Singapore is with no doubt a top destination for expatriation as revealed in the latest HSBC Expat report released this Wednesday, September 21. For the second year in a row, the City-State ranks first, followed by New Zealand, Canada, the Czech Republic, Switzerland, Norway, Austria, Sweden, Bahrain and Germany.
During this annual survey which is now at its 9th edition, more than 25,000 expatriates living in 190 countries worldwide were questioned about various aspects of their lives abroad, including their careers, financial well-being, quality of life as well as their children's integration in their new environment.
The City-State thus stands out in terms of professional opportunities. Indeed, 62% of expatriates believe that Singapore is the perfect place to progress in their respective careers. This is explained by an average salary of US$ 139,000 per annum compared to an average of US$ 97,000 elsewhere. Moreover, nearly a quarter (23%) earn an average of US$ 200,000 per annum, which is more than twice the global average of 11%. As regards the quality of life, 66% of surveyed expats show great satisfaction.
New Zealand, for its part, ranks 2nd, especially in terms of experience. 83% of surveyed expats find that New Zealand provides a better environment, especially regarding the quality of air and water, than their respective home countries. Moreover, 73% of them reported an improvement in their lives on moving to New Zealand compared to 52% globally. This has also facilitated their social and cultural integration as stated by 72% of expats surveyed.
For the second consecutive year, Switzerland shines for its financial well-being and its robust economy, providing many opportunities for expatriates. Indeed, 87% of expatriates say they are confident about the country's political stability while 80% trust its economy. 75% of them also reveal they enjoy better salary prospects in Switzerland than in their respective home countries, with an average salary of US$ 188,000 per year, which means that 71% of them manage to make savings.
Sweden, for its part, has been attracting more and more expat families who are delighted by its environment, especially regarding their children's quality of life. The quality of education, according to 46% of respondents, is higher. Furthermore, 72% of them say that education fees are cheaper in the country. A similar proportion believe that child care services are far better than those provided in their home countries.
The report also reveals that 22% of 18 to 34 years old expatriates have moved abroad in search of new career prospects. Almost half of them reveal that they feel more accomplished professionally abroad than they were in their home country. Moving abroad has also allowed many of them to make savings for their retirement, and even buy a property abroad.
According to Dean Blackburn, head of HSBC Expat, expatriates consistently affirm that moving abroad has allowed them to fulfill their ambitions and long-term projects such as meeting their financial objectives, access to education for their children, or even to make savings for their retirement.
Sources :
- HSBC Expat Explorer : https://www.expatexplorer.hsbc.com/survey/findings
