Where’s the best place for expats to live?
Asian city state tops new HSBC poll
Singapore has topped a list of the best expat locations, while Hong Kong was named the most desirable destination for career advancement.
The 2016 HSBC Expat Explorer survey, which involved 26,871 respondents in 190 countries, found expats in Singapore and Hong Kong on average earn $102,115 and $170,000 per year respectively. The global expat average is $97,000 per year, HSBC found.
New Zealand came in second and Canada was ranked third in the best destinations league table, according to the survey, which scored countries based on the economics, experience and family. Sweden was named the best country in the world for expat families.
Of the Middle East countries, the UAE was 12th overall, followed by Oman in 18th. By Mahak Mannan
However, expat confidence in the economic outlook in the Middle East has fallen to 52 per cent, down from 57 per cent last year.
Meanwhile, the proportion of expats in the Middle East who saw their disposable income increase after moving also declined from 67 per cent in 2015 to 63 per cent this year.
But, expats in the Middle East still have some of the highest levels of disposable income.
The average expat in Qatar said 73 per cent of their income was disposable. The figure was 65 per cent in Bahrain and 62 per cent in the UAE. The global expat average was 56 per cent.
Although the UAE ranked 12th, dropping from ninth last year, it came fifth in the economics table rankings.
The table ranks each country on the basis of key
economic areas, such as expat’s personal finances, earning prospects, local economy and career progression. Under the economics table, the UAE ranked fifth in personal finances, fourth in local economy and 14th for working life. Job security got the lowest ranking under the UAE economics table at 26. Andrew Prince, a financial planner with Devere Acuma, said the reason behind the overall fall of ranking from ninth position to 12th this year is the slowdown of economy. He said: “In the last 12 months oil prices have been in the news every day and that has affected expat confidence. “However, many different elements come into play when determining the best place for expats to live in, for example, Singapore has better job security than UAE but when you look at the work/life balance, UAE ranks better than Singapore. “So although you might have job security, you would be working 80 hours a week in Singapore.”