Cost Of Living in Equatorial Guinea 2024

Average monthly spending for singles, couples, students, and families in Equatorial Guinea

Whether you're living in Equatorial Guinea or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.

Average Monthly Expenditure

470,000 XAF

per month
$780

36,000 XAF   $60
$7,800   4.7M XAF

Single

330,000 XAF

per month
$540

110,000 XAF   $180
$3,600   2.2M XAF

Couple

550,000 XAF

per month
$900

180,000 XAF   $300
$4,800   2.9M XAF

Family

730,000 XAF

per month
$1,200

250,000 XAF   $420
$6,600   4M XAF

Student

220,000 XAF

per month
$360

86,000 XAF   $140
$640   390,000 XAF
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Equatorial Guinea is 330,000 XAF. Expenses can range from 110,000 XAF at the minimum level to 2.2M XAF at the highest end.


Couples

The average monthly spending of couples in Equatorial Guinea is 550,000 XAF. Expenditure can range from 180,000 XAF to 2.9M XAF per month.


Families

The average cost of living for families in Equatorial Guinea is 730,000 XAF per month. Families spend anywhere from 250,000 XAF to 4M XAF.


Students

The average monthly expenditure for students in Equatorial Guinea is 220,000 XAF. Students spend from 86,000 XAF to 390,000 XAF per month.


Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.

Prices and cost of goods and services in Equatorial Guinea


Dining, food, and beverages costs


Large bottle of water
56 XAF 64 XAF 74 XAF
MINIMUM AVERAGE MAXIMUM
$0.09 $0.11 $0.12
Fast food combo meal
480 XAF 960 XAF 1,600 XAF
MINIMUM AVERAGE MAXIMUM
$0.79 $1.6 $2.6
Restaurant meal for one
1,600 XAF 2,400 XAF 4,800 XAF
MINIMUM AVERAGE MAXIMUM
$2.6 $4 $7.9
Fine dining meal for one
3,200 XAF 4,800 XAF 19,000 XAF
MINIMUM AVERAGE MAXIMUM
$5.3 $7.9 $32
Soda or Soft Drink
69 XAF 80 XAF 96 XAF
MINIMUM AVERAGE MAXIMUM
$0.11 $0.13 $0.16
Cappuccino or latte
400 XAF 640 XAF 960 XAF
MINIMUM AVERAGE MAXIMUM
$0.66 $1.1 $1.6

Grocery and market costs


Milk large bottle
320 XAF 380 XAF 480 XAF
MINIMUM AVERAGE MAXIMUM
$0.53 $0.63 $0.79
Loaf of bread
58 XAF 66 XAF 76 XAF
MINIMUM AVERAGE MAXIMUM
$0.10 $0.11 $0.13
12 eggs
240 XAF 320 XAF 480 XAF
MINIMUM AVERAGE MAXIMUM
$0.40 $0.53 $0.79
Fresh whole chicken
550 XAF 710 XAF 1,000 XAF
MINIMUM AVERAGE MAXIMUM
$0.90 $1.2 $1.7
Beef 1 kg or 1 lb
640 XAF 960 XAF 1,900 XAF
MINIMUM AVERAGE MAXIMUM
$1.1 $1.6 $3.2
Rice 1 kg or 1 lb
260 XAF 350 XAF 500 XAF
MINIMUM AVERAGE MAXIMUM
$0.43 $0.58 $0.83
Tomato 1 kg or 1 lb
96 XAF 130 XAF 240 XAF
MINIMUM AVERAGE MAXIMUM
$0.16 $0.21 $0.40
Apples 1 kg or 1 lb
170 XAF 220 XAF 370 XAF
MINIMUM AVERAGE MAXIMUM
$0.28 $0.37 $0.61

