An increased number of Britons are actively contemplating a move abroad in search of a better life, if you believe surveys from the likes of AXA and findings from the Institute for Public Policy Research. If you’re such a person who believes that there is more for you abroad but you’re still in the research stages of your planning, a new report from HSBC will be of interest to you.
In the largest survey of its kind ever conducted, HSBC has undertaken massive and in depth research into the lives of over two thousand expatriates who are living across four continents in 48 different countries, to learn everything there is to know about the changes in their life since becoming expats.
In this article we’ll focus on where expatriates love living abroad, covering where salaries are highest, where the standard of living is best and where expats are happy to remain residing. This should hopefully give you an insight into which countries will offer you the best chance of achieving that much dreamt about ‘better life abroad.’
The survey by HSBC has been divided into three distinct parts, and the element that we’re focusing on today is the Expat Existence section which questioned over two thousand expats extensively in relation to all aspects of their new life. It was found that expatriates on average are now remaining abroad for at least the medium term, with almost half those questioned revealing that they had been living overseas for five or more years. The Netherlands, German and Spain tend to attract the longest term, most loyal expat base, which naturally implies that the standard of living achievable in each nation is high. Expats originating from Ireland and New Zealand are more likely than all others to remain abroad for the longest.
In terms of the best countries to live in abroad, Singapore ranks highest followed by the UAE and America. However America is an unusual destination because whilst it attracts professional expats for the medium to long-term, it is not viewed as the sort of place where one wants to retire. The majority of expats surveyed in America were working in finance and under the age of 55.
If you want to move abroad for the best salary increase, you need to consider Hong Kong, India or Singapore where almost half of all expats surveyed were earning over £100,000. Singapore is also a destination ranked highly by expats for having a relatively low cost of living, enabling expats to save far more. But if saving your income is what’s most important to you, then India is your destination of choice! There over 80% of expats reported that their cost of living was so low, they could save a substantial percentage of their salary. Naturally the low to no tax charged in the UAE also allowed expats in this region to save, but higher accommodation and living costs ate into the percentage they could actually invest.
The UAE ranked highly as being a destination favoured by expats in search of a luxurious lifestyle. HSBC asked respondents to comment on whether their access to 11 different perceived luxuries had improved since moving abroad, and in an average of 9 categories, respondents in the UAE replied ‘yes.’ Categories included having access to a private swimming pool, personal staff, private healthcare and private education.
And finally, expatriates surveyed identified that their access to a higher standard of accommodation than they were used to was more pronounced in Singapore, America and Belgium. And if you were wondering where the UK ranked in all of this, basically it fared very poorly, it is perceived as expensive, far from luxurious, highly taxed and the standard of accommodation available was lower than most expatriates were used to. Subsequently the country came bottom in the Expat Existence survey – so no, you’re not mad to want to try for a new and improved life abroad!
