Singapore is the best place in Asia for expats, says survey
A study revealed Singapore is ideal for expats relocating for money prospects as half of those surveyed in the city earn over US$200,000 per year.
According to latest findings from the 2011 Expat Explorer survey commissioned by HSBC Expat (formerly known as HSBC Bank International), Singapore is ranked top in Asia and third in the world where the wealth and finances of its expats are concerned in areas such as earning levels, disposable income, spending, saving, investing patterns and the impact of the current global financial climate.
Also, expats in Singapore benefit from low taxation with over three quarters (84%) spending less on taxes since relocating. “Expats in Singapore are among the more likely to have increased their disposable income with 51% saying they have much more disposable income since relocating, compared to just 35% of expats overall. Expats here, however, are also experiencing a higher cost of living since relocating with 82% spending more on accommodation (compared to 50% global average) and 65% spending more on food (compared to 50% global average),” said the survey report.
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When asked for their top choice location for a new expat posting, Singapore (9%) emerged as the third ideal expat destination behind Australia (10%) and the United States (10%). In addition to being a favourite among expats, the study reveals that Singapore is also highly regarded as the ideal expat location which can offer the best of both worlds in terms of better quality of life (66% expats who picked Singapore as ideal location think so) and career prospects (65%). This is not surprising given that Singapore performed well across all three sub-category rankings: Expat Economics (third in the world), Expat Experience (11th in the world) and Raising Children Abroad (sixth in the world), suggesting that Singapore offers expats the best balance of career, economic returns, lifestyle and bringing up children. The third component of the Expat Explorer study, the Expat Experience league table focuses on expats’ experiences of setting up in the new country, integration into local communities and quality of life in comparison to where they used to live.
A sizable proportion of Singapore expats (35%) works in the banking or financial sector. 62% cited career prospects and 64% cited broadening of life experiences as key drivers for their relocation here. One aspect where Singapore fares less well is in overall integration into the local community (25th out of 31). Expats here are less likely to learn the local language (53% compared to global average of 75%), more likely to spend time with other expats rather than local friends (69% compared to global average of 62%) and more likely to send their children to international schools.
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Expat Explorer surveyed 3,385 expats from over 100 countries, covering every aspect of life overseas, from managing finances and the economic benefits of relocating, to lifestyle issues and raising children abroad.
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Tags: expats in Singapore, Expat Explorer survey
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