Commute, travel, and transportation costs


20 minutes taxi ride
400 XAF 480 XAF 960 XAF
MINIMUM AVERAGE MAXIMUM
$0.66 $0.79 $1.6
Average car full tank
2,400 XAF 3,200 XAF 6,400 XAF
MINIMUM AVERAGE MAXIMUM
$4 $5.3 $11
Average car 1-day rental
2,400 XAF 3,200 XAF 4,800 XAF
MINIMUM AVERAGE MAXIMUM
$4 $5.3 $7.9
Average car price
1.2M XAF 2.4M XAF 3.2M XAF
MINIMUM AVERAGE MAXIMUM
$2,000 $4,000 $5,300
Bus ticket one way
80 XAF 120 XAF 240 XAF
MINIMUM AVERAGE MAXIMUM
$0.13 $0.20 $0.40
Car Service
3,200 XAF 4,800 XAF 9,600 XAF
MINIMUM AVERAGE MAXIMUM
$5.3 $7.9 $16

Utility cost (monthly)


Utility Bill - Individual
6,500 XAF 20,000 XAF 130,000 XAF
MINIMUM AVERAGE MAXIMUM
$11 $32 $220
Utility Bill - Couple
9,100 XAF 27,000 XAF 150,000 XAF
MINIMUM AVERAGE MAXIMUM
$15 $45 $240
Utility Bill - Family
7,600 XAF 22,000 XAF 120,000 XAF
MINIMUM AVERAGE MAXIMUM
$13 $36 $200
Internet and cable
2,400 XAF 4,800 XAF 6,400 XAF
MINIMUM AVERAGE MAXIMUM
$4 $7.9 $11
Mobile phone charges
1,900 XAF 3,200 XAF 9,600 XAF
MINIMUM AVERAGE MAXIMUM
$3.2 $5.3 $16

Leisure and activities costs


Movie ticket
1,200 XAF 1,600 XAF 2,400 XAF
MINIMUM AVERAGE MAXIMUM
$2 $2.6 $4
One month gym membership
3,800 XAF 4,800 XAF 9,600 XAF
MINIMUM AVERAGE MAXIMUM
$6.3 $7.9 $16

Cloths and accessories costs


Pair of jeans or pants
2,800 XAF 4,000 XAF 6,000 XAF
MINIMUM AVERAGE MAXIMUM
$4.7 $6.6 $9.9
Woman dress
2,700 XAF 3,700 XAF 12,000 XAF
MINIMUM AVERAGE MAXIMUM
$4.4 $6.1 $20
Woman shoes
2,500 XAF 3,400 XAF 8,000 XAF
MINIMUM AVERAGE MAXIMUM
$4.2 $5.7 $13
Men's shoes
2,200 XAF 2,700 XAF 5,300 XAF
MINIMUM AVERAGE MAXIMUM
$3.6 $4.4 $8.8
Men suit
2,400 XAF 3,000 XAF 16,000 XAF
MINIMUM AVERAGE MAXIMUM
$4 $5 $26
Regular t-shirt
1,200 XAF 1,600 XAF 4,800 XAF
MINIMUM AVERAGE MAXIMUM
$2 $2.6 $7.9

Housing costs / monthly rent


Studio apartment
40,000 XAF 60,000 XAF 160,000 XAF
MINIMUM AVERAGE MAXIMUM
$66 $99 $260
1-bedroom apartment
60,000 XAF 96,000 XAF 240,000 XAF
MINIMUM AVERAGE MAXIMUM
$99 $160 $400
2-bedroom apartment
80,000 XAF 120,000 XAF 320,000 XAF
MINIMUM AVERAGE MAXIMUM
$130 $200 $530

Housing costs / Buying


Studio apartment
8M XAF 12M XAF 24M XAF
MINIMUM AVERAGE MAXIMUM
$13,000 $20,000 $40,000
1-bedroom apartment
9.6M XAF 16M XAF 60M XAF
MINIMUM AVERAGE MAXIMUM
$16,000 $26,000 $99,000
2-bedroom apartment
16M XAF 48M XAF 96M XAF
MINIMUM AVERAGE MAXIMUM
$26,000 $79,000 $160,000

