The country ranked highly for entrepreneurship, quality of life and work-life balance, this year’s HSBC Expat Explorer survey showed.
The survey found that more than a quarter (28%) of expats in Singapore earn more than US$200,000 per annum, compared to 13% of expats globally. The world’s second- largest economy is regarded as an ideal place to improve a career quickly, but the quality of health care is worrying, the report says.
It polled 21,950 respondents from 39 countries, and asked them to rank countries based on career prospects, financial well-being, quality of life, and ease of settling for partners and children. “These are just some of the rewards expats tell us they have enjoyed through their time in another country”, said Dean Blackburn, head of HSBC Expat in a statement.
Added Miao: “While people’s reasons to pursue expat life vary, the research also makes clear that there are some very common challenges faced by expats around the world”.
Malaysia was one of the 39 countries that made it to the online survey’s league table, which requires at least 100 expat respondents, including at least 30 parents.
The dire score contributed to Switzerland’s slide to tenth place overall, after taking the top spot past year.
Expats are moving overseas to improve their quality of life and take on new challenges, rather than purely for higher salaries – their appetite for learning new skills in a foreign workplace and how to integrate into a new culture.
The Aussie outdoor way of life is seen as improving the health of families, with 68% of expats in Australia reporting an increase in physical activity for their children, twice the global average of 34%. Three-quarters (75 percent) say their social life is either just as active or more so than at home and 57 percent also say they find it easy to adapt to the local culture and lifestyle.
Globally, over three in five (61%) expats admit they have not experienced an immediate increase in their pay packet since their move. And for 54 percent of expat entrepreneurs, Hong Kong is a good place to start a business.
According to the report, 87 per cent of expats living in Singapore acknowledged it is a good place to start a new business, which is much higher than the global average of 56 per cent. Moreover, confidence in Singapore’s economy is the highest compared to all other countries.
The opportunity to broaden their skillset is a further upside for expat entrepreneurs who have settled in one of these cities: 64% of expats in London have acquired new skills since moving, compared to 43% globally.
And foreigners working in the Middle East praised their newly adopted home for offering the most generous expat packages and work contracts, many of which include annual trips home and airfare and accommodation allowances.