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A study published by HSBC analysed the economic ranking of countries worldwide. The research studied different areas of expat life in this niche, from personal finances to career progression, and strength of the local economy.
For expats wanting a substantial salary increase, head to Switzerland. The country is home to many pharmaceuticals companies, private banks and commodity traders and wages average at £144,151 per year. This is a 54% salary increase for most expats compared to if they had stayed at home.
However, Switzerland is narrowly beaten by Saudi Arabia’s petrodollar economy when it comes to remuneration. Many expats in Saudi enjoy a 58% of additional income compared to their salaries at home.
Switzerland, nevertheless, reigns supreme when it comes economics as a whole and has retained this title for three years.
Around 80% of expats in Switzerland stated they had more disposable income since moving to the country.
Dean Blackburn, head of HSBC Expat commented, “Switzerland has always been a high achiever for economics. The majority of expats there are in full-time employment with improved earnings prospects. Expats in Switzerland are also some of the most confident in the local economy.”
Other countries who were ranked highly in the HSBC Expat Explorer report include Norway and Germany in regards to economics. Singapore took the overall top spot for the third year running.
Expats make up 60% of the city-state’s population. The reason for Singapore’s domination of the study overall is due to its rankings for family and experience. These categories cover aspects of expat life such as raising children, integration, quality of life and education.
On the flipside, whilst Switzerland might be the best for the economy, it dropped to position 11 overall due to performing poorly in the experience and family categories.
Switzerland performed exceptionally well in the lifestyle category, noted for its fantastic ski resorts. However, it ranked in 36th place for ease of integration, 44th for bringing up children and 46th for social life. With over 2 million expats living in the country, it is a surprise to see such poor rankings.
Similarly, Saudi Arabia performed well in the economics category. Expats in the Kingdom benefit from strong personal finances. However, it is facing the worst slowdown since the global financial crisis. This is why Saudi Arabia is trying to diversify its economy away from oil.
Categories which saw Saudi Arabia ranking 40th overall include family and experience. Many hope that the step away from oil will make Saudi more westernised and an easier place to live for expats.
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