Furniture Costs


King Size Bed
48,000 XAF 60,000 XAF 80,000 XAF
MINIMUM AVERAGE MAXIMUM
$79 $99 $130
Double Bed
32,000 XAF 48,000 XAF 60,000 XAF
MINIMUM AVERAGE MAXIMUM
$53 $79 $99
Single Bed
28,000 XAF 37,000 XAF 48,000 XAF
MINIMUM AVERAGE MAXIMUM
$47 $61 $79
Living Room
53,000 XAF 69,000 XAF 240,000 XAF
MINIMUM AVERAGE MAXIMUM
$88 $110 $400
Dining Table
24,000 XAF 32,000 XAF 60,000 XAF
MINIMUM AVERAGE MAXIMUM
$40 $53 $99
Sofa or Couch
32,000 XAF 44,000 XAF 96,000 XAF
MINIMUM AVERAGE MAXIMUM
$53 $72 $160

Electronics and House Appliance Costs


TV Set
32,000 XAF 48,000 XAF 96,000 XAF
MINIMUM AVERAGE MAXIMUM
$53 $79 $160
Fridge or Freezer
28,000 XAF 44,000 XAF 60,000 XAF
MINIMUM AVERAGE MAXIMUM
$47 $72 $99
Washing Machine
37,000 XAF 53,000 XAF 96,000 XAF
MINIMUM AVERAGE MAXIMUM
$61 $88 $160
Stove or Cooker
34,000 XAF 44,000 XAF 60,000 XAF
MINIMUM AVERAGE MAXIMUM
$57 $72 $99
Mobile Phone
40,000 XAF 48,000 XAF 69,000 XAF
MINIMUM AVERAGE MAXIMUM
$66 $79 $110
Laptop or Computer
44,000 XAF 53,000 XAF 96,000 XAF
MINIMUM AVERAGE MAXIMUM
$72 $88 $160

Expenditure to Income Ratio in Equatorial Guinea

One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.


Spending to Income Ratio

86%

79% to 95%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%4%
50% - 60%9%
60% - 70%16%
70% - 80%25%
80% - 90%19%
90% - 100%11%
100% - 110%6%
110% - 120%4%
120% - 130%3%
130% - 140%2%
> 140%2%

Interpretation and Analysis

The average spending-to-salary ratio in Equatorial Guinea is 86% This means that on average, people spend around 86% of their income for living. According to the distribution table, 16% of the population spend approximately 60% to 70% of their income every month.


How can spending be more than income?

A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.



Individual
77%
Spending-Income-Ratio
71%
86%

Couple
82%
Spending-Income-Ratio
75%
90%

Family
90%
Spending-Income-Ratio
83%
100%

How do people spend their money in Equatorial Guinea?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.

Housing Expenditure24%

24% of total expenses on average (13% to 32%)

LOW$18   11,000 XAF
AVERAGE$230   140,000 XAF
HIGH$2,300   1.4M XAF
Per Month

People living in Equatorial Guinea typically spend from 13% to 32% of their total monthly expenditure on housing with 24% being the average. The average spend on housing is 140,000 XAF with expenditure ranging from 11,000 XAF to 1.4M XAF. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utilities, Electricity, Water7%

7% of total expenses on average (4% to 11%)

LOW$3   1,800 XAF
AVERAGE$39   24,000 XAF
HIGH$390   240,000 XAF
Per Month

Utility expenditure like electricity, water, and gas in Equatorial Guinea ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 24,000 XAF with 1,800 XAF and 240,000 XAF being the upper and lower limits.

Transport, Fuel, Commute7%

7% of total expenses on average (3% to 11%)

LOW$6   3,600 XAF
AVERAGE$78   47,000 XAF
HIGH$780   470,000 XAF
Per Month

Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 3,600 XAF to 470,000 XAF on commuting with 47,000 XAF being the norm for most people in one month. This means that money spent on transport constitutes about 7% of total spending on average but can go as low as 3% or as high as 11%.

Food and Groceries Cost28%

28% of total expenses on average (20% to 34%)

LOW$15   9,100 XAF
AVERAGE$200   120,000 XAF
HIGH$2,000   1.2M XAF
Per Month

The average outlay on groceries in a month in Equatorial Guinea is 120,000 XAF. The cost of groceries can range between 9,100 XAF to 1.2M XAF. People spend on average about 28% on food and groceries with upper and lower bounds of 20% and 34% respectively.

