Singapore Home To World’s Top-Earning Expats: Study
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Foreigners working in Singapore are earning more than those living in any other part of the world, claimed a new study by HSBC Bank this week, with more than half (54 percent) of Singapore-based expatriates having an annual income of above $200,000.
According to the Expat Explorer 2012 Survey, almost three-quarters (74 percent) of expats who moved to Singapore witnessed an improvement in the financial status of their household upon relocation, while four out of five Singapore-based expats saw an increase in their disposable income.
Foreigners working in Singapore are earning more than those living in any other part of the world, claimed a new study by HSBC Bank this week, with more than half (54 percent) of Singapore-based expatriates having an annual income of above $200,000.
According to the Expat Explorer 2012 Survey, almost three-quarters (74 percent) of expats who moved to Singapore witnessed an improvement in the financial status of their household upon relocation, while four out of five Singapore-based expats saw an increase in their disposable income.
44 percent of respondents also said that their disposable incomes had increased by at least 50 percent – compared to the global average of just 19 percent.
The study – which was conducted across 100 countries and involved more than 5,000 respondents – ranked Singapore as the 4th most desirable place in the world to live among expatriates, owing to the nation’s high standards of living and financial incentives. 76 percent of respondents found their quality of life to have improved upon relocation, with 91 percent of respondents also claiming that the country was safer for their children then their nation-of-origin.
[quote]”Singapore is fast becoming an all-round expat destination for career progression, financial rewards and quality of life,” said Paul Arrowsmith, head of retail banking and wealth management at HSBC Singapore, as cited by CNBC.[/quote]But the study raised concerns whether expats were integrating well into the local community. Only 19 percent of respondents strongly agreed that they were integrating into the local community, and another 41 percent strongly agreed that they socialised more with other expats rather than with locals.
The results of the survey though was in line with the trend of Asia becoming a leading destination for expatriate earning potential, with five out of the top ten nations – Singapore, Thailand, Hong Kong, China and Vietnam – coming from the region.
[quote]“The pull of Singapore for expats is apparent,” said the study. “It ranks top of the survey as a wealth hotspot and 1st and 2nd for income and disposable income respectively.”[/quote]Related: Asia Now Home To Most Number Of Millionaires In The World: Report
Related: Most High Net Worth Individuals from Asia-Pacific: Survey
Related: Asia To Hold World’s Top Financial Centre By 2022: Survey
“An important factor for expats moving abroad is to secure a better quality of life and social scene, and Asian-based expats rate their respective countries well on both of these factors,” the study added.
While only a quarter (25 percent) of expats around the world agree that their social life is more active since moving abroad, expats in Asian countries including Thailand (60 percent), Hong Kong (52 percent), Singapore (43 percent) and Malaysia (39 percent) generally double this level of agreement, the study later said.
About 46 percent of the survey’s respondents in Singapore worked in the financial sector, with 67 percent aged between 35-54.
