Singapore the Top Expat Destination for Third Year in a Row

04-Oct-2017 Intellasia | BusinessWire | 10:00 PM Print This Post

USA is the “Land of Opportunity,” Ranks first for Career
Progression

  • 83% Of Expats Feel Confident About Singapore’s Political Stability
    And 73% About The Local Economy
  • 73% Of Expats Believe the US is a Good Place to Boost Their Career
  • 62% Report the US Offers Better Income than Their Home Nation

NEW YORK–(BUSINESS WIRE)–Expats have rated Singapore as the best country in the world to live and
work, while Norway rose four places to come in second, according to the
new Expat
Explorer survey
released today by HSBC, one of the world’s largest
banking and financial services organizations. Culturally very different
yet both highly-regarded, Singapore and Norway offer expats a stable
economic and political environment while giving them a fulfilling
experience and an improved family life. For expats in the US, the “land
of opportunity” description still rings true. Ranked first for career
progression, almost three quarters of expats in the US, 73% compared to
54% globally, believe America is a good place for those hoping to boost
their career prospects.

The HSBC Expat Explorer survey is the world’s largest and longest
running study of expat life, asking more than 27,500 expats about their
experience abroad. As well as unveiling the best places in the world to
live as an expat, the survey also found that life abroad typically
increases expats’ income by 25%, with the average expat earning just
under $100,000 a year. The average income for expats in the US is just
over $161,000. Far from compromising their wellbeing, expats seem to
find the right balance. Four in ten (40%) adopt a more positive outlook
on life after moving abroad, with 45% becoming more physically active.

“The expat community is incredibly diverse and enterprising,” said Pablo
Sanchez, Head of Retail Banking and Wealth Management for HSBC in the US
and Canada. “Here in the US, more than half of expats surveyed, 53%
compared with a global average of 41%, said the US is a good place to
start a business and ranked the US fifth for entrepreneurship. Earnings
potential are high too. More than six in ten (62%) report that the US
offers better income opportunities than their home nation. However,
becoming an expat and living across international borders can have its
challenges. Whatever the priorities, whether it’s work or play or a bit
of both, having financial planning and tailored financial solutions that
work globally can ease bumps in the road.”

Balance in Singapore for Expats

Confidence in the political stability (83%) and local economy (73%), a
great quality of life (64% say it is better than at home) and a positive
experience for families are among the reasons why Singapore has topped
the Expat Explorer rankings again.

Norway, meanwhile, is up four places in the league table and narrowly
misses out on the top spot. The majority (90%) of expats in Norway say
that their work/life balance has improved and 78% that the job security
is better than at home (compared with 53% and 41% globally).

Gains beyond Finances in the US

The gains for expats in the US aren’t purely financial. Nearly half,
49%, of all those that move to the US say their overall quality of life
is better than at home and six in ten believe their children’s quality
of life is better than at home. A third of expats (34%) say they have
found long-term partners since the move and 25% report a more active
social life than at home. In fact, 40% say they have a more positive
outlook on life since moving to the US.

US Nationals Abroad

With such a domestic focus on business and careers, it’s interesting to
note that while expats in general find moving abroad results in a 25%
increase in income, among Americans living abroad the figure is only 6%.

But the benefits of moving abroad are seen in other areas. More than six
in ten (61%) of Americans living abroad (compared to a global average of
53%) feel the work/life balance in their new country of residence is
better than it was at home. Half of those who have left the US (50%) say
they are happier since moving abroad compared to 40% of expats in
general. And 45% say their physical health has improved since moving
compared with a global average of 36%.

“From young entrepreneurs and career climbers to families looking for a
fresh adventure, there are destinations out there to suit everyone,”
said Sabine Fichaux, Head of International Banking, HSBC. “Along with
the countless opportunities afforded when travelling internationally or
living abroad, there are also many challenges. It’s important to have
people that you can rely on and that understand what you are going
through. As an international bank with more than 150 years of experience
HSBC is a trusted partner and a financial institution that offers
benefits that can travel with you around the world.”

