Maldives Ranks Highest in South Asia for Cost of Living

Statistics indicate that the cost of living in the Maldives is the highest among South Asian Association for Regional Cooperation (SAARC) countries.

According to data published by Bangladeshi media outlet Fintech News BD, the estimated monthly cost of living for a single person, excluding rent, is highest in the Maldives. The report cites Numbeo, an online platform for cost of living comparisons, and official sources as its references.

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The Maldives tops the list with an estimated monthly cost of USD 840.40, equivalent to MVR 12,958.90 at the current bank rate. The remaining SAARC countries rank as follows: Sri Lanka at USD 507.60, Bhutan at USD 387.20, Bangladesh at USD 348.90, Pakistan at USD 335.60, and India at USD 313.40.

The high cost of living in the Maldives has been compounded by recent surges in food prices. Business owners have attributed the increases to the rising US dollar exchange rate, while the black market exchange rate has remained steady at around MVR 20 for some time.

A 2019 survey by the National Bureau of Statistics estimated the monthly cost of living in the Malé area at over MVR 37,000, translating to more than MVR 7,000 per person on average, with the majority spent on essential needs.

Average household salaries, however, stood at MVR 35,596, indicating a gap between income and living costs. Middle-class households reportedly spend around 35 per cent of their salaries on rent, while low-income households spend 68 per cent. Wealthier households allocate 28 per cent of their income to housing costs.