Singapore is the best place in the world to be an expat, report says
FOR the second year in a row, Singapore has come out top as the world’s best overall destination for expats.
The HSBC’s Expat Explorer country league table revealed that 62 percent of expats in the island nation say it’s a good place to progress their careers, with the same proportion seeing their earnings rise after moving to the country.
The average annual income for expats in Singapore is US$139,000 (compared with US$97,000 across the world), while nearly 23 percent earn more than US$200,000. Many respondents say living in Singapore has helped them speed up their retirement savings process.
The study also revealed that 66 percent of expats agree that Singapore offers a better quality of life than their home country, while 75 percent say the quality of education in Singapore is better than in their home countries.
Plus, 84 percent of expats in Singapore say they feel safer than they would in their home country, and 89 percent feel confident about the country’s political stability.
In terms of quality expat experience, New Zealand came out top as a majority of respondents praised the country’s air and water quality, as well as the locals’ welcoming nature of people of all faiths, cultures, genders, and sexual orientation.
Here’s the list of countries that came out top in the study:
- New Zealand
- Czech Republic
The findings also proved that more millennials are moving abroad to work to “find more purpose” in their careers. Millennials also feel that working abroad accelerates the path towards their financial goals.
Whether it’s to buy a property, save for retirement, or to work towards their children’s education fund, the study found that working abroad helps expats fast track their financial meets.