When moving abroad; weather, a great location and cost of living are all major factors when deciding where to call home but a lot of us base our decisions on where to move to according to how much we can earn. After all, money is the real driving factor.
The ECA’s latest My Expatriate Market Pay Survey has revealed the top countries where professionals are earning more than the global average. The survey has analysed pay levels for expatriates in 170 countries around the world as well as information on benefits, allowances, salary calculation methods and tax treatment.
The survey then ranked the countries according to the highest expat benefit packages with the UK making it to the top ten.
So, if you’re thinking of moving overseas this list of countries making it easier for professionals to advance their career while earning more could help you to make your decision.
The UK is officially one of the top 10 highest-paying countries as well as being one of the best countries to work in.
It’s a powerful centre for finance, IT, digital and science innovations, all industries that need highly skilled employees that are sought from all over the world. This means that professionals are offered good financial benefit packages to work in the UK.
If relocated by their company expat professionals earn on average about £310,000 per year with all benefits included whereas those who find work independently earn around £33,957, which is still higher than the average UK salary.
Recently things in Japan have changed. Once upon a time, it wouldn’t have been a top pick for expats who were looking to relocate for work but the number of expats going to Japan for work has risen considerably in the last few years.
It has become appealing to those in the engineering, entrepreneurial and researching fields due to the amazing expat benefit packages that are offered in these industries.
Those that get jobs independently in Japan can expect an average income of around £35,000.
If you head down under, you’ll be sure to receive a generous expat package as the country provides the second-biggest expat package in the Asia Pacific. But, don’t pack your bags just yet because although the benefit packages are amongst the highest, the taxes will eat into your package quite significantly.
The average income of professionals in Australia is much higher than that of the UK and Japan and currently stands at £51,497. This isn’t the only perk of moving to Australia though, great living standards and a fabulous lifestyle contribute to the reason that so many decide to move across the pond.
This mountainous Central European country is one of the highest paying countries in the world. Of course, alongside this comes a high cost of living but the career opportunities, work-life balance and high standards of living outweigh this.
The financial services industry is a big player in Switzerland and it’s famous for being a high wealth centre. Expats that move to Switzerland for work can expect average benefit packages of around £201,992.
Hong Kong is another country that ranks well when it comes to expat incomes and employment packages. If you are relocating independently you can expect an average annual income of around £33,316 and £196,229 in a management role.
Expats in Hong Kong have the added advantage of benefiting from the lower tax regime and therefore can make the most of a higher disposable income as a result.