Expats Rank Overseas Destinations in HSBC Survey
International companies continue to develop their business overseas and often offer their employees the opportunity to live overseas. Technology has made it easier to keep in touch with friends and family from the other side of the world.
“It is this combination of factors that guides many of the lifestyle choices expats make when settling in another country,” the report says.
HSBC’s latest report on the subject includes responses from 21,950 expats across the world, the company’s survey of expats ever.
The report’s research covers three aspects of life abroad: economics, experience and family. Combining these factors, Singapore came out number one as the best place to live and work as an expat. People who live there praise Singapore for its safe streets, plentiful job opportunities, high wages, and varied leisure options.
Expats in the Middle East enjoy some of the most generous employment packages. A third of expats globally receive accommodation allowances, compared to 60 percent of those living in the Middle East.
Expats rank South East Asia as the best place for career satisfaction, with four of the top five destinations (the Philippines, Malaysia, Indonesia, and China) rated by expats on this issue located in the region.
Expats say London, Dubai, Singapore, and Hong Kong are the four best cities in the world to start a business, due to their strong economies, culture and business environment which attract expat entrepreneurs.
Nearly three-quarters (74%) of expats globally find at least one aspect of managing money abroad a challenge. Nearly two in five (37%) expats identify managing finances in different currencies as a key challenge – the most common financial problem faced.
Nearly four in five (77%) expats are confident about Switzerland’s economy and 53% say it is a good place for career progression. These are two reasons why the country ranks first in economics.