bulletEDITOR'S PICKS

 

Former IFS Qatar chief fined but contests ‘inaccurate portrayal’

From Middle East Sep 17 2014 @ 10:45

A former chief executive of International Financial Services in Qatar fined and banned by...
view article

Qatar Investment Fund share price jumps alongside country’s GDP

From Middle East Sep 16 2014 @ 16:45

The Qatar Investment Fund (QIF) saw its share price rise by over a quarter last year,...
view article


bulletRELATED ARTICLES

 

bulletNEWS

 

LATEST NEWS

Court challenge to FBME bank sale delayed, new date set

Court challenge to FBME bank sale delayed, new date setFBME bank shareholders face a delay in their application for arbitration over the...
view article

Brooks Macdonald sees FUM jump in wake of...

From Products Sep 17 2014 @ 16:32

Guernsey sees jump in new funds despite NAV...

From Products Sep 17 2014 @ 15:50

MORE FROM Europe

LATEST NEWS

Hypa Asset Management to launch Global High Income Fund

Hypa Asset Management to launch Global High Income FundHypa Asset Management, formerly Hypa Management, has announced the launch of its...
view article

Former IFS Qatar chief fined but contests...

From Middle East Sep 17 2014 @ 10:45

Three left-of-centre entry points to...

From Products Sep 17 2014 @ 10:39

MORE FROM Products

LATEST NEWS

Ogier appoints tax partner for Luxembourg

Ogier appoints tax partner for LuxembourgOffshore law firm Ogier has appointed a tax partner for its Luxembourg office.
view article

McNish leaves FPI to re-join Zurich

From People Sep 16 2014 @ 17:36

Qatar Investment Fund share price jumps...

From Middle East Sep 16 2014 @ 16:45

MORE FROM People



Expats wealthiest in Southeast Asia: HSBC's annual survey

From News Oct 11 2012 BY: Helen Burggraf , Contributing Editor , International Adviser

Add to My News Comments (0)

Add to My News Print

Add to My News

add to twitter

add to linkedin


Expats living in Southeast Asia tend to earn the most, with those in Singapore the wealthiest of the lot, according to HSBC’s fifth annual survey of expatriate wealth, lifestyles and attitudes.

The survey, described by HSBC as the largest of its kind as measured by the number of participants, shows that Singapore this year tops its so-called Expat Explorer Economics league table, which ranks countries based on a number of factors such as earning levels, disposable income and ability to accumulate luxuries.

Singapore, the HSBC data shows, is home to the largest proportion of wealthy expats of any country, with more than half, or 54%, of Singapore-based expats who took part in the survey reporting that they earn more than $200,000 per year, compared to a global survey average of only 7%.

Four other Southeast Asian countries also place in the league table’s top ten of financially-accommodating jurisdictions, including Thailand (in third place), Hong Kong (fourth), China (seventh) and Vietnam (tenth), the HSBC data shows.

Dean Blackburn, head of HSBC Expat, said that although Southeast Asia has long been a popular destination among those in other parts of the world keen to relocate in search of a better quality of life, most recently there had also been an observable, “steady increase in the levels of expat wealth heading to the region”.

“These two factors combined indicate that the region is fast becoming an all-round top expat destination," he added.

European expats staying put

Among the survey's other notable findings is that even though expats living in Europe are generally enduring a torrid time, as their currency's future remains in doubt and such countries as Spain, Greece, Italy and Cyprus fight to regain their equilibrium, most are “choosing to weather the storm”.

The resilience was noted among expatriates living in the UK and across Europe but was "most pronounced in Spain". Here, although more than nine in ten of those surveyed, or 92%, reported "dissatisfaction" with the current state of the country's economy – the highest level across all countries included in this year's survey, and more than double the global average of 37% – expats in Spain were also found by the Expat Explorer survey researchers to be the least likely to be looking to move away, with not a single expat surveyed actively looking to leave.

"Wider concerns, such as the current state of the economy, appear to have had little effect on their desire to continue living and working there," Blackburn said, of the expats living in Europe.

"While [they] are feeling the impact of the economic turbulence that has taken hold across much of the Eurozone, this year's findings show they have strong ties to their current country of residence."

Researchers for this year’s Expat Explorer  survey – the fifth to be conducted for HSBC, by the YouGov research organisation – interviewed some 5,339 expats from around 100 countries worldwide, making it “the largest-ever sample to date” of expats, HSBC said.

Other key findings of the survey:

  •  Four in five (80%) of expats in Singapore saw an increase in their disposable income since relocating to the city-state
  • The trend for increased earnings after relocating is also noted across other Asian countries, with expats in Hong Kong (79%), Malaysia (72%) and China (69%) saying they, too, benefitted from an increase in disposable income since moving to these countries
  •  Despite a generally strong outlook for the Gulf economies, many Middle Eastern expats say they only plan to stay for a short time

To read more about the Expat Explorer survey on HSBC's website, click here.

Add to My News Comments (0)

Add to My News Print

Add to My News

add to twitter

add to linkedin


COMMENTS


Have your say

(Be the first to) Have your say!

Please sign in or register here to leave a comment. Registration is free and only takes a few moments.






Share us on Twitter

SHARE US ON TWITTER
Join the community

Join us on Linked In

SHARE ON LINKED IN
Inform your colleagues

Switch to our mobile site

SWITCH TO MOBILE SITE
News on the go

Back tot he top of the page

BACK TO TOP OF PAGE
Just click here...