Results from banking giant HSBC’s latest Expat Explorer Survey have revealed Switzerland as the best place for expats wanting a salary increase. The country has the best earning prospects for foreigners in the world, with an average annual pay of approximately £152,000 – double the global average.
Switzerland, for the second year in a row, was also revealed as the best all-round destination for a career abroad. Not only are the earning prospects second to none, but it also boasts an excellent work culture and a good work-life balance.
Dean Blackburn, head of HSBC Expat, commented: “Expats ranked Switzerland highly for both financial and personal well-being criteria. The combination of high salaries and excellent work culture has placed Switzerland at the top of the careers league table.”
Other countries featured in the top five countries for the highest salaries in the world includes Qatar, the UAE, Norway, and Saudi Arabia.
Sweden and Germany ranked second and third, despite having average annual salaries below the global average. Blackburn retorted that this was because “expats in Sweden and Germany enjoy benefits outside the financial side of work.” He continued, “Germany offers the best job security for expats. Sweden, as well as topping the tables for work culture, is praised by 79% of expats for its excellent work-life balance.”
When analysing the career subcategories further, the best work/life balance ranking went to Norway, and the best country to live for career progression is Hong Kong.
68% of expats in Hong Kong agreed that is was an excellent country for career progression, compared with the global average of 43%. However, half of expats working in Hong Kong reported that their work/life balance has suffered since moving to Hong Kong, so perhaps climbing the corporate ladder is coming at a price?
However, there are some countries that expats should avoid if their career is important to them. Japan found itself at the bottom of the rankings for work/life balance, whereas Spain lost out in both career progression and wage growth categories. The Philippines is the worst country surveyed in regards to job security and, performing poorly in regards to all employment criteria, saw it rank as the worst country in the world to work as an expat.