Nearly three quarters (71%) of expatriates in the Middle East feel they are better off financially than they were a year ago, according to a survey by Hoxton Capital Management and PSS Removal.
The worldwide wealth survey asked respondents about their financial position and perceptions of their economic and lifestyle circumstances compared to the previous year.
Globally, half (50%) of all respondents said they are in a better position financially than 12 months ago, with 41% feeling worse off.
When asked for the source of positive impact on their finances, more than half (53%) cited salary increases as a key factor, with a fifth (20%) having changed jobs for this reason.
Just over a quarter (26%) said the performance of their investment portfolio had had a significant impact. Property investments were specifically referred to by 19% of the respondents and retirement investments were a key factor for 21% of those surveyed.
Regional results
In Europe, 47% of expatriates living in the region reported feeling better off financially, compared to the previous year. In Australia, the figure was slightly higher, at 48%, and in the US, 41% said they felt they were in a better financial position this year.
In contrast, survey findings from the UAE revealed that 69% of expatriates in the UAE reported an upturn in their finances. Across GCC countries, including the UAE, Oman, Saudi Arabia, Bahrain, Qatar and Kuwait, this figure rose to 71%.
Alan Turner, marketing director at Hoxton Capital, said: “There is a clear trend of economic prosperity in the Middle East in comparison with one of consolidation and balanced optimism in some of the other regions.
“Some countries in the Middle East, such as the UAE, have seen increased inflows of expats in the last year, and, while some of that can be attributed to geopolitical reasons, for the most part, those people are coming here because it is a growing economy and because their personal net economic position here is going to be stronger than it was in their home country.”
