An HSBC survey released today reveals expats' satisfaction with their lifestyle in 15 different countries.
If you want to earn more money, move to India. But if you want a yacht, a housekeeper or to be a member of a golf club, then the UAE is your best bet. These are some of the results taken from a report published today by HSBC Bank International Limited.
The Expat Existence report is based on a survey conducted via websites for expats between February and April this year. It is the first in a series of three reports collectively known as the Expat Explorer Series.
Expat Existence is the largest expat survey ever conducted ” it questioned 2,155 expatriates, 1,009 (41 per cent) of which were from the UK. The expats surveyed worked in a range of sectors such as finance, media and education and lived in 15 different countries in North America, Africa, Europe and Asia. Australia was also included. The survey was not restricted to countries in which HSBC is present, and the data was analysed by the independent company Fresh Minds.
According to Aaron Le Cornu, the deputy chief executive of HSBC Bank International, HSBC conducted the survey because ”we specialise in looking after expats around the world.”
The survey ranked places to live based on expats” living standards, such as their daily commute; their ability to earn, save and spend more than in their original country after tax and the cost of living were taken into consideration; the level of luxury experienced, based on the ability to employ household staff, have regular holidays, own a boat and more than one property or car, and how long the expat stayed in their host”s country.
Difficulties expats face
The survey looked at the opportunities, challenges and difficulties expats face, such as how easy it was for them to integrate, the changes in their lifestyle, and their children”s experiences in their new country.
The results
The survey highlighted a few surprises: India was voted the number one country to earn and save, followed by Hong Kong and Singapore. Expats in Hong Kong earned the most, with 49 per cent earning more than ”100,000 per year. But Le Cornu said he wasn”t expecting India to score so highly; 42 per cent of expats earn over ”100,000, yet because of the low cost of living, ”there was clearly a big financial gain to be had.” He explained: ”It”s reflective of the boom of India and the rapid growth they”re going through.”
Expats ranked Singapore as the best place for accommodation, followed by the US and Belgium. The UAE was considered the most luxurious place to live, followed by Singapore, then India. The best places to live overall are Singapore, the UAE and the US.
Despite this, the country in which expats choose to stay the longest is the Netherlands, followed by Germany and the US, although Spain was the third most popular European country is this category. According to Le Cornu, these countries fared well for longevity because expats went to work at their corporate headquarters, and wanted a western education for their children.
The UK fared poorly overall ” it was ranked four out of 15 (15 being the highest score). This was largely due to expats listing the UK as the least luxurious place to live out of the 15 countries. The quality and value of expat”s accommodation also let the UK down.
The report also shows the trend for expats to live abroad for longer, with 45 per cent living abroad for more than five years.
The next reports
The second report in the series will be published at the end of September, and will concentrate on the experience of expats living abroad with their children, and which country is the best to raise a child. The third report, which will be released in November, will focus on integration and the challenges faced by those who move abroad. Both reports will be based on the same survey as the Expat Existence.
To see the full results of Expat Existence visit offshore.hsbc.com/expatsurvey.
Sarah Riches