that digital nomads reside in their destination country with a tourist visa and have not spent more than 183 days outside of their home country, so they are required to pay the same national and regional taxes as their compatriots.

A copy of the report can be found at: https://blog.nebeus.com/research-how-digital-nomads-redefine-wealth/