Expats vote Singapore best place to live and work
Singapore ranks #1 destination for expats in #HSBC’s 8th #Expat Explorer report www.expatexplorer.hsbc.com/survey #HSBCReport
#Expats rank quality of life ahead of job prospects when making a move abroad www.expatexplorer.hsbc.com/survey #HSBCReport
Expats in #MiddleEast receive the best employee benefits packages according to new #HSBCReport www.expatexplorer.hsbc.com/survey
Sweden takes the top spot as the best destination for #expat family life in new #HSBCReport www.expatexplorer.hsbc.com/survey
Singapore takes the top spot in the eighth Expat Explorer country league table, with expatriates1 praising the opportunities for career development, appealing salaries and an excellent quality of life.
All the rankings will be available to compare online from Wednesday, 23 September in the Expat Explorer interactive tool (opens in new window)
Over a quarter (28%) of expats in Singapore earn more than USD200,000 per annum compared to 13% of expats globally. Fifty-nine per cent say the city-state is a place for career development and 79% are confident about the Singapore economy. Overall, 67% of expats say Singapore offers a better quality of life than their home country and 65% of parents say their children’s health and well-being has improved since moving there.
Top countries for expatriates
- New Zealand
The Expat Explorer survey is commissioned by HSBC Expat and conducted by YouGov. Now in its eighth year, it is the largest and one of the longest running surveys of expats, with 21,950 respondents sharing their views on different aspects of life abroad including careers, financial wellbeing, quality of life and ease of settling for partners and children. A total of 39 countries qualified for the league tables in this edition.
Expat Explorer also reveals that:
Expats today look beyond just financial rewards
A better quality of life and the desire to take on a new challenge are the main reasons for making a move abroad. In both cases, 37% of expats say these are the reasons why they moved, compared to just over a quarter (26%) who say they did so to improve their job prospects. In fact, 61% of expats haven’t benefited from an immediate salary increase since moving.
Expats are dedicated to experiencing as much as possible during their time abroad and only 11% say they haven’t immersed themselves into their new culture. Destinations where expats are the most likely to have moved to improve their quality of life are New Zealand (71%), Spain (61%) and Portugal (56%).
Expat entrepreneurs blossom in the world’s financial hubs
The vast majority of expats living in the world’s financial hubs of Singapore, Dubai, Hong Kong or London agree they are good places to start a new business (87%, 86%, 85% and 85% respectively). This is much higher than the global average of 56%2.
A high level of confidence in the local economy is another reason why these economic hubs suit the entrepreneurial spirit: 78% of expats in Singapore and 60% in Hong Kong feel confident about the local economy.
The opportunity to broaden their skillset is a further upside for expat entrepreneurs who have settled in one of these cities: 64% of expats in London have acquired new skills since moving, compared to 43% globally.
Most generous expat packages are found in the Middle East
Besides high salaries and strong economic prospects, expats living in the Middle East can also enjoy unrivalled benefits packages. Health and medical allowances (70% of expats in the region benefit from these), annual trips home and airfare allowances (67%), and accommodation allowances (60%) are all far more likely to be offered as part of expat contracts in the region than in any other part of the world.
For example, in Oman, 80% of expats receive airfare allowances for trips home, compared to just 33% globally. In Qatar and the United Arab Emirates, 75% and 55% of expats respectively receive an accommodation allowance (compared with 33% globally).
The top countries to live for expats focused on economics, experience and family are revealed as:
|1. Switzerland||1. New Zealand||1 Sweden|
|2. Singapore||2. Spain||2. New Zealand|
|3. Germany||3. Singapore||3. Singapore|
|4. United Arab Emirates||4. Australia||4. Spain|
|5. Qatar||5 Taiwan||5. Germany|
#1 in the Economics league table - Switzerland attracts career-driven expats
Switzerland comes first in the rankings as the best expat destination for career success and financial wellbeing. Seventy-seven per cent of expats feel confident about the local economy, and 53% say it is a good place to progress careers. These compare to only 48% and 41% of expats globally. A majority (63%) also thinks their work is more fulfilling in Switzerland than it was at home. On average, expats in Switzerland are more likely to enjoy more disposable income (65%), earn higher salaries (63%) and be able to save more (60%) as a result of moving to the country.
#1 in the Experience league table - New Zealand is the hotspot for a fulfilling expat experience
New Zealand leads the way for a satisfying expat experience. Almost eight in 10 (77%) expats there find their quality of life is better than at home and well over half (63%) say making friends has been easy. Settling in is relatively quick, with 35% who felt at home instantly or within six months. The country’s great outdoors is a particular draw and 57% of expats have become more physically active since moving there.
#1 in the Expat Family league table - Sweden is the most family friendly country
A new country in the league tables, Sweden takes the top spot as the best destination for expat family life, whether that is with or without children. Expat parents in Sweden praise the childcare available - with 79% finding it better than in their home country – the ease of arranging children’s education (67%), and its affordability (77%). Overall, 79% of parents say their children’s quality of life is better since moving. Sweden also has a lot to offer to single expats looking to start a family: 39% say they have found a long term partner there.
Dean Blackburn, Head of HSBC Expat, comments:
“Living abroad allows people to realise a whole range of ambitions. Learning new skills, enjoying a different culture or growing closer to loved ones through a shared adventure: these are just some of the rewards expats tell us they have enjoyed through their time in another country.
“As global mobility continues to increase, expat life is more attainable than ever before. Expats need services that keep up with their changing needs, as managing money overseas remains a challenge. Indeed, 74% tell us their finances have become more complex in some way since moving, which highlights the value of seeking help with this aspect of life.”
1For the purposes of our survey, an expatriate as someone over 18 years old who is currently living away from their country of origin/home country.
2Based on those who hold a positive or negative opinion on the viability of starting a business in these cities.
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About the Expat Explorer survey and league table
The Expat Explorer survey was completed by 21,950 expats from 198 countries through an online questionnaire in March, April and May 2015.
A minimum country sample of 100 expat respondents and at least 30 expat parents is required for that country to be included in the league tables in this report. In this edition of Expat Explorer, 39 countries qualified for those league tables.
Each league table scores countries on a scale of zero to one, with the highest score ranking first and the lowest ranking last. All scores have been rounded to two decimal points.
About HSBC Group
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,100 offices in 72 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,572bn at 30 June 2015, HSBC is one of the world’s largest banking and financial services organisations.
About HSBC Expat
HSBC Expat is a trading name of HSBC Bank International Limited. HSBC Expat is an award-winning provider of offshore financial services, with its head office based in Jersey, Channel Islands. It also has representation in Dubai and Hong Kong. As part of HSBC Holdings plc, HSBC Expat has the experience to offer customers living and working abroad, tailored offshore financial solutions. For more information visit: www.expat.hsbc.com.
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