As any expat will tell you, making the move abroad requires careful consideration and planning. Although often a strong pull for Brits looking to emigrate, sunny weather isn’t the only factor to take into account when choosing where in the world to start a new life. After all, you are not simply embarking on a relaxing break, but will be dealing with the nuts and bolts of day-to-day living. It is essential to do your homework and gain an accurate picture of the reality of your daily life.
We spend a large proportion of our lives at work so it makes sense that the economic experience a country offers is one of the top considerations for those looking to move abroad; and who better to give us the inside scoop than expats themselves?
Asia attracts the high-fliers
Over 9000 expats had their say in the 2014 HSBC Expat Explorer Survey, revealing that the East is trumping the West in terms of attracting those looking to increase their earning potential and take advantage of economic opportunities. Six of the countries in the Overall League Table’s top 10 are Asian destinations.
Focusing purely on the economic experience of a country, the Expat Economics League Table takes into account scores on a range of issues including average household income, personal disposable income and general satisfaction with the country’s economic prospects. The increasingly mobile nature of workforces around the world appears to have made Asia the destination of choice for the higher earners. China ranks top of this table with the greatest average household income, greatest disposable income and revelation that nearly 40 percent of expats in the country are earning more than $200,000 per annum.
Singapore also rated highly, coming second in the Expat Explorer Overall League Table and third in the Economics League Table, with 79 percent of expats in full-time employment and 88 percent satisfied with the state of the Singaporean economy.
The Middle East for better career prospects
For the career-driven, the survey’s ‘Middle East’ territory offers better job prospects and the opportunity to boost income, with over 76 percent of expats enjoying full-time employment and 70 percent believing they are earning more than they could in their home countries. This is particularly applicable to the fields of engineering and construction. Additionally, 74 percent of expats report being satisfied with their host country’s economic future.
Bahrain in particular also ranks highly in the Expat Experience League Table, coming in at number two, compared with Oman (19th) and the United Arab Emirates (21st) with 62 percent stating they have a better work-life balance than in their home country, so it seems these nations offer an appealing combination of lifestyle and financial rewards.
The overall winner
Switzerland, the country that was revealed to be the overall top destination in the 2014 Expat Explorer survey, also rated at number two in the Economics League Table. Despite the higher costs of living for expats, 68 percent found that they have more disposable income than they did back home and a quarter of expats reported earning over $200,000 per annum. 26 percent of expats living in Switzerland are engaged in occupations within the banking, financial services and insurance sectors.
If you are considering a move to any of these destinations, Cadogan Tate will assist you every step of the way – from your first enquiry to unpacking at your new home, we are here to help and advise you. For more details about Cadogan Tate’s specialist international removals services from London, click here.
Information correct at time of publication.