Moving abroad may have many perks but the biggest is that it can increase your average annual income by $21,000 or more, depending on where you are from.
These results are according to the HSBC 2018 Expat Explorer Survey.
According to the survey, the average annual salary for expats in Singapore is $162,200, which is apparently 29% higher than what they make back home. It is also the country that leaves expats with the most disposable income. Singapore also ranks highly on quality of life parameters, such as gender equality, politics, safety, healthcare and childcare qualities.
The findings are based on a global survey of 22,318 expat employees, conducted in March and April this year. The socio-economic profile of the sample isn’t clear, though the findings point to an affluent, white-collar workforce.
What countries pay the most?
The country that pays expats the most is Switzerland, where the annual expat salary averaged at $203,000.
Next on the list is the US, which pays its immigrant workers an average of $185,119.
Moving to Hong Kong could fetch you a pay packet of $172,678, while a job in mainland China could get you $178,706 per year.
Expats in UAE earn $155,000, those in Japan earn $127,400, while Australia pays them an average of $125,800.
The survey pegs India at #12. Expats in the country earn an average of $131,800 per year.
The full break-down and more information can be found at: https://expatexplorer.hsbc.com/survey/findings/
Expats in China
Expats who relocate to China are rewarded for their hard work, but a new life in the most populous nation on earth comes with a complex package of pros and cons that isn’t for the faint hearted.
The employment level among expats here is high. With half coming to work in education or manufacturing, they earn USD 67,000 more than the average expat. It’s not all about the cash though. Their new working life in China has given half the expats here more confidence at work and has boosted their leadership skills.
Living in China brings all sorts of other benefits too, not least that expats here usually save more and have more disposable income than they did at home. Half (50%) invest most of their money in their home territory though, compared with only 35% of expats generally, often because they’re more familiar with and confident in their native economy.
Aside from work, almost half say they’re integrating well with the local people and half say they have found it easy to make new friends. Almost 40% have even found a long-term partner here and most found it easy to settle in the country. Sixty per cent say they feel safer and more secure here than at home.
There are some challenges too though, from higher pollution levels to problems setting up everyday financial, healthcare and childcare arrangements.
In fact, for families, a new life here is particularly demanding. China scores a low 30th out of 31 global expat destinations in this year’s family league table and almost a quarter of expats here say their children’s health and wellbeing (23%) or quality of life (22%) is worse than it was at home – almost twice the global average.
Chinese nationals abroad
Almost inevitably, Chinese families who have moved away find the opposite. They may not be as experienced in world living or stay for as long as other expats but the move pays off.
Their new life gives almost two thirds a better working culture and work/life balance. The same proportion say their health and wellbeing is better than it was at home and 62% say their children’s overall quality of life is better.
Far from putting more strain on their relationships, 60% say the move has made their family closer.