Singapore has come out top of the financial pile for expats in yet another survey – but is closely followed by other Asian nations.
Expats voted Singapore number one because salaries are competitive, disposable income is high and the ability to accumulate wealth is fostered by the government.
Singapore is home to the largest proportion of wealthy expats than any other nation, according to the latest HSBC expat explorer survey.
Other Asian countries showing well are Thailand, which took third place; Hong Kong (4), China (7) and Vietnam (10).
Higher salaries and more to spend
The findings revealed that 54% of expats living in Singapore earn more than US$200,000 a year, compared to a global average of just 7%, while 80% of expats increased their disposable income on relocating to the city state.
This trend was repeated with expats having more money to spend in in Hong Kong (79%), Malaysia (72%) and China (69%).
Dean Blackburn, Head of HSBC Expat said: “The Expat Explorer survey provides a wealth of information and is a valuable resource for the expat community, especially for those looking at trends in the migration of expat earning potential from country to country.
“While Southeast Asia has historically been a popular choice for those looking for increased quality of life, we’re also seeing a steady increase in the levels of expat wealth heading to the region. These two factors combined indicate that the region is fast becoming an all-round top expat destination.”
Meanwhile, expats in the Middle East show higher levels of satisfaction in the state of their economy – Oman, 90% satisfied; Qatar, 89%; Saudi Arabia, 83%; United Arab Emirates, 77% and Kuwait 68% – than expats globally (59%).
Around two-thirds of expats in Qatar (67%), Bahrain (66%), and Oman (65%) have higher disposable income since relocating to their current country, compared with only 52% of expats globally.
“Expats across Europe have reported feeling the impact of the Eurozone storm but those in Spain are feeling the effects most acutely. Expats based in Spain are twice as likely (39%) to feel that their country is off on the wrong track than the global average (19%) and more than half (58%) report that the country they are residing in is getting worse for expats,” said Blackburn.
The sentiment that Europe is economically getting worse as a place to live and work for expats is echoed across other nations, including the UK (44%), Netherlands (43%) and France (33%).
Satisfaction with the Eurozone economies is similarly bleak. While those in Spain are most likely to report dissatisfaction with the current state of the economy (92%), expats in the UK (68%) and France (48%) are also more likely to be unhappy with the current state of the local economy.