Singapore has been crowned the favourite city for expats for the fourth time in a row.
The Expat Explorer survey from HSBC Bank claims the city state ticks most of the boxes on every expat’s wish list.
A financial and technology hub with a stable economy and government, Singapore businesses offer expats the chance to increase their salary by up to 50%.
Expats enjoy average earnings of US$162,000 – $56,000 more than the global average, but lagging the leader Switzerland by $40,000.
Nearly half of expats drawn to Singapore (45%) moved to improve their careers, says the research by HSBC, while another 38% were lured by more money and 25% saw working in the country as a challenge.
Kids are alright
Although more than one in four expats are sent to Singapore on assignment for their companies, 47% stay because of a great lifestyle, pleasant surroundings and a lack of crime .
“The kids are definitely alright here. Singapore is considered the best country or territory in the world for education, including among non-native children . Expats families here can rest easy knowing their move has done great things for their family’s present and future,” says the HSBC report.
“All Singaporeans and expats alike live in urban areas but that doesn’t mean their health or wellbeing suffers. In fact, 60% of expat parents in Singapore say their children’s health and wellbeing is better here than at home.”
Expats in the Asia Pacific can earn more in Hong Kong (average earnings of US$178,706) and China (US$172,678) but prefer the lifestyle in Singapore.
Hong Kong best for careers
In Hong Kong, expats said they enjoyed high salaries but that these came at the cost of working longer hours for half of them.
The city was also regarded as the best place in the Asia Pacific to progress a career for three out of four expats.
Nearly two-thirds said they were financially better off in Hong Kong, with 28% earning half as much more as they did elsewhere, compared to 27% in Singapore.
HSBC spoke to more than 22,000 expats in 163 places to compile the Expat Explorer data.
“Expat destinations like Hong Kong, Singapore and mainland China stand out as magnets for global talent as they strengthen their position as leading international commercial and financial centres with a promise of not only higher earnings, but long-term career growth,” said Mark Surgenor, head of wealth, Asia-Pacific at HSBC.