More and more Australians are considering an international move. Whether it’s for salary, lifestyle or even love, the major question is usually the destination.
However, the best expat destinations have a few things in common, according to HSBC’s annual Expat Explorer survey.
Popular expat destinations boast wage growth, strong local economies and career opportunities. But health, culture, property and the ability to make friends are also critical, along with children’s education prospects.
Singapore came out on top for the fourth year in a row, the newly released report revealed, putting Singapore’s winning position down to its strong economy and multicultural population.
In fact, 45 per cent of expats in Singapore moved there to progress their careers while 38 per cent went to achieve better earnings. Another quarter just wanted a challenge.
“They can certainly achieve their aim here,” HSBC said, commenting on expats’ average US$162,000 salary. That’s US$56,000 more than the global average.
Singapore is also considered the best country for education and 60 per cent of expat parents also believe their children’s health and wellbeing is better in SIngapore than their home country.
Where else is good?
Across all countries, nearly two thirds of the 22,000 surveyed expats enjoy a higher income thanks to the move, pocketing an average US$21,000 extra a year.
Those who moved to Switzerland receive more than US$61,000 extra. However, they also struggle with social integration.
Scandinavian hotspot, Sweden boasts a society “built on strong foundations” prioritising family and relationships, making it the best expat country for family.
“Expats’ lives are enhanced in many ways, from new experiences and social connections, to personal and career development – and often, greater financial reward and prospects,” HSBC Expat head, John Goddard said.
“Expats don’t leave their native homes and jobs, friends and families just for the money. The decision is as much about pursuing new challenges, greater knowledge, new skills and wider life experiences.”