Where's the best place for expat finances?
The results of the latest HSBC Expat Explorer survey are in. This extensive survey interviewed over 20,000 expats, living in destinations all over the globe, to provide an accurate picture of expat life from those who understand it best.
As well as the overall quality of life league table where the Asian tiger, Singapore, has come out on top this year, the Expat Explorer report further divides the data to compile a selection of tables that each focus on an important element of expat life abroad.
The Economics League Table pulls together a number of different considerations including: expat views on personal finances in their host country; how confident they are with the state of the local economy; ease of setting up a business; job security; and career prospects and progression. So, which countries have made it into the coveted top five spots? We have the round up below:
5 – Qatar
This tiny emirate has become a top destination for career driven expats and is expected to widen its net of attraction when it hosts the 2022 FIFA World Cup. As well as a thriving petrochemical industry, the government has announced its commitment to the development of further sectors including health, education, tourism and financial services – delivering new and exciting opportunities for expats in the future. Additionally, generous expat packages are the norm in Qatar, with three quarters of expats reporting extras such as relocation allowances from employers.
4 – United Arab Emirates
A thriving economy and high salary levels are two of the chief positives to life in the UAE, with two thirds of expats (65%) reporting a higher disposable income, despite the high living costs. Additionally, expats in this country can enjoy the likelihood of extra financial perks from employers, with 68% of expats receiving annual airfare allowances, 78% receiving medical allowances and 55% receiving accommodation allowances. It was also rated by 86% of expat entrepreneurs as a good place to start a business.
3 – Germany
Germany has the largest GDP in Europe, with excellent business links thanks to the fact it borders nine different countries. Expats working here report a high sense of security when it comes to their jobs and the German economy, with half the expats surveyed having enjoyed career advancements while living in the country.
2 – Singapore
High earnings and exciting career prospects are driving factors for expats in Singapore, one of Asia’s key financial hubs. Over half of expats (59%) believe Singapore is a good place for career advancement and 53% believe that the chance to acquire new skills is better than at home. Nearly two thirds (65%) report greater levels of disposable income to play with as well.
1 – Switzerland
Despite dropping from the overall winning position last year, business heavyweight Switzerland has conquered the Economics League Table with over three quarters (77%) of expats expressing confidence in the robust Swiss economy. More than half believe that Switzerland offers good career progression and 83% feel as secure (if not more so) in their jobs than they did in their home country. But perhaps most importantly to overall quality of life, three out of four expats find that their job allows them the chance to enjoy life outside of work too.
If you are considering a move to any of these destinations, Cadogan Tate will assist you every step of the way – from your first enquiry to unpacking at your new home, we are here to help and advise you. For more details about Cadogan Tate’s specialist international removals services from London, click here.
Information correct at time of publication.