Most UAE expats save more now than at home

New report by St. James’s Place looks at how expats manage their finances across borders

An overwhelming majority of expats living in the UAE save more each month than at home, according to a new report by St. James’s Place exploring how expats manage their finances across borders. The Money on the Move report found that 59% of expats earn more in the UAE than at home, while 97% save more each month and 70% believe living abroad will enable them to retire at least three years earlier. SJP said the findings suggest the traditional model of expat life as a short-term overseas assignment is changing with many expats staying abroad longer than expected, putting down roots, particularly wealthier expats. Based on an online study of 450 affluent and high-net-worth residents in the UAE who have multi-jurisdictional wealth management considerations, the results show 55% of residents have stayed overseas longer than expected, while 78% expect to live abroad for at least eight years. But while 27% consider themselves highly financially literate 89% believe seeking financial advice earlier would have improved their investment returns and savings, with managing wealth across borders viewed as adding significant complexity. SJP noted that for families who live and work across borders, proactive, early planning around wealth succession creates security, flexibility and choice for the next generation. But while this is already on the agenda for expats, many have yet to put key measures fully in place. Daniel George, head of business, Middle East, at St. James’s Place, said: “For many expats, the UAE offers significant opportunities to advance their careers, build wealth and reach financial goals sooner. As their time abroad extends, their financial lives can also become more international, with assets and future plans spanning multiple countries. “That makes decisions around investment, tax, retirement and succession increasingly interconnected – and long-term, cross-border planning increasingly important.”

Tags: expats | SJP | St James's Place | UAE