Singapore leads as the overall best destination for expatriates across the globe to enjoy an exceptional quality of life, opportunities for career advancement, and financial well-being, according to a report.
Expat Explorer, a report published by HSBC, surveyed the overall views of 21,950 expats from 39 popular destinations for expats in three major aspects—economics, experience, and family. One of the goals of the report is to help both current and future expats gain insights on current updates and state of life in these locations.
Dean Blackburn, Head of HSBC Expat, said that “Singapore emerges as the best place overall to live and work as an expat. People who live there praise Singapore as a true all-rounder. Its streets are safe, job opportunities are plentiful, wages are high and it offers plenty to see and do.”
Other countries that are in the top 10 list are New Zealand, Sweden, Bahrain, Germany, Canada, Australia, Taiwan and lastly, United Arab Emirates.
Themed ‘Balancing life abroad’, the report showed that more than getting better compensation, expats move abroad in order to improve the quality of their life, acquire new skill sets and take on new challenges.
Singapore is ranked as one of the top countries that provide expats with a higher quality of life. In fact, “over two-thirds (67%) of expats say they have enjoyed a rise in their quality of life since moving (compared with the global average of 53%).” The survey also revealed one of the key reasons for the improvement in the expats’ quality of life is exercise, adding that 55% of expats in the city-state became more physically active since they started living in Singapore. The average annual compensation of expats in Singapore
Despite the expensive cost of living, expats in Singapore also earn significantly more than their previous income. With an average annual salary of US$159,000 which is higher than the global average expat salary per annum of US$104,000.
One of the many reasons why people consider working and living abroad is building a family home in a foreign yet rewarding environment. Parents who move to Singapore for work or business share that the benefits for their families are visible. Almost 65% stated that both the health and wellbeing of their children have greatly improved since they moved.