Economy

Singapore tops HSBC list of best expat destinations 2017 - again

Singapore tops HSBC list of best expat destinations 2017 - again”

For the third year in a row, Singapore has topped HSBC's Expat Explorer report as the best destination in the world to live, work and raise a family overseas - ahead of Norway and New Zealand, which followed at second and third places respectively.

The Expat Explorer has surveyed thousands of expats from almost 100 countries for nine years to determine the most suitable country for foreigners to live in. Four in ten (41 per cent) expats adopt a more positive outlook on life after moving overseas, with 44 per cent becoming more physically active.

Three quarters of the expats surveyed noted that they have better earnings potential here than in their home country, with a whopping 42 percent increase in their annual income since their relocation.

Among those who do make the leap, 41 per cent said they've adopted a more positive outlook on life and 44 per cent said they're more physically active. Nearly 90 per cent of this group think childcare here is more expensive than at home, though 26 per cent of expats here feel Singapore offers an excellent education system, compared with only 10 per cent of expats across the survey.

For the first time, the survey also looked into Singaporean nationals' motivations for living overseas.

With 83 per cent of expats in Singapore expressing confidence in the country's political stability, 73 per cent confident in the local economy, and 64 per cent saying that their quality of life has improved since moving, Singapore promises the most successful transition for expats.

Singapore saw off competition from Norway, which rose four places to come second.

Furthermore, 82% of expat parents say that their children's overall quality of life is better than at home, compared with 59% globally.

Claiming the top spot for the third year straight, Singapore has been rated a better destination than the likes of Norway (#2), New Zealand (#3), Germany (#4) and the Netherlands (#5).

'However, becoming an expat is not without its challenges. "Living across global borders can make securing their financial well-being harder", said Mr Mathur.

The report also found that investing in property is particularly popular among expats in Singapore, Hong Kong, the United Arab Emirates and Britain, home to some of the most expensive property markets in the world. The majority, some 90% of expats in Norway say that their work/life balance has improved and 78% that the job security is better than at home compared with 53% and 41% globally. Whatever their priorities are, financial planning can help them get there, ' he added.



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