Additional Findings:

Top expat destinations for Economics, Experience and Family

In addition to the overall country league table, the Expat Explorer
report ranks countries in three sub league tables: Economics looks at
the impact moving abroad has on expats’ wealth, Experience focuses on
health and quality of life, and Family looks at the best places in the
world to bring up a child.

Economics

     

Experience

     

Family

1. Switzerland       1. New Zealand       1. Netherlands
2. Norway       2. Spain       2. Sweden
3. Germany       3. Portugal       3. Singapore
           

European countries head this year’s Economics league table:
Switzerland came in tops for the third year in a row. The strong Swiss
economy and stable political environment are appreciated by expats. The
vast majority (89%) of expats feel confident about the economy, while
78% say their earnings prospects are better than at home. Switzerland is
not the only Economics hot spot, however. Germany performs well for
career development, with 62% of expats in the country saying it is a
good place to progress their career, compared with 54% globally.

New Zealand Tops Quality of Life: Almost three in five expats
(58%) moved to the ‘land of the long white cloud’ to improve their
quality of life, compared to just a third (34%) of expats globally.
Almost three-quarters (72%) are integrating well with the local people
and culture.

New Zealand is followed by Spain (2nd) and Portugal (3rd),
with Singapore and Australia completing the top 5 in the experience
league table. Spain and Portugal are lauded by expats for their healthy
lifestyles. Almost three-fifths of expats in Spain (58%) and in Portugal
(57%) say their physical health is better as a result of the move,
compared to a global average of 36%. Mexico has moved up seven places
from 20th to 13th, with 81% of expats there
enjoying immersing themselves in the local culture, compared with 62%
globally.

The Netherlands is the new hotspot: The Netherlands has overtaken
Sweden as the best place to raise a family, rising nine places in one
year. More than three-quarters (76%) of expat parents in the Netherlands
say the health and wellbeing of their children is better than it was at
home. Expat parents also praise the quality of education and childcare,
with 72% and 65% respectively saying it is better than at home.

Last year’s winner, Sweden, ranks as the second best country to raise a
family. Nearly three-quarters (72%) of expat parents rate the quality of
childcare as better than at home and 71% said the process of arranging
childcare and schooling for their children was straightforward.

Editor’s Note:

About the Survey: The Expat Explorer survey was open to adults
over 18 years old currently living away from their country of
origin/home country. The survey was completed by 27,587 expats from 159
countries and territories through an online questionnaire in March and
April 2017, conducted by YouGov and commissioned by HSBC Expat. A
minimum sample of 100 expat respondents and at least 30 expat parents is
required for a country to be included in the league tables, with 46
countries qualifying in 2017. View the 2017 report here.
For more information visit: www.expatexplorer.hsbc.com.

Reproduced with permission from Expat Explorer Broadening perspectives,
published in 2017 by HSBC Holdings plc. HSBC is a trademark of HSBC
Holdings plc and all rights in and to HSBC vest in HSBC Holdings plc.

About HSBC

HSBC Holdings plc, the parent company of the HSBC Group, is
headquartered in London. The Group serves customers worldwide from
around 3,900 offices in 67 countries and territories in Europe, Asia,
North and Latin America, and the Middle East and North Africa. With
assets of US$2,492bn at 30 June 2017, HSBC is one of the world’s largest
banking and financial services organisations.

HSBC Bank USA, National Association (HSBC Bank USA, N.A.), with
total assets of US$191.9bn as of 30 June 2017 (US GAAP), serves
customers through retail banking and wealth management, commercial
banking, private banking, asset management, and global banking and
markets segments. It operates 229 bank branches throughout the United
States. There are 146 in New York as well as branches in: California;
Connecticut; Delaware; Washington, D.C.; Florida; Maryland; New Jersey;
Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the
principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC
North America Holdings Inc. HSBC Bank USA, N.A. is a Member of the FDIC.

Contacts

HSBC Media:
Matt Klein, 212-525-4644
Matt.klein@us.hsbc.com
or
Steve
Goewey, 212-525-5677
stephen.x.goewey@us.hsbc.com

 


Category: BusinessWire, PRAsia

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