Healthcare and Medical Services10%

10% of total expenses on average (5% to 13%)

LOW$4.2   2,500 XAF
AVERAGE$55   33,000 XAF
HIGH$550   330,000 XAF
Per Month

People in Equatorial Guinea allocate 5% to 13% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 10%. The range of medical expenses range from 2,500 XAF to 330,000 XAF with 33,000 XAF being the norm.

Leisure and Shopping5%

5% of total expenses on average (2% to 9%)

LOW$2.4   1,500 XAF
AVERAGE$31   19,000 XAF
HIGH$310   190,000 XAF
Per Month

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 1,500 XAF to 190,000 XAF with 19,000 XAF being the average. Speaking of percentages, that equates to 2% to 9% of total expenses with an average of 5% for most residents.

Education and Schooling5%

5% of total expenses on average (3% to 11%)

LOW$3.6   2,200 XAF
AVERAGE$47   28,000 XAF
HIGH$470   280,000 XAF
Per Month

Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 5% of the monthly expenditure with 3% and 11% being the lower and upper bounds respectively. The average reported education cost is 28,000 XAF per month with 2,200 XAF being the minimum spent amount and 280,000 XAF being the maximum.

Other Expenses14%

14% of total expenses on average (9% to 21%)

LOW$7.8   4,700 XAF
AVERAGE$100   61,000 XAF
HIGH$1,000   610,000 XAF
Per Month

How much money can you save in Equatorial Guinea every month?

We asked thousands of people what percentage of their income can they save in a month. Below are the answers.


What percentage of people in Equatorial Guinea manage to save money from their income every month?


Saving Money
55%
Not Saving
45%

Almost 55% of the surveyed people in Equatorial Guinea said that they can save some money at the end of each month while 45% said that aren't saving anything.


Percentage of people saving money by population group in Equatorial Guinea

GroupSaversNon Savers
Singles61%39%
Couples56%44%
Families51%49%

Savings-to-Income Ratio

The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.


Saving to Income Ratio

8% 15% of income 28%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

12,000 XAF
$19
150,000 XAF
$250
1.5M XAF
$2,500
MINIMUM AVERAGE MAXIMUM

For most people, 8% to 28% of their monthly income is what they can allocate to their savings, with 15% being the average. The amount of money that people can save is approximately 150,000 XAF on average with savings ranging from 12,000 XAF to 1.5M XAF.

61% of surveyed singles reported some of their income going to savings while 56% of couples said the same. 51% of families confirmed their ability to save money.


How much money do people actually save in Equatorial Guinea?

The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.


Singles

Saving to Income Ratio

11% 19% of income 30%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

35,000 XAF
$58
100,000 XAF
$170
700,000 XAF
$1,200
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%32%
10% - 20%25%
20% - 30%16%
30% - 40%13%
40% - 50%10%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 11% to 30% of their monthly income to savings, with 19% being the average for most singles. The average amount of money that singles are able to save is 100,000 XAF with 35,000 XAF and 700,000 XAF being the minimum and maximum respectively.


Couples

Saving to Income Ratio

9% 17% of income 29%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

58,000 XAF
$96
170,000 XAF
$290
930,000 XAF
$1,500
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%36%
10% - 20%27%
20% - 30%19%
30% - 40%8%
40% - 50%7%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 9% to 29% of their monthly income, with 17% being the average for most couples. The average amount of money that couples can save is 170,000 XAF with 58,000 XAF and 930,000 XAF being the minimum and maximum respectively.


Families

Saving to Income Ratio

8% 14% of income 27%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

81,000 XAF
$130
230,000 XAF
$380
1.3M XAF
$2,100
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%39%
10% - 20%30%
20% - 30%20%
30% - 40%5%
40% - 50%4%
> 50%2%

Interpretation and Analysis

Families in Equatorial Guinea can save anywhere between 8% to 27% of their monthly income, with 14% being the average for most families. The average amount of money that families can put aside is 230,000 XAF with 81,000 XAF and 1.3M XAF being the minimum and maximum respectively.

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

  • 50% for needs and financial obligations

    This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

  • 30% for wants and discretionary spending

    This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

  • 20% for savings and emergency fund

    This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.

Affordable living in Equatorial Guinea

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Equatorial Guinea?


Yes
53%
No
47%

Around 53% of surveyed residents think that living in Equatorial Guinea is affordable with proper budgeting while 47% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Equatorial Guinea

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options55%

Few low-cost options45%


Based on the survey, 55% of the people living in Equatorial Guinea have no problem finding low-cost alternatives to support a frugal lifestyle while 45% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds

An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents of Equatorial Guinea whether they have an emergency fund and the answers were as follows.

Yes50%

No50%


Based on the survey, 50% of the people living in Equatorial Guinea said that they don't have an emergency fund while 50% said that they do.

Financial Literacy in Equatorial Guinea

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy48%


We asked residents of Equatorial Guinea whether they acquired any adequate personal financial training in their lives. Approximately 52% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 48% said that they know about the general principles of personal finance from sources other than their own experience.


Difficulty in Budgeting and Financial Planning

We wanted to understand whether residents of Equatorial Guinea have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 50% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 50% said that they have everything under control.

Struggles with finance50%

Easily manages finances50%

Financial goals of people in Equatorial Guinea

In an attempt to understand the economic situation in Equatorial Guinea, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.


Financial Goal% People
Emergency Fund8%
Debt Reduction41%
Retirement Savings10%
Education Funding7%
Homeownership18%
Investing7%
Travel or Lifestyle7%
Healthcare Expenses13%
Financial Independence5%

Around 8% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 41% said their number one priority is to pay off high-interest debt or loans and improve credit. 10% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 7% reported that their priority is saving for the tuition fees and education costs of their children while 18% choose to buy a home or pay off existing mortgage before other things. 7% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 7% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 13% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Saving Challenges in Equatorial Guinea

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in Equatorial Guinea. Listed below are the answers given by the survey participants.


Reason% People
Low Income5%
High Expenses8%
Debt and Loans14%
Lack of Budgeting Skills11%
Impulsive Spending11%
Financial Emergencies7%
Living the moment6%
Will do it later20%
Inflation13%
Social Pressure3%
Market Instability2%

Around 5% of the people said that their salary is too low to accommodate a portion for savings while 8% said that the high cost of living leaves little room for savings. 14% of the residents said that they are burdened with debt and find it challenging to save money. 11% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 11% blamed impulsive spending as the reason for saving inability. Around 7% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 6% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 20% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 13% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Typical saving choices for people in Equatorial Guinea

Where do people choose to put their savings?


Saving Type% People
Emergency Funds12%
Gold12%
Savings Accounts17%
Retirement Accounts10%
Cash Savings20%
Real Estate9%
Investment5%
Stocks4%
Bonds5%
Mutual Funds2%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Equatorial Guinea

What does the retirement lifestyle look like in Equatorial Guinea and how much retirement savings are required?

Retirement age

The retirement age for most employees in Equatorial Guinea is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.

Retirement planning and savings

There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.


The typical saved amount of money you should have at every age as multiples of monthly salary:
AgeAmount
255x monthly salary at age 25
3010x monthly salary at age 30
3515x monthly salary at age 35
4025x monthly salary at age 40
4532x monthly salary at age 45
5048x monthly salary at age 50
5556x monthly salary at age 55
6064x monthly salary at age 60
6578x monthly salary at age 65

The typical average saved amount of money you should have at every age in Equatorial Guinea:
AgeAmount
251.2M XAF
302.5M XAF
354.4M XAF
406.2M XAF
459.4M XAF
5013M XAF
5516M XAF
6019M XAF
6523M XAF

Retirement Income Distribution

We asked residents of Equatorial Guinea about their retirement income sources and below are the results.

Source% People
Pensions12%
Savings23%
Investments12%
Social Security7%
Annuities7%
Part-time Job14%
Real Estate18%
Dividends and Interest7%

Retirement Monthly Expenses in Equatorial Guinea

80,000 XAF
$130
240,000 XAF
$400
1.6M XAF
$2,700
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Equatorial Guinea


Percentage of people who are in debt


In Debt
31%
Debt Free
69%

According to the survey, 31% of the people in Equatorial Guinea have some kind of debt, loan, mortgage, or credit card payments while 69% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Equatorial Guinea

Debt to income ratio

31%

23% to 40%

( monthly debt payment / monthly income ) x 100

Interpretation

The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 31% of the people's monthly income in Equatorial Guinea goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%17%
40% - 50%14%
30% - 40%16%
20% - 30%11%
10% - 20%13%
0% - 10%26%

According to our data, 3% of the debtors in Equatorial Guinea pay 60%+ of their income as debt settlement while 17% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 14% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 16% dedicated 30% to 40% of income for same. Things are looking brighter for 11% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Equatorial Guinea

Debt% People
Real Estate Mortgage9%
Auto Loan16%
Student Loan4%
Credit Card29%
Personal Loan42%

9% of debtors in Equatorial Guinea confirm that real estate mortgages constitutes the main part of their outstanding debt while 29% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 16% of people and personal loans rose at 42%. Lastly, student loans are the main source of debt for 4% of debtors in Equatorial Guinea.


About credit score and debt management

Managing debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.

Good debt vs. Bad debt

Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.


Loan Affordability Index in Equatorial Guinea

Besides measuring the loan-to-income ratio, we asked residents of Equatorial Guinea how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.

Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.

Frequency% People
Never51%
Once a year24%
Twice a year12%
Three times a year9%
Four times a year4%

Housing costs, accommodation, and housing affordability in Equatorial Guinea

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in Equatorial Guinea

Monthly Rent Prices

Studio apartment
40,000 XAF 60,000 XAF 160,000 XAF
MINIMUM AVERAGE MAXIMUM
$66 $99 $260
1-bedroom apartment
60,000 XAF 96,000 XAF 240,000 XAF
MINIMUM AVERAGE MAXIMUM
$99 $160 $400
2-bedroom apartment
80,000 XAF 120,000 XAF 320,000 XAF
MINIMUM AVERAGE MAXIMUM
$130 $200 $530
3-bedroom apartment
96,000 XAF 160,000 XAF 440,000 XAF
MINIMUM AVERAGE MAXIMUM
$160 $260 $720
Furnished apartment
190,000 XAF 480,000 XAF 960,000 XAF
MINIMUM AVERAGE MAXIMUM
$320 $790 $1,600
Townhouse
160,000 XAF 240,000 XAF 690,000 XAF
MINIMUM AVERAGE MAXIMUM
$260 $400 $1,100
House
190,000 XAF 480,000 XAF 960,000 XAF
MINIMUM AVERAGE MAXIMUM
$320 $790 $1,600
Villa
240,000 XAF 600,000 XAF 960,000 XAF
MINIMUM AVERAGE MAXIMUM
$400 $990 $1,600

The monthly rental cost of a studio apartment in Equatorial Guinea ranges between 40,000 XAF and 160,000 XAF, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 60,000 XAF to 240,000 XAF. Two-bedroom rentals rate ranges between 80,000 XAF and 320,000 XAF per month. The monthly rental for a three-bedroom apartment ranges from 96,000 XAF to 440,000 XAF. The average rent of a townhouse in Equatorial Guinea is around 240,000 XAF while house rental costs can be as high as 480,000 XAF per month. Finally, if you want to rent a villa, expect to pay anywhere from 240,000 XAF to 960,000 XAF per month.



Apartment and house prices in Equatorial Guinea

Cost of buying a property

Studio apartment
8M XAF 12M XAF 24M XAF
MINIMUM AVERAGE MAXIMUM
$13,000 $20,000 $40,000
1-bedroom apartment
9.6M XAF 16M XAF 60M XAF
MINIMUM AVERAGE MAXIMUM
$16,000 $26,000 $99,000
2-bedroom apartment
16M XAF 48M XAF 96M XAF
MINIMUM AVERAGE MAXIMUM
$26,000 $79,000 $160,000
3-bedroom apartment
53M XAF 80M XAF 240M XAF
MINIMUM AVERAGE MAXIMUM
$88,000 $130,000 $400,000
Townhouse
69M XAF 160M XAF 600M XAF
MINIMUM AVERAGE MAXIMUM
$110,000 $260,000 $990,000
House
80M XAF 480M XAF 690M XAF
MINIMUM AVERAGE MAXIMUM
$130,000 $790,000 $1.1M
Villa
96M XAF 530M XAF 800M XAF
MINIMUM AVERAGE MAXIMUM
$160,000 $880,000 $1.3M

The average price of a studio apartment in Equatorial Guinea can range from 8M XAF to 24M XAF depending on location. One bedroom cost can be anywhere from 9.6M XAF to 60M XAF. A villa can cost you 530M XAF on average with prices ranging from 96M XAF to 800M XAF.


If you're leasing or purchasing, housing costs in Equatorial Guinea will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.

House / apartment prices to income ratio


Property price to income ratio

( average property price / average monthly income ) x 100


32 x90 monthly income 194
MINIMUM AVERAGE MAXIMUM

Property prices in Equatorial Guinea can be x90 to x194 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x90 multiples of the average monthly salary in Equatorial Guinea.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


19% 29% of income 39%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Equatorial Guinea is around 29%. This means that people pay 29% of their income for rent. Those figures can range from 19% to 39% depending on the salary, location, and type of property.


The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Housing Affordability Index
27%

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.


FROM
1.9%
AVERAGE
2.9%
TO
3.9%

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.


730 XAF 9,500 XAF 95,000 XAF
MINIMUM AVERAGE MAXIMUM

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in Equatorial Guinea

Housing30%

30% of total expenses on average (18% to 42%)

LOW$65   39,000 XAF
AVERAGE$190   120,000 XAF
HIGH$1,300   790,000 XAF
Per Month

Utilities, Electricity, Water8%

8% of total expenses on average (4% to 13%)

LOW$11   6,500 XAF
AVERAGE$32   20,000 XAF
HIGH$220   130,000 XAF
Per Month

Transport, Fuel5%

5% of total expenses on average (3% to 11%)

LOW$14   8,700 XAF
AVERAGE$43   26,000 XAF
HIGH$290   170,000 XAF
Per Month

Food and Groceries19%

19% of total expenses on average (13% to 24%)

LOW$29   17,000 XAF
AVERAGE$87   52,000 XAF
HIGH$580   350,000 XAF
Per Month

Healthcare12%

12% of total expenses on average (6% to 16%)

LOW$16   9,800 XAF
AVERAGE$49   29,000 XAF
HIGH$320   200,000 XAF
Per Month

Leisure, Shopping3%

3% of total expenses on average (2% to 6%)

LOW$9   5,500 XAF
AVERAGE$27   16,000 XAF
HIGH$180   110,000 XAF
Per Month

Education1%

1% of total expenses on average (0.00% to 3%)

LOW$3.6   2,200 XAF
AVERAGE$11   6,500 XAF
HIGH$72   44,000 XAF
Per Month

Other Expenses22%

22% of total expenses on average (14% to 26%)

LOW$32   20,000 XAF
AVERAGE$97   59,000 XAF
HIGH$650   390,000 XAF
Per Month


Couple
Average monthly living expenditure breaks and spending patterns for couples in Equatorial Guinea

Housing27%

27% of total expenses on average (20% to 37%)

LOW$99   60,000 XAF
AVERAGE$300   180,000 XAF
HIGH$1,600   960,000 XAF
Per Month

Utilities, Electricity, Water7%

7% of total expenses on average (5% to 11%)

LOW$15   9,100 XAF
AVERAGE$45   27,000 XAF
HIGH$240   150,000 XAF
Per Month

Transport, Fuel9%

9% of total expenses on average (3% to 14%)

LOW$36   22,000 XAF
AVERAGE$110   65,000 XAF
HIGH$580   350,000 XAF
Per Month

Food and Groceries17%

17% of total expenses on average (12% to 22%)

LOW$42   25,000 XAF
AVERAGE$130   76,000 XAF
HIGH$670   410,000 XAF
Per Month

Healthcare14%

14% of total expenses on average (8% to 18%)

LOW$33   20,000 XAF
AVERAGE$99   60,000 XAF
HIGH$530   320,000 XAF
Per Month

Leisure, Shopping4%

4% of total expenses on average (1% to 7%)

LOW$18   11,000 XAF
AVERAGE$54   33,000 XAF
HIGH$290   170,000 XAF
Per Month

Education1%

1% of total expenses on average (0.00% to 3%)

LOW$6   3,600 XAF
AVERAGE$18   11,000 XAF
HIGH$96   58,000 XAF
Per Month

Other Expenses21%

21% of total expenses on average (15% to 27%)

LOW$51   31,000 XAF
AVERAGE$150   93,000 XAF
HIGH$820   490,000 XAF
Per Month


Family
Average monthly expenses and break out of spending for families living in Equatorial Guinea

Housing26%

26% of total expenses on average (21% to 36%)

LOW$130   81,000 XAF
AVERAGE$380   230,000 XAF
HIGH$2,100   1.3M XAF
Per Month

Transport, Fuel5%

5% of total expenses on average (3% to 7%)

LOW$34   20,000 XAF
AVERAGE$96   58,000 XAF
HIGH$530   320,000 XAF
Per Month

Food and Groceries21%

21% of total expenses on average (14% to 27%)

LOW$76   46,000 XAF
AVERAGE$220   130,000 XAF
HIGH$1,200   720,000 XAF
Per Month

Healthcare11%

11% of total expenses on average (7% to 16%)

LOW$34   20,000 XAF
AVERAGE$96   58,000 XAF
HIGH$530   320,000 XAF
Per Month

Leisure, Shopping3%

3% of total expenses on average (1% to 7%)

LOW$21   13,000 XAF
AVERAGE$60   36,000 XAF
HIGH$330   200,000 XAF
Per Month

Education13%

13% of total expenses on average (6% to 21%)

LOW$59   36,000 XAF
AVERAGE$170   100,000 XAF
HIGH$930   560,000 XAF
Per Month

Other Expenses16%

16% of total expenses on average (9% to 21%)

LOW$51   31,000 XAF
AVERAGE$140   87,000 XAF
HIGH$790   480,000 XAF
Per Month


Student
Cost of living and expenses break down for students living in Equatorial Guinea

Housing18%

18% of total expenses on average (13% to 24%)

LOW$34   21,000 XAF
AVERAGE$86   52,000 XAF
HIGH$150   93,000 XAF
Per Month

Utilities, Electricity, Water6%

6% of total expenses on average (4% to 10%)

LOW$5.7   3,500 XAF
AVERAGE$14   8,600 XAF
HIGH$26   16,000 XAF
Per Month

Transport, Fuel4%

4% of total expenses on average (4% to 10%)

LOW$10   6,000 XAF
AVERAGE$25   15,000 XAF
HIGH$45   27,000 XAF
Per Month

Food and Groceries23%

23% of total expenses on average (17% to 27%)

LOW$29   17,000 XAF
AVERAGE$71   43,000 XAF
HIGH$130   78,000 XAF
Per Month

Healthcare9%

9% of total expenses on average (6% to 12%)

LOW$8.6   5,200 XAF
AVERAGE$21   13,000 XAF
HIGH$39   23,000 XAF
Per Month

Leisure, Shopping3%

3% of total expenses on average (2% to 7%)

LOW$7.1   4,300 XAF
AVERAGE$18   11,000 XAF
HIGH$32   19,000 XAF
Per Month

Education18%

18% of total expenses on average (11% to 23%)

LOW$27   16,000 XAF
AVERAGE$68   41,000 XAF
HIGH$120   74,000 XAF
Per Month

Other Expenses19%

19% of total expenses on average (13% to 25%)

LOW$21   13,000 XAF
AVERAGE$54   32,000 XAF
HIGH$96   58,000 XAF
Per Month